Optimizing Customer Support in the Financial Sector: How BPO Contact Centers Can Add Value
In the present age, financial institutions are grappling with a wide range of challenges. Some of them are:
- Complex queries
- The ever increase demand for fast resolution
- Increasing customer expectations
- The need for round-the-clock availability, and more.
In today’s dynamic financial landscape, providing exceptional customer support is crucial for the success and reputation of financial institutions. Poor customer support not only affects satisfaction but can also harm the reputation of financial organizations.
As customer expectations evolve, many organizations in the financial sector are turning to Business Process Outsourcing (BPO) contact centers to optimize their customer support services.
As per a report released by Straits Research in October 2022, the global banking, finance, and accounting BPO services market size is projected to grow at a compounded annual growth rate of 9.52 percent from USD 90.57 billion in 2021 to USD 205.32 billion by 2030.
This blog explores the challenges faced by the financial industry, the role of BPO contact centers, and strategies to enhance customer support.
The Role of BPOs and Modern Contact Center Software in Financial Sector
BPO contact centers specialize in handling financial queries with expertise and efficiency. These centers provide cost-effective solutions, allowing financial institutions to focus on core functions while outsourcing non-core activities.
By delving into the functions and advantages of BPO, we can understand how these centers add substantial value to customer support in the financial sector.
1. Specialized Expertise
German sociologist Max Weber famously said, “Only by strict specialization can the scientific worker become fully conscious, for once and perhaps never again in his lifetime, that he has achieved something that will endure.”
BPO contact centers are equipped with specialized knowledge in financial products and services. Agents undergo comprehensive training to understand the intricacies of the financial sector.
2. Cost-Effective Solutions
“Technology makes things faster and more cost-effective.” What English author John Philips said for technology tools in general could be said for contact center software in particular. If we go by several recent stats and data, contact center software powered by Voice over Internet Protocol (VoIP) can reduce communication costs by 50 to 90 percent.
Outsourcing customer support to BPO centers allows financial institutions to focus on core functions. BPO services often provide a more cost-effective solution compared to in-house customer support teams.
3. Efficiency and Efficacy
Management guru Peter Druckers said, “Efficiency is doing things right. Effectiveness is doing the right things.” BPO centers operate with efficiency, handling a high volume of customer queries promptly. They offer scalability, adapting to fluctuations in customer support demands without compromising service quality.
Contact center software not only enhances efficiency but also enhances the efficacy of BPOs and contact centers of banking and financial institutions. By doing so, the technological tools enhance employee productivity and customer experience.
4. 24/7 Availability
In earlier times, when banks, financial institutions, and call centers relied only on traditional telephone systems, they found it a little challenging to remain available round-the-clock. Even though it wasn’t difficult for a majority of large organizations as they rotated their agents in three different shifts, it was extremely challenging for small and mid-sized organizations.
However, the advent of modern contact center software revolutionized that. BPO contact centers operate around the clock, ensuring 24/7 availability for customer queries. This constant availability caters to the global nature of financial services and accommodates diverse time zones.
5. Multichannel Support
Gone are the days when customers preferred to contact a bank or financial institution using audio calls. Now when almost everyone has a smartphone in their pocket, the choices to contact businesses are endless. Web chat, social media, email, text messages, instant messages, video calls, and more.
BPO centers excel in providing support across various communication channels, including phone, email, chat, and social media. Multichannel support enhances accessibility and accommodates customers’ preferred communication methods.
6. Integration of Advanced Technologies
BPO services can tailor their approach to meet the specific needs and preferences of each financial institution. Customization allows for a more personalized customer support experience.
BPO centers leverage advanced technologies, such as AI and chatbots, to streamline customer interactions. Automation enhances the speed and accuracy of responses, improving overall customer experience.
7. Risk Mitigation
BPO centers often have dedicated teams to identify and mitigate potential risks associated with financial customer support. Proactive risk management strategies safeguard against issues and disruptions.
BPO centers also focus on continuous improvement through feedback mechanisms and performance analytics. Regular training and quality assurance measures ensure ongoing enhancement of customer support services.
Key Strategies for Optimizing Customer Support in Financial Sector
From the integration of AI, chatbots, and other technologies to streamline customer support processes, enhancing efficiency and responsiveness, BPO agents receive specialized training in financial products and services to ensure accurate and informed responses.
Rigorous data security protocols protect sensitive financial information, addressing one of the primary concerns associated with outsourcing.
1. Handpick Right Tools
As noted American author Jeff Duntemann rightly quipped, “A good tool improves the way you work. A great tool improves the way you think.” That’s precisely the magic of the right tools in enabling professionals to accomplish the things they want to.
Before delivering high-quality customer service in the financial sector, selecting the right tools is extremely important. Sophisticated communication tools are extremely important to provide the best services.
When it comes to tools, contact center software is among the most prominent ones that should feature on the top of the BPOs. It’s the responsibility of the BPO owner or any senior management executive in the BPO to acquire or select the right kind of high-quality and cutting-edge contact center software to provide the best-in-class customer service.
2. Specialized Training
If you want to know what the right training can do for agents, let’s take a look at this stat. As per one published data, 83 percent of high-performing customer service representatives say that they receive the requisite training to perform their work compared to just 52 percent of their low-performing counterparts.
When agents are provided with specialized training, they understand the intricacies of financial products and services and provide customer service in the best possible manner. BPOs that provide agents with specialized training are extremely ahead of the curve. BPOs need to ensure ongoing education to keep agents updated on industry changes and new offerings.
3. Advanced Technologies Integration
Integration of business applications into contact center software is extremely important. Implement AI, chatbots, and other advanced technologies to streamline customer support processes. Leverage automation for repetitive tasks, allowing human agents to focus on complex queries.
When the right contact center software manages to integrate seamlessly with the right tech tools and business applications, then the results are magical. Furthermore, the synergy between well-integrated contact center software and the right tech tools/business applications can create a seamless and magical experience, enhancing overall efficiency and customer satisfaction.
4. Data Security Measures
In an age, when a majority of businesses including BPOs, are facing massive threats of incessant cyberattacks, a robust data security is the need of the hour for BPOs and contact centers. Implement rigorous data security protocols to protect sensitive financial information. Comply with industry regulations and standards to ensure the secure handling of customer data.
When all the security measures are in place, it pays a lot for BPOs and financial institutions to establish trust, safeguard sensitive data, and ensure a resilient foundation for their operations.
5. Availability and Support
A majority of contact centers aim for 85 to 90 percent adherence to schedule. In simple words, it means that every hour, agents are available to handle customer calls or after-call work. When it comes to manning the call center after the regular working hours, many BPO contact centers find it challenging to provide round-the-clock customer support to cater to diverse time zones and global clientele.
That’s precisely where the use of advanced call center solutions and cutting-edge communication tools can come extremely handy for contact centers. By leveraging sophisticated contact center software, BPOs can easily provide support across various communication channels, including phone, email, chat, and social media.
How Financial Institutions Can Leverage BPOs to Provide Excellent Customer Service
To provide excellent customer service, financial institutions must take concrete steps, which are supported by industry insights and expert advice, to elevate customer experiences in the dynamic financial sector. Here are some steps:
1. Assess Needs
Understanding the intricacies of customer support needs is the foundation for successful customer service. Banks and financial institutions need to assess their needs before they even think of outsourcing their customer service to BPOs. In case they want to develop an in-house team to provide the best-in-class customer service, they need to ascertain how many agents they need to hire and how many systems they would like to put in place.
As a BPO owner, you need to conduct a thorough analysis of your organization’s specific customer support needs and challenges. Identify areas where outsourcing can add the most value and alleviate existing pain points.
2. Align Strategic Goals
A study by Financial Services Journal found that 87 percent of successful outsourcing partnerships attribute their success to aligned goals between financial institutions and BPO partners. When goals are aligned with the plans of action, then it becomes easier for BPOs and financial institutions to have a singular goal and they work in unison to achieve that.
When goals are in harmony, collaboration becomes seamless, and that leads to mutual success. That’s why financial institutions must ensure that the goals of the BPO partner align with the strategic objectives. They need to verify that the BPO provider has experience in the financial sector and understands its unique requirements.
3. Compliance and Regulation
In an age when compliance with national and international industry regulations and data protection laws is extremely important and non-compliance results in hefty fines, it must be the basic minimum requirement for BPOs to comply with the regulations. Every year, businesses across the globe are fined millions of dollars for violating regulations such as GDPR.
The financial sector demands a meticulous approach to compliance, that’s why financial institutions must confirm that the BPO partner complies with industry regulations and data protection laws. They must choose a partner with a proven track record and assess their standards of compliance within the financial sector.
4. Quality of Service
A customer satisfaction survey revealed that 85 percent of respondents value high-quality customer service in the financial sector. The reputation of a BPO matters a lot and financial institutions need to ensure that their BPO partners have a proven track record for excellence.
The quality of service is extremely important in determining the credibility of a BPO. Evaluate the BPO provider’s reputation for delivering high-quality customer support services. To gain tangible insights, request references and case studies from other financial institutions that have utilized their services.
5. Technological Capabilities
As per a Gartner survey, by 2025, 80 percent of customer service and support organizations will be applying generative AI technology. Many financial institutions are using advanced technologies to deploy customer service chatbots. When companies spend quality time in researching and comparing different software providers they get a clear idea about fees, customer reviews, and the range.
Financial institutions need to ensure that their BPO partners use advanced technologies to enhance customer support. They must also check their capabilities in integrating AI, chatbots, and other innovations to streamline processes.
Finally, it may be concluded,
In the realm of customer service, financial institutions face a crucial decision. They can either establish an in-house customer service department, complete with dedicated managers, agents, and cutting-edge communication tools, or opt for the second route – outsourcing to a proven BPO with a track record of delivering high-quality service.
For those choosing the latter path, the key lies in selecting the right BPO partner. The chosen BPO needs to be a reliable entity, capable of offering excellent service that aligns with the standards of the financial industry.
Furthermore, BPOs catering to financial institutions must prioritize having the best contact center software at their disposal. This software serves as the backbone, enabling them to deliver top-tier customer service and meet the unique needs of their clients. Choosing the right BPO and investing in advanced contact center software becomes pivotal for financial institutions aiming to elevate their customer service standards.
Boost Customer Satisfaction: Optimize Your Financial Services Support
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