Fintech companies are turning to the Philippines for contact center outsourcing to revolutionize their customer experience (CX) and stay competitive in the industry. The Philippines is a global leader in providing business process outsourcing (BPO) services, including contact center outsourcing, due to its highly skilled and English-speaking workforce.
Fintech companies are outsourcing contact center functions to the Philippines to improve their CX through multichannel support, such as phone, email, and live chat. The nation’s BPO industry is known for its high-quality service, which includes efficient and accurate data processing, quick response times, and friendly customer service representatives. These representatives are trained to handle a wide range of customer inquiries, from account balance inquiries to technical support. By outsourcing contact center processes, financial technology companies can provide 24/7 support to their customers, which can be a major competitive advantage.
One of the main benefits of contact center outsourcing in the Philippines is cost-effectiveness. Outsourcing to the Philippines can result in significant cost savings for fintech companies, as labor costs are significantly lower. This allows fintech companies to invest more in their core competencies, such as product development and marketing, while still providing excellent customer care.
Another benefit of contact center outsourcing in the Philippines is the availability of multilingual support. With a global customer base, fintech companies need to be able to provide support in multiple languages. The Philippines has a large pool of multilingual customer service representatives, which can help fintech companies to serve their global customer base.
CX is critical for fintech companies as it directly impacts customer retention and acquisition. A positive CX can also lead to increased revenue and reduced costs. By outsourcing contact center functions to the Philippines, fintech companies can improve their CX by providing efficient and accurate support, quick response times, and friendly customer service representatives through multiple channels.
One example of a fintech company that has outsourced contact center functions to the Philippines is Chime. This US-based fintech company has been able to improve its CX and reduce costs by outsourcing its contact center functions to the Philippines. Another example is Monzo, which also outsourced some of its contact center functions to the Philippines to improve customer service and reduce costs.
According to a report by A.T Kearney, the Philippines is the leading destination for BPO services, including contact center outsourcing. The report states that the Philippines’ highly skilled and English-speaking workforce, along with its cost-effectiveness and high-quality service, make it an attractive destination for fintech companies looking to outsource contact center functions. The Philippines is also becoming a global leader in providing multilingual support, which is in high demand from fintech companies with a global customer base.
Contact center outsourcing in the Philippines is revolutionizing the way fintech companies handle customer care by providing efficient, accurate, and multilingual support through multiple channels at a lower cost. The Philippines’ highly skilled and multilingual workforce, along with its cost-effectiveness and high-quality service, make it an attractive destination for fintech companies looking to outsource contact center functions. By outsourcing contact center functions to the Philippines, fintech companies can improve their CX, reduce costs, and focus on their core competencies in the highly competitive and fast-changing fintech industry.
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