How BPOs have revolutionized the FinTech Industry

With the booming Fintech industry and everchanging technology, organizations must constantly evolve and move before their competition. That is where outsourcing plays a major role; they facilitate companies to stay relevant and in trend.

Fintech has seen many innovations from past banking activities, which required desktops, salespersons, and bankers. Due to the changes, most transactions and activities can now be done on phones.

The industry saw a total of $75.5 billion in 2022; with increasing funding, the essential requirement is for trained manpower while simultaneously trying to bridge the gap between financial services and technology.

Recently, the Fintech industry has moved very quickly to capture its consumer base. More and more companies are adopting a personal approach to customer retention. With new technologies evolving daily, consumers now look for frictionless personal relationship services in real-time without any roadblocks.

This can be made possible with the help of outsourcing services. Outsourcing can help you acquire or retain customers, provide follow-up, or feedback services, and sometimes take care of payment collection.

A recent study shows that the Fintech industry outsources around 37% of I.T. solutions and around 22% of marketing operations.

How outsourcing can benefit the Fintech industry

The fintech industry can outsource all the peripheral functions to a reputed BPO (business process outsourcing). This will facilitate them in focusing their resources on the core functions of the organization. Hence, gearing up all their efforts towards achieving the long-term goals while increasing productivity and decreasing the costs.

Incoming Solution Services and Talent Pool

Fintech industry has moved towards servicing its customers more personally. Customers nowadays look for a quick and simple way to solve their problems. With many customers using multiple products from the same company, they want to opt for a seamless way to navigate the barriers. 

Also, trained professionals are required to handle many customers simultaneously, and an outsourcing partner can provide you with one. It also provides access to a global pool of trained professionals. Furthermore, assigning a particular task to experts in a particular field gives businesses a competitive advantage.

Generating new leads and Expansion

The Fintech industry has grown rapidly, and to grow profitable, they must reel in more and more customers. The sales department cannot bulk call and generate new customers. Therefore, BPOs can handle call conversion and provide various feedback information. Meanwhile, Outsourcing business processes can help you expand internationally. BPO can take care of scheduling and take care of coordinating between various branches around the globe.

Back-office operations

Fintech companies can outsource many back-office operations as they require a lot of investment and manpower. Hence, Companies can save time and money as a third-party provider will take care of all the systematic training and development costs. Also, these providers hire trained professionals, guaranteeing excellent results and security for data. Outsourcing non-essential processes allows the company to streamline core business functions. This leads to more accuracy and efficiency because it relieves the employees from doing repetitive tasks and focusing on things, they excel in.

Robotic Process Automation

Fintech companies rely heavily on data; all the vital information regarding their customer must be stored chronically and securely. Storing most data must follow a set number of steps like onboarding or KYC. Meanwhile, RPA (robotic process automation)also gives a competitive edge over the competitor as it saves time and money and reduces task duplication. By investing in RPA, the company can enhance customer satisfaction and efficiency.

Things to take into account while choosing an outsourcing partner

Fintech companies must carefully choose outsourcing partners and consider many factors. BPO Services are not one shoe fits all. They can specifically cater to their client’s requirements.

The reputation of the company

The BPO industry has seen exponential growth in the past few years; therefore, Fintech companies have several options. Reputation and experience must be considered, as past client experiences are the true reflection of company’s ethics. Also, the experience that the company has gained over the years while streamlining their operations and functions to service their client better.

Proper Infrastructure and technology

Since Fintech companies collect confidential customer data, the selected outsourcing partner must have the proper infrastructure and technology to store and manage the information. Furthermore, it should be able to safeguard misuse of any such information.

Omnichannel Support

Fintech companies have various outsourcing requirements like back-office support, Customer Service management, lead qualification services etc. Therefore, a Business Process Outsourcing (BPO) which caters to the combined needs of the company must be considered. At the same time, an Omnichannel support will help the companies in providing 360-degree view of customer experience and also provide the flexibility to make the required changes. This will facilitate customers to move back and forth between different services easily.

The BPO industry has grown nine folds in the last decade. The demand for outsourcing is rapidly growing. The rising technological advancements and personalization of services have opened this industry to many opportunities. Businesses can grow faster when partnered with the right BPO company to cater to their requirements specifically.

FiveS Digital is a one-stop solution for all your outsourcing requirements. Our company has been excelling in providing our partners the best service and adding value to their goals. FiveS Digital offers an array of business process outsourcing services to help our partners grow and expand feasibly. Our services include back-office support, customer support, data processing automation, IT solution, finance process support and HR process support.