Financial Services Outsourcing or why banking institutions increasingly trust external companies?

The economic crisis is also being felt in the financial sector, so it is no surprise that it is one of the worst hit worldwide. To survive, companies must respond quickly, flexibly, and rearrange their priorities fundamentally. In other words, they have to cut hundreds of employees and tighten their belts to the absolute minimum.

For Bulgaria, however, the economic situation has actually brought benefits. Unfortunately, we are the country with the lowest incomes in the European Union, so many countries with a higher standard export their financial and accounting activities here.

According to recent surveys, 44% of banks will use business process outsourcing (BPO) to change their operating models, according to a European study by HP. CEOs of commercial banks share that they have to deal with three main challenges: increasing exposure to current customers (91%), strengthening their business sustainability (88%) and improving operating models (76%).

All banks that participated in the study say that they have already “outsourced” at least one of their business processes such as collection and debt management, followed by customer service, are among the most intensively exported functions outside the banks so far.

Outsourcing of certain business processes can play the role of an element of change in the financial sector and help banks to fundamentally restructure their operating models.

After the crisis, profits declined and financial companies increasingly relied on call centers and BPO providers to improve the efficiency of their operations.

But not everything is about money. The right outsourcing partner for a company in the financial sector offers a mixture of skills to upgrade the expertise of the financial team. Here we are talking about strength in negotiations, professional call center service and a commitment to support the development and improvement of processes.

Here are some examples of call center and BPO services that you can take advantage of:

  • Serving customer inquiries
  • Status and follow-up of complaints
  • Fraud identification
  • Online banking
  • Telephone banking