Financial Services Call Center Outsourcing: How it Helps Businesses
Updated: Apr 1
Financial products and services can be complex, and customers often have questions or issues that require a human touch to resolve. Financial services call center outsourcing is a one-stop solution that can solve multiple challenges faced by finance institutions.
Customer Service Challenges Faced by Financial Service Companies
Financial services outsourcing solutions are expected to bring top-notch customer service, but they face unique challenges in doing so. From complex regulations to high customer expectations, these companies must navigate a variety of obstacles to meet their clients' needs.
The top five challenges faced by financial service companies and how 24/7 Call Center Services outsourcing can help to overcome these challenges,
1. Managing High Call Volumes and Wait Times
Financial service companies often face high call volumes and long wait times, which can lead to frustrated customers and negative reviews.
2. Keeping Up with Changing Regulations and Policies.
Financial service companies must constantly stay up-to-date with changing regulations and policies, which can be a challenge. Failure to comply with these regulations can result in fines and damage to the company's reputation.
3. Addressing Customer Complaints and Disputes
Addressing customer complaints and disputes is another big challenge faced by financial service companies. These can range from billing errors to more serious issues like fraud or identity theft.
4. Balancing Personalization and Security
Financial service companies often struggle to find the right balance between personalization and security. Customers want personalized experiences that cater to their unique needs and preferences, but they also want to feel confident that their personal and financial information is secure.
5. Providing Consistent Service Across Multiple Channels
Customers expect the same level of service and response time, regardless of the channel they use to contact the company. This is almost impossible with the little customer service capacity a company holds in-house.
How Call Centers Overcome Service Challenges for Financial Service Companies
As we have learned about the challenges faced by financial companies, call centers must employ specific strategies to overcome these challenges. We’ll now discuss how call centers help finance companies to rise through all these challenges and achieve business excellence.
1. Streamline Customer Touchpoints
Finance companies can implement strategies such as offering self-service options, providing online Live chat support, and using call routing technology to direct customers to the appropriate department.
A call center can act as a middleman between the financial services departments and customers. You will have sufficient representatives to manage high volumes and reduce wait times for the customers.
2. Providing Service in Compliance with regulatory requirements
One way of addressing this challenge is to constantly train in-house employees. Regularly review and update policies and procedures, and work closely with regulatory agencies to ensure compliance.
However, imagine the amount of time and money you will be investing to arrange such training every now and then. We would rather recommend that you outsource to people who are already skilled and aware of regulations and policies.
If you consider it, financial services call center outsourcing is a cost-effective option.
3. Fast act to Customer Complaints
It's important to address complaints and disputes quickly and fairly to maintain customer trust and loyalty. To effectively handle these situations, fintech companies should have a clear and transparent process in place for customers to file complaints and disputes.
A call center enables multiple channels of communication for customers. They can file their complaints at ease with the available channels. In the meantime, call center outsourcing brings in well-trained customer service representatives who can handle these situations with empathy and professionalism.
4. Information Security
Information security is a crucial concern for call centers, as they handle sensitive personal and financial information from customers. With the right outsourcing partner, you no longer have to worry about your customers' data.
All your customer calls and messages would be transmitted over secure channels. It will prevent interception and eavesdropping.
Moreover, your outsourcing partner will constantly monitor for suspicious activity and potential security breaches.
5. Multiple Channels of Customer Support
Providing multiple channels for customer support is crucial for financial service companies, as customers expect to be able to access help and support whenever they need it.
Call centers can offer a range of channels to meet these needs, including phone support, email support, live chat support, and social media support. They ensure that customers can access the help and support they need when they need it.
Types of Call Centers for Financial Services
Different types of call centers exist to meet the needs of different financial service providers. By understanding the different types of call centers and their specific functions, financial service companies can choose the most appropriate call center model to meet their needs and provide high-quality service to their customers.
1. Inbound Call Centers
Inbound call centers are designed to handle incoming calls from customers or clients. These calls may be related to customer service inquiries, technical support, or sales. The goal of an inbound call center for financial services is to provide a positive customer experience and resolve any issues or concerns that the customer may have.
2. Outbound Call Centers
Outbound call centers, on the other hand, are designed to make outgoing calls to customers or clients. These calls may be related to sales, marketing, or customer service follow-ups. The goal of an outbound call center for financial service companies is to generate leads, increase sales, and improve customer retention.
3. Blended Call Centers
Blended call centers are a combination of inbound and outbound call centers. This means that agents in a blended call center are trained to handle both incoming and outgoing calls. Blended call centers are ideal for businesses that have fluctuating call volumes throughout the day. During peak hours, agents can focus on answering incoming calls, while during slower periods, they can switch to making outbound calls. Most of the outsourced call centers follow a blended system which is absolutely beneficial for financial service provider companies.
4. Virtual Call Centers
Virtual call centers for financial services are becoming increasingly popular in today’s digital age. Unlike traditional call centers, virtual call centers allow agents to work remotely from anywhere in the world, as long as they have a reliable internet connection. This not only provides greater flexibility for agents, but also allows businesses to tap into a wider pool of talent.
Outsourcing call center services has become an increasingly popular option for financial service companies. By outsourcing call center services, companies can benefit from specialized expertise, cost savings, and scalability, allowing them to focus on their core business functions while still providing high-quality customer service and support.
Consider your business goals and customer needs when choosing the right call center for your operations.