Banking Processes that can benefit from BPO Services in India

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Banking Processes that can benefit from BPO Services in India

BPO Services in India

One of the most prominent sectors that are outsourcing their processes to call centers in India is the banking and financial services sector. With a growing number of product and services, banks cannot afford to hire in-house staff to handle non-essential processes. That is why, to reduce the overall cost of operations and to allow them the opportunity to focus on their core competencies, this sector can outsource various processes to outsourcing companies.

These processes range from customer support to revenue generation and provide support on various channels including both voice and non-voice. Some of these processes are –

  • Credit Card Process

Credit card related processes are extremely popular. These processes work in two ways. One is that banks have call center agents cold call the database of their existing customers and pitch them their credit card products. Here the main aim is to convince the customer to apply for a credit card by educating them about the various benefits of the cards.

Secondly, the other process involves handling calls of customers that have applied for the credit cards. Your agents have to walk them through the various approval process steps. This can be done over the call as well as over the website’s live chat service.

  • Debt Collection Process

A debt collection process is where executives representing your bank or financial institution call those customers that have defaulted on either their loan payments or credit card bill. The motive of these calls is to walk these customers through the various payment options that can be used to pay back the loan amount to the bank. Needless to say, this process is very important for any financial institution as it helps recover some of their losses.

  • In-App Support

These days every bank has their own mobile app to keep their customers engaged. It is a very convenient service for the customers as they can handle their basic transactions through their mobile devices with ease. However, when customers face any challenge using this app, they seek for support within the app itself. This is where the in-app support process comes into the picture. By offering in-app support, bank customers can chat with an agent directly within the application and have all their issues resolved on the chat itself. This service helps boost customer satisfaction with the organization.

  • App Download Process

As I mentioned above, mobile applications are being offered by banks to keep their customers engaged and offer them services on the mobile platform. App download processes involve agents calling your bank’s customer database to convince them to download the mobile banking app. This benefits the banks as they can ensure customer loyalty and engagement, which is the ultimate reason behind the application.

  • Commercial Lending

Commercial lending was a process that was considered too complicated to outsource. But now, with the number of individuals experienced in this field has grown in India. This has led to the growth of outsourcing for these processes, especially in the west. U.S based in-house teams of banks are working in tandem with Indian teams to streamline this process.

By outsourcing their various processes to dynamic call center service providers, banks all across the globe can not only reduce their costs but gain expert services from an organization that has domain experience handling banking processes.

Octopus Tech offers banks multi-channel BPO services in India that help these institutions increase their revenue and profitability by offering them customized solutions that fit the changing needs of such organizations and the financial sector. To know more about our service, get in touch today.