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How BPO Can Transform Your Fintech Business

Increasing demand for fintech business services has left many organizations scrambling to attract the right talent. The shortage in tech talent negatively impacts hiring managers across organizations...

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Increasing demand for fintech business services has left many organizations scrambling to attract the right talent. The shortage in tech talent negatively impacts hiring managers across organizations of varying sizes, too. Large and small companies alike feel the pressure associated with hiring tech professionals, which is impacting their bottom line. If a company can't hire the right tech professional for a job, it resorts to relying on available employees to fill the gaps. This leads to burnout and a high rate of turnover that eventually hurts the overall business. And with larger corporations already struggling to secure top talent, smaller ones are even worse off.

In fact, a study conducted by Indeed concluded that nine in ten hiring managers struggle with finding and recruiting individuals with the necessary talent. In addition, about 36% of all recruiters find it "very" challenging to secure workers who have the required skills for tech jobs. As such, many are turning to outsourcing and co-sourcing, hoping to not only fill their talent gap but enjoy the benefits associated with third-party solutions.

Outsourcing helps organizations remain focused on their core strengths while third-party service providers address secondary duties. The modern enterprise has grown so robust in nearly every field that it is no longer sustainable to hire a team for every operation that a company needs to execute. Business process outsourcing (BPO) helps modern organizations avoid hiring more human resources every time a new task emerges.

But the right partner must be knowledgeable of the most critical aspects of their client's fintech business. They also must be well-versed with industry drivers. These include demand for risk and fraud protection, high competition, the need for user satisfaction, and regulatory compliance. A BPO partner like Helpware excels in offering high-quality fintech services that integrate seamlessly with multiple business models. To do this, the company relies on the latest technology frameworks and the best tech minds in the industry.

Fintech Services To Outsource

Fintech businesses looking to outsource some of their operations to outside services have a plethora of areas to consider. Outsourcing some tasks helps organizations access the global talent offered by expert Helpware professionals.

Striking the right balance between in-house and outsourced operations will of course depend on a company’s key strengths and strategic direction. Nonetheless, outsourcing fintech business services presents numerous benefits for almost any company. Whether the business contracts out the IT, call center, back office, or management operations, it’s often easier to partner with a BPO provider.

Outsourcing IT services give a company easy access to the latest app and web development services, technical support for customers, and platform maintenance. Many businesses seeking to connect with their customers outsource platform creation to experts, who can create well-optimized apps that customers can use to access different services.

An elegant website is a critical resource for any fintech business that needs to keep in touch with its customers. One must optimize the site for modern browsers such as Chrome, Brave, Safari, and Firefox since it acts as a central platform where online clients can interact with the business and its services. Outsourcing the development and maintenance of these services can potentially save a company millions of dollars in the long term.

The advances in communication technology over the past few decades have also raised peoples' expectations regarding customer care. Many clients expect companies to pick up calls on 24/7 cycles. They also expect to have a multilingual customer support team. The most affordable way to satisfy this demand is by outsourcing the entire call center.

Through outsourcing, businesses can focus on their core strengths while a third-party company deals with customer sales and after-sales communications. The call center neatly ties into marketing since the outsourced team can undertake lead generation and customer acquisition.

Back-office operations often demand long hours undertaking repetitive tasks that are unlikely to be an organization's strength. Outsource activities like data entry, data analysis, quality assurance, and digital marketing so you remain free to direct capital and human resources to research and develop core products. Outsourcing the back office will attract more motivated employees who don't like repetitive tasks such as data entry and report generation.

Highly technical organizations specializing in engineering, medicine, or niche industries rarely need a traditional management framework. Despite this, they do need some sort of structure to interact with the outside world.

Such entities may outsource management managerial functions pertaining to HR, recruitment, sales, and finance. By outsourcing operations that don’t directly contribute to the niche fields that the companies operate, the businesses can direct all their attention on one area.

Organizations need to consider some critical factors when choosing a fintech business services provider. Evaluate the length of outsourcing experience, quality of staff, value for money, and safety guarantee. Companies seeking to outsource some parts of their business should treat the process as similar to hiring a new worker.

The length of experience is critical in assessing the fintech service provider’s skill level. Substantial industry experience is indicative of resilience, and the ability to handle a variety of client needs. The quality of the staff working for an outsourcing company is also crucial to note. A good rule of thumb is to check how your prospective service provider allows its workers to handle challenges.

A safety guarantee ensures that the company has implemented the highest quality security measures available. Remember that most communication between a business and the fintech services provider is handled electronically. You share reports, data, and other private resources via the web. As such, the third-party company needs robust data protection installations for all services linked to outsourced tasks.

Finally, consider the value for the cost. Always make sure your service provider’s rates are within your budget. The aim of outsourcing some operations is to lower the costs associated with developing and maintaining in-house teams. In most cases, high-quality services may not be cheap. You need to know exactly what you’re getting for various quotes.

BPO Ensures Flexibility and Scalability

Outsourcing improves a business's flexibility by avoiding tasks that do not directly contribute to the long-term vision. Similarly, by outsourcing non-core tasks, the business frees resources that it can then direct to capture new opportunities. Benefits like increased speed to innovation, cost-effectiveness, improved flexibility, and faster speed to market make outsourcing a very enticing proposition.

A company’s speed to innovation assesses access to top talent within an industry. A Deloitte study tracked a 29% increase in the number of companies outsourcing services between 2016 and 2018. Most of these organizations cited competitive reasons for this shift. With fintech growing in complexity daily, outsourcing allows companies to stay ahead of the curve.

Customers have raised their standards for new services and products. As such, it’s the most innovative organizations that are bound to enjoy the limelight. Organizations need new ways to conduct R&D, develop products, market, and promote their items as fast as possible. The traditional approach of annual or biennial product releases is no longer feasible.

Working with financial technology service providers allows companies to launch products faster than ever before. Third-party solutions handle a significant chunk of the tasks needed before an organization can bring a product to market. Outsourced and co-sourced arrangements give businesses the ability to work with a top-tier development team, less ramp-up time, and the potential for geographically-scattered teams. These three factors allow small and large organizations to enjoy synergistic benefits associated with BPO.

Outsourcing fintech services improves a company's flexibility by reducing risks associated with a bad fit. One of the key reasons why companies often stick to in-house hiring is the need to develop coherent work culture. However, there are no guarantees that such a culture will always be cultivated, or maintained. Problems often emerge from, say, hiring a poor employee who won't learn or embrace the organizational culture.

Outsourcing helps eliminate such challenges by allowing a new company to deal with a business instead of individual workers who may impair progress. It is more difficult to let go of an employee that won't change, versus dealing with a business. Firing a worker is often difficult regardless of their poor fit for the company. Dealing with a company is easier, as businesses can quickly renegotiate new terms to avoid terminating a relationship.

Outsourcing allows a company to improve the quality of its products and services by eliminating the challenges associated with startups. It allows young organizations to tap into the skills gained by third parties over the years and plays a critical role in convincing the investors that their money won't be lost in the startup.

BPO Reduces Cost and Boosts Efficiency

BPO companies such as Helpware pride themselves on offering cutting-edge services such as telephony, contact touchpoints, and detailed record systems. In addition, BPOs only work with employees considered experts in their respective fields. For instance, in a call center service, they employ specialists with years of experience solving customers' problems in a wide variety of industries.

Service providers must guarantee their customers a commitment to excellence, quality people-centered performance solutions, precision in product delivery, high productivity, protection against cybercriminals, and dependable partnership. With the fintech space increasingly attracting mainstream financial organizations, it's necessary for businesses looking for these services to choose partners with a proven track record.

Outsourcing services is a popular solution for fintech businesses that need to cut costs in recruiting, hiring, orienting, developing, and motivating employees. For example, a company that relies on outsourcing for all its non-essential operations doesn't ever have to deal with the recurring cost of training employees. In addition, it doesn't have to pay hefty salaries to workers whose skills are only needed for a few months every year.

Conducting a Recruitment Interview Via a Virtual Call

Choosing the Right BPO Company for Your Fintech Business

Choosing the right BPO company is a critical success determinant for a fintech startup. It's necessary to prepare the key factors and constraints built into such relationships before settling on any contracts.

As a business owner, it's essential to define your objectives when looking for a partner. About 70% of all organizations outsource some aspects of their businesses to reduce operational costs. Outsourcing should not be more expensive than the traditional hiring route. Companies must undertake thorough market research to secure the most affordable BPO companies that deliver the highest quality possible.

If your fundamental goal is to focus on core products or services, your outsourcing strategy should allow your company to delegate as many subsidiary tasks as possible. Assess the company's performance every few months to determine whether the business has made any improvements in core competencies, and revise how much you outsource accordingly.

Outsourcing some of your less-relevant operations to industry leaders such as Helpware will help improve the customer experience. At Helpware, startups are treated as professionally as a big established business. Helpware prides itself on offering tailored solutions to your specific needs, rather than just offering a static list of services. Employees are all at the top of their field, so you can be assured of the most professional aid in your outsourced tasks, whatever they may be. Keep your in-house team focused on your core competencies—Helpware will take care of the rest for you. If you're ready to drive sales, boost customer loyalty, and scale your business with a BPO solution, contact Helpware today!

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