How should you take advantage of BPO for Banking & Financial Services?

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Since banking and finance industry is shifting its approach from conventional to digital, various organizations have been going through multiple challenges, such as making the transformation smoother, managing risks, saving costs, and more. What if your organization’s day-to-day functions get outsourced and processed in a better way? 

Availing of banking BPO services can be a great option for your business. Let’s see how banking and finance support services pave the way toward generating growth and revenue for your organization.

BPO for Banking & Financial Services - What are they?

Banking business process outsourcing (BPO) services refer to outsourcing certain non-core business processes to specialized providers to improve efficiency, reduce costs, and increase competitiveness. Some common examples of banking and finance consulting services include: 

  • Loan processing¬†

Banks and financial institutions can outsource the process of reviewing and approving loan applications to a banking BPO. This can include tasks such as credit checking, income verification, and collateral evaluation. 

  • Account opening and maintenance¬†

Banking industry can outsource the process of opening and maintaining customer accounts. This can include tasks such as customer onboarding, account verification, and account maintenance. 

  • Credit card processing¬†

Outsourcing the process of issuing, activating, and maintaining credit cards to a banking BPO. This includes application processing, credit limit approvals, and credit card statement generation. 

  • Mortgage processing¬†

Small, medium and large banks can take the help of banking and financial support services for the process of reviewing and approving mortgage applications, which includes tasks such as title and property validation, credit checks, and property inspections. 

  • Customer service and support¬†

Outsourcing customer service and support functions, such as answering customer inquiries and resolving complaints, to banking business process outsourcing (BPO) services. 

  • Data entry and management¬†

Data entry and management tasks, such as maintaining customer records and updating account information can be outsourced to a banking and finance BPO. 

  • Risk management¬†

Banks and financial institutions can outsource functions related to risk management, such as compliance with regulations or fraud detection, to a BPO provider. 

  • Collections¬†

Banks can outsource the process of recovering past-due accounts to a BPO provider. 

  • Back Office Operations¬†

Outsourcing back office operations, such as accounting, reporting, budgeting, and forecasting, to a BPO provider. 

  • Payment processing¬†

Banks can outsource payment processing, including transaction processing and reconciliation, to banking and finance consulting services.  

Learn more about Key Benefits of Back Office Support During Peak Holiday Season 

What facilities can banks outsource to BPO for banking & financial services?

Some of the commonly outsourced banking and finance services to a BPO are: 

  • Liquidity management¬†
  • General accounting¬†
  • Customer support operations¬†
  • Check processing¬†
  • Account verification¬†
  • Credit evaluation¬†
  • Customer support operations¬†
  • Cash flow forecasting¬†
  • Bill payments¬†
  • Customer acquisition management¬†
  • Calculating state and federal payroll taxes¬†
  • Fraud mitigation and detection¬†
  • Regulatory compliance monitoring¬†
  • IT management¬†
  • Statutory account fillings¬†
  • Anti-money laundering analytics¬†¬†

Benefits of BPO services in Banking and Finance

Banking and finance consulting services offered by BPO service providers can help the financial industry in the following ways: 

  • Cost savings¬†

BPO can help companies reduce labor costs by outsourcing certain processes to countries with lower wages. 

  • Enhanced efficiency¬†

By outsourcing non-core processes to specialized BPO providers, companies can focus on their core competencies and improve overall efficiency. This can lead to cost savings, as banking BPOs often have teams with specialized skills and expertise in specific areas, such as data entry or financial analysis, that companies can leverage to improve their operations. 

  • Access to specialized skills¬†

Banking and finance support services often have teams with specialized skills and expertise in specific areas, such as data entry or financial analysis, that companies can leverage to improve their operations. 

  • Increased flexibility¬†

Banking and finance consulting services allow financial companies to scale their operations up or down as needed, providing greater flexibility to respond to market or business environment changes. This can be particularly beneficial for the banking and finance industry, which is subject to changes in regulations and market conditions. 

  • Risk management¬†

Banking business process outsourcing (BPO) services can help companies manage risks associated with certain processes, such as compliance with regulations or data security. 

Know more: B2B Market, Holiday Season & Omnichannel Strategy 

Conclusion

In today’s rapid-growing economy, banking and finance industry needs to scale and adapt its services more quickly and efficiently. If you are looking for better quality customer service, improved supply chain stability, access to the latest telecom infrastructure, enhanced cross-selling opportunities, and higher customer retention rates, you must take advantage of a banking BPO service provider.  

Apart from this, time and costs will be saved once you get a reliable banking and finance support service provider. A seamless and smooth banking experience is no longer be a dream with enhanced brand reputation and customer retention!

EOSGlobe is leading business process management organization that strives to provide high quality services focusing on exceptional customer experience and digital technological innovation. EOSGlobe is committed to become a value-driven organization with the highest standard services to their customers. With an exceptional team having rich domain expertise and robust digital solutions, helps businesses to transform their futuristic goals into reality. It aims for strategic partnerships with its global clientele to build a culture of innovation and business transformation at cost effective rates and with more productivity.

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