BFSI is a diverse sector ranging from small contacting units, full fledged banks to massive institutions. However, every unit in the BFSI sector is under immense competitive pressure and being cost conscious keeps tacking onto the whole pressure scenario.
Many of these issues relatively revolve around concerns to security, privacy and customer engagements. Hence, it is of no surprise that BFSI companies look for external support i.e. call center outsourcing to cope up with these problem areas.
As per Technavio’s market research, analyst predicts the global outsourcing market in BFSI sector to grow at a CAGR of more than 6% during the forecast period.
Call centers tend to be a great helping hand in the BFSI sector because of the tremendous benefits it offers. Let’s have a look at them:
1. Round-the-clock staffing: The availability of call center executives even during peak hours and weekends/holidays help provide better customer experience and also a 24X7 availability over channels to fit the client needs as and when it arises.
Social media and mobile services availability play a predominant role in interactions with customers, and/on their terms.
2. Enhanced Customer Experience: Call Center Outsourcing Services helps to meet the market and regulate the recurring needs and necessary standards of the customers in terms of debt collection, loan availability or services for credit card efficiently even covering the aspects of cross-selling and up-selling of the services and marketing opportunities outside of traditional geographic region including different audiences.
3. Reduction of overhead and infrastructural cost: By outsourcing call center for BFSI industry, many additional costs are effectively managed like staffing as well as training in technologies to access new softwares. With this, overhead cost can be minimized and the cost to build full fledged floors/sections for in-house calling can be reduced. This results in improving the work process, ensuring time, resources and money is not wasted.
4.Concentration on Core activities: Unless execution of proper outsourcing, the tasks will start to eat up a lot of time that could be used to improve the main productivity.
While the rest is handled well by trained officials from the call center itself, the main members can well focus on the core competencies with full attention giving better outputs.
With ample industry experience and potential skills to handle volumes of work, call center outsourcing will help BFSI sector with latest technology, experienced executives, multi-channel presence and cost effectiveness resulting in better customer services and operational quality enhancement.