As the economy booms, FinTech organizations play a crucial role in ensuring businesses and consumers are financially independent. Moreover, many FinTech sub-sectors have emerged and been adopted by financial sectors globally.

In terms of adoption, the Indian FinTech sector has embarked upon its digital journey and is catching up fast with its global peers. In fact, the Indian Fintech market is currently valued at $31 billion and is predicted to grow at a CAGR of 22% and reach $84 billion by 2025.

However, with increasing growth and competition in the market, FinTech companies can benefit greatly by outsourcing their financial services to a proficient BPO. Call center services for FinTech are essential for the smooth running of these companies.

Also, the need for providing competent, reliable, and quality FinTech services are driving companies to adopt a 24/7 operations model, thereby increasing the need for a third-party service provider.

Let us look at how outsourcing can help BPO companies ensure seamless operations and provide exceptional user experience to their customers.

1) Inbound Support Services

Did you know that 64% of consumers use many FinTech products, and some may need more guidance than others?

FinTech companies need to meet the demands of the modern consumer who doesn’t like waiting, craves simplicity, and often expects immediate and quality customer support on various channels.

Prompt response to queries is vital in customer service management, especially for the industry dealing with the sensitive matter of money.

By outsourcing to a reputed BPO, FinTech firms can gain access to a trained team that can take care of customer grievances, implements chatbots to resolve queries even quicker, provide round-the-clock support on multiple channels and prioritize customer happiness by providing the support they expect.

This way, with each customer interaction, your brand image will remain protected, and customer satisfaction and delight are guaranteed.

2) Lead Qualification Services

To ensure an organization keeps growing and is profitable, it needs new leads and customers. A healthy and consistent flow of potential customers is vital for any business.

The FinTech sector is no different. However, while investing in time to generate leads is crucial, the time and resources spent on prospecting, and cold calling is time-consuming. Moreover, lead qualification service can be a challenge, and your sales team cannot waste valuable time connecting with unlikely prospects.

A reputed BPO can help you with the following:

• Manage the end-to-end lead generation process
• Manage your contact lists & make cold calls
• Ask the right qualifying questions
• Set appointments for your sales team

3) Back Office Outsourcing

Back office support and data management are vital aspects of the operations of your FinTech business. However, while scaling your company, giving time to routine back-office tasks can lead to the wastage of resources and time. In fact, 50% or more of operational costs are often driven by back-office functions.

By outsourcing back office services, FinTech organizations can be relieved from focusing on non-essential tasks, scale manpower based on needs, and focus on streamlining the core activities of the business.

Listed below are some back-office services that can be outsourced:

• Data Entry and processing
• Customer onboarding
• Finance and accounting outsourcing (FAO)
• Digitization and scanning
• Credit processing
• CKYC fulfilment

4) RPA (Robotic Process Automation)

The FinTech industry has to work with data in several ways, whether for customer onboarding, KYC verification, handling investments, tracking payments, and more. These data collections and business transactions require a series of steps to be followed and checked off in a well-choreographed sequence.

This is where RPA solutions can help your FinTech firm gain a competitive advantage. It can help process financial information more efficiently and accurately. It can also help FinTech firms improve customer experience and achieve higher efficiency at a lower cost.

Benefits of RPA in the FinTech Industry:

• Scalability – Free employees from doing mundane tasks.

• Error-free operations – Eliminate challenges of manual data entry.

• Increase operational efficiency – Automate repetitive, and time-consuming tasks.

• Improved Accounting Process – Streamline data collection process.

• Improved Customer Service – Chatbots can function 24×7, 365 days.

Factors to Consider When Selecting an Outsourcing Partner?

The BPO industry is booming and there are many partners to choose from. But keep in mind that not all BPO’s would be the right fit for you. Listed below are three factors to consider when it comes to choosing an outsourcing partner.

• Length of Experience: The years of experience play a huge role when it comes to partnering with a BPO. The reason being, BPO’s with many years in the industry, know how to handle the array of challenges in the FinTech sector. Over the years, they have mastered their service offerings and developed various techniques to improve their work quality.

• Quality of Staff: Ensure that the service provider provides exceptional employee training, consistently monitors their work, and has incentives in place to improve their performance.

• Value for Money: Their rates have to be right, and they must be able to deliver quality results at the given price range. Keep in mind that the ideal BPO partner will provide top-notch services without breaking your budget.

Want to know how to make an informed decision and choose the right call center partner? Our recent blog covers just that!

In conclusion, to ensure continuous business expansion and gain a competitive edge, FinTech businesses need to focus on their core operations, provide exceptional customer support,  optimize back-office services, and automate repetitive tasks. Outsourcing can help in all these areas and some more.

If you are planning to search for a renowned outsourcing company, then look no further. Meet KServe! We have been providing quality outsourcing services to businesses for 18+ years. We have worked with multiple FinTech companies to ensure their business is profitable and have consistently increased their customer base. If you have any queries or want to have an in-depth understanding of our services, feel free to connect with our experts today!

Sources: 

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