Today, the fintech industry is growing exponentially, perhaps faster than any other industry in the global market today – due to the massive influx of mobile wallets, digitalized money and the overall incline towards paperless practices.
Where there’s a massive demand for fintech innovations, there’s bound to be a struggle to keep up with it. This is where BPO business process outsourcing comes in. Before we discuss some of the major contributions business process outsourcing BPO has towards fintech companies, allow us to explain the basics of BPO.
What is BPO in Business
Business process outsourcing is a popular fintech trend that involves outsourcing non-essential, repetitive and mundane tasks to specialized, third-party service providers. You can focus on other important aspects of your business by leveraging offshore teams to manage your back-office operations.
Some common examples of tasks that are frequently outsourced include bookkeeping, payrolling, IT technical support, customer support and much more.
1. Accessing Top Talent
Recruiting new employees and screening them for work experiences and abilities can take time and effort. And if you’re a business owner with a full plate, you’ll simply not have enough time.
This is why BPO service providers have specialized professionals that are highly trained to meet the standards of fintech businesses consistently. Through their vast knowledge, experience, expertise, customer engagement tactics and other essential skills, you can rest assured that they know well enough how to navigate the fintech industry. Access to the market’s most innovative and top talent ensures your brand is geared up for success.
2. Reduced Costs
One of the blaring reasons why so many business owners are readily jumping onto the BPO bandwagon is due to the reduced costs. BPO service providers provide exceptional services without breaking the bank.
Running fintech businesses is often difficult, especially when you need to manage costs yet need to expand your business. BPO providers invest in the top infrastructure, technology, software and equipment, all while providing these to fintech startups at a fraction of the overall cost.
3. Flexibility
If you’re running a business, you’ll know just how important it is to be open to change, especially with the ever-changing demands and requirements of the market. And with an in-house team, this is only sometimes possible.
With outsourcing companies, however, you can easily scale up or down depending on the current requirements without having to hire more staff.
4. Faster Marketing
For businesses, especially fintech ones, speed matters. Allowing your competitors to meet market demands faster than you can result in being left behind in the race, which is something you really don’t want.
Outsourcing companies, on the contrary, have less waiting time and more progress since they have specialized teams with second-to-none industry knowledge and hands-on experience.
