September 21, 2023

Benefits of Outsourcing Customer Support For Financial Companies

Outsourcing Customer Support for Financial Companies

Outsourcing Customer Support for Financial Companies

We know that financial products and services are complex, and that’s why customers often have queries regarding them. These queries and questions of customers require human assistance. BPO companies in India provide solutions to financial companies and help them serve their clients in a much better way.

Outsourcing solutions ensure top-notch customer service. However, outsourcing companies face unique challenges while doing so. From complex regulations to high customer expectations, these companies have to deal with a lot to meet their clients’ needs. Further in this post, we have listed the top 5 challenges faced by financial service companies and how outsourcing can help them.

Challenges Faced by Financial Service Companies

High volume calls and huge waiting time

Financial service companies often deal with high-volume calls due to the complexity of services and products. This results in a long wait time which leads to frustration and negative reviews from the customers.

Changing regulations and policies

Financial companies have to stay up to date with the regulations and policies which can be a huge challenge. Not complying with these regulations might result in fines along with harm to the company’s reputation.

Customers’ complaints and disputes

Addressing customers’ complaints and resolving them is another huge challenge faced by financial services companies. These complaints can range from small billing errors to serious fraud or identity theft.

Balancing personalization and security

Customers often demand personalized experiences to cater to their needs as well as preferences.  Moreover, they want to ensure that their personal and financial information is safe.

Consistent services across channels

Irrespective of the communication channel they choose to reach out to the company, customers anticipate consistent service quality and prompt response time. However, it can be quite challenging for a company with limited in-house customer service capacity to meet these expectations.

How BPO companies overcome challenges faced by financial service companies

You may have learned about the challenges faced by financial companies by now. BPO companies need to employ specialized strategies to deal with these challenges. In the following paragraphs, we will explore the ways in which call centers assist finance companies in surmounting these obstacles and attaining optimal business performance.

Streamline customer touchpoints

To enhance their customer service offerings, financial firms can employ tactics such as introducing self-service alternatives, furnishing live chat assistance via their website, and utilizing call routing technology to direct callers to the relevant department. By utilizing BPO outsourcing, financial institutions can bridge the gap between their services and customers. They can also handle high call volumes efficiently and decrease wait times for clients.

Regulatory compliance

To tackle this issue, one possible solution is to continually train and educate in-house staff. It is also important to regularly review and revise policies and procedures, and collaborate with regulatory agencies to ensure adherence to regulations. However, conducting frequent training sessions for employees can be both time-consuming and costly. In lieu of this, it is advisable to outsource to professionals who possess the necessary skills and knowledge of relevant regulations and policies.

In fact, outsourcing financial services call center operations to BPO companies in India can prove to be a cost-effective alternative.

Fast action to customer service complaints

It is vital to address complaints and disputes quickly as well as fairly to gain customer trust and loyalty. BPO services enable multiple channels of communication for customers. Moreover, BPO outsourcing brings well-trained customer service representatives who handle any issues of the customers with empathy as well as professionalism.

Information security

BPO handles sensitive personal and financial data thus information security is a huge concern for call centers. With the right outsourcing partner, financial companies don’t need to worry about their customers’ data. All of their customers’ calls and messages would be transmitted over a secure channel. Moreover, they will constantly monitor for suspicious activity as well as potential security breaches.

Several channels of customer support

Financial service companies must provide multiple channels of customer support as their customers may demand support at any time. So here comes the role of BPO companies. They provide phone support, email support, live chat support, and social media support all the time.

Last words

Outsourcing call center services to BPO companies in India has become an increasingly popular option for financial firms. They can benefit from specialized expertise, save costs, and focus on their core functions better while still providing high-quality customer service and support.