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Customer Service Outsourcing in BFSI Industry to Transform New Way for Business

Posted by Vaishnavi Verma
customer-service-outsourcing-in-bfsi

The advent of technology in each sphere of business is leaping in the forward direction with the latest set of profound technologies and tools.

The industries indulge in software development, and mobile development services are seen stepping into customer support outsourcing.

But visualizing the challenges and changes, organizations residing under the domain of BFSI have started to safeguard their solutions and their applications.

It is often heard, Banking and Finance services face fraud and scams falling to the prey of predators, they have the potential to harm the organization in a greater way.

Hence, to combat such issues, the organization needs to have robust customer service support, for which many are opting for BFSI outsourcing services.

changes in BFSI

Let’s get into the depth of how outsourcing the domain’s services to the call center can act as a panacea.

Changing Definition of BFSI’s Customer Support Service:

Bygone are times when banks used to connect with the customer only through the medium of the phone call.

The evolved time has brought social media, chatbots, and email in light, which bolsters in getting an easy route to access one’s account equipped with tight-guard security and blockchain facility.

Organizations like HDFC. ICICI and SBI are a few names that have already soiled up their hands to befit the challenges recurring in the niche, to deliver satisfactory level customer support services to their customers.

Apart from banking institutions, platforms like Bhim UPI, Google Pay, PhonePe, MobiKwik, and Paytm have already earned tons of recognition. These platforms have made steps easy to complete the purposes of the transactions.

To be accurate, this fame is not just due to its ease of services but also due to the enduring range of support and services to customers if they get stuck in the middle of payment or any transaction related issue.

Technical Off-Sets in BFSI Industry Needed to Be Taken Care Of!

Each working deals with their own set of shortcomings, the possible cause may be the rapid growth in technology.

BFSI has its own set of disadvantages.

With the hike in numbers of click-frauds, the industry sees the face of particular new yet trendy innovations such as- Artificial Intelligence and Robotics Process Automation, Internet of Things (IoT), and Cyber Security.

technical challenges in BFSI

Hence, to excel and stay in the field, it is essential to serve the customers with the best customer service support.

Also, there are various scenarios when the in-house teams of BFSI fail to serve the purpose, and here come BFSI outsourcing services in the scene.

Why Outsource the BFSI Sector to Customer Service Support Company?

In an already known fact, customer support outsourcing is significant support to the organization facing hardships in terms of trained employees, inefficiency in delivering aid, and solutions to queries raised by customers and security at stake.

Witnessing the scaling challenges with discovering technologies and bank frauds, the institutions affiliated with the business, financial services, and industry are aggressively looking up to customer service outsourcing.

Today, the customer is enlightened about recent developments. With the ease and accessibility of handy-mobile devices, they do believe in the concept of self-servicing.

Banks like HDFC and ICICI and transaction platforms like Paytm, Bhim have made the deal easy with their step-by-step procedure.

Here, the agents work actively to offer satisfactory resolutions and handle the matter with their omnichannel approach.

The following are the few reasons listed below that support the call of customer service outsourcing in BFSI-

  • 24*7*365 Customer Support Service
  • Tailored Cost Structure for Outsourcing Plans
  • State-of-the-Art Technology and Tools
  • Sealed and Intact Data Security
  • 98% Assured Resolutions to Customer Query
  • Trained Staff in Customer Service Support
  • Polished Call Center Services with Predictive Dialler and IVR Facilities etc.

 

outsourcing drivers for banks and finance institutions

Balancing Both World with Solution-finding Call Center Services:

Call centers are meant to connect the customer with brand/organization in minimal steps over the different modes of communication with the purpose of retaining them for the longer span of the period.

There is an entirely possible scenario where the parent branch of BFSI products is located at an overhead location, which is often a welcome call to the barriers in connecting well, especially in terms of language. The customers of a BFSI institution can come from different latitudes of the globe.

Call center outsourcing BFSI companies in India behold the agents in their niche gulled up with convincing and sales qualities, to stop the customer from switching up the bank or transaction platform irrespective of higher competition in the market.

In recent years, the growth has been recorded in the call center market in the BFSI industry, putting the idea of its importance to fraud-prone alerts on both sides, i.e., Bank, Finance Service, and Insurance industry and customers associated with them.

call center market share for customer support service

The eminent range of call center services helps the customers reach out to the customer care section for a speedy recovery to their raised concerns.

It allows two passage of customer support services for easy BFSI activities:

  • Manual Customer Service/ Services Offered by Dedicated Agents
  • Self-Service Customer Service

By outsourcing call center services to named resources dealing with BFSI companies in India, one can expect these outbound services to extract the best results.

General Inquiry Calls:

BFSI is popularly known for services to cycling the needs and demands of customers apart from its highly webbed structure.

These calls can be inbound or outbound in nature, based on circumstances.

One can have access to solutions just at a distance of the call. The call can be regarding necessary account information, ATM renewal, mobile/internet banking shortcuts, etc.

Debt Collection Calls:

These calls are conducted from the bank’s end to letting the customer know about the consequences if they fail to return the required amount of debt.

With this call center services of BFSI companies in India, the customer can also have the CIBIL score’s information based on their transparency level to the BFSI sector.

Lead Generation Calls:

Apart from giving resolutions to customer’s queries, the call center also holds a firm position to generate new business opportunities.

The call centers usually deal with lead generation services, which bolster the business organization to hunt customers from all possible resources favorable for business type and need in bifurcated categories- Locations, Interest, Journey with organization, etc.

Loan Eligibility Calls:

There are several times when the customer wants to check whether he is eligible for a bank loan.

The entire situation can be played as vice-versa.

This type of call usually administers a set of few yet important questionnaires that act as a deciding step for further BFSI operations.

Customer Survey Calls:

Apart from Core BFSI industry-related issues, the customer service outsourcing bolsters in getting a better and neat idea about the bank/finance institution’s standing position.

These calls from BFSI call centers help organizations train the employees for a more dependable calling experience.

Also, collating these surveys’ responses, the bank/finance firm can fabricate their business moves and plans for their welfare.

Artificial Intelligence for Convenient BFSI Customer Support:

Artificial Intelligence is a globally accepted technology that is successfully reciprocating the actions of the human brain at a faster pace and a better rate of precision.  

BFSI companies in India, US, UK, Japan, and overseas are seen accepting the technology in the business frame in a very warming manner.                    

The AI applications have changed the flow of the market, which is expected to grow further by CAGR 28.5%  with the increase in revenue to USD 2800 million by the end of the year 2024 from USD 800 million in the year 2019.

call center AI market

No doubt, handling the call center related BFSI sector asks for outstanding endurance and efforts.

The firms falling under the category BFSI are incorporating the chatbot services to move their head for self-service customer service.

AI enabled chatbot by Customers

Today, mobile devices being the first mode of communication has given rise to messages instead of calls held over the phone.

Therefore, we can accept the virtues; AI is winning due to ease of communication, reliability, and complete understanding of customer support services.

Hence, it can be concluded that customer service outsourcing in BFSI helps the firm to secure the flow of customer’s information and guides them to conduct safe transactional practices across different channels.


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