Sweeping market change and disruptive innovation, such as Robotic Process Automation (RPA), have set the stage for opportunity in the financial services industry. Banks, insurers, and other financial services institutions with high transaction volumes and a perpetual need to streamline operations serve as prime targets for newfound transformation strategies. These institutions are feeling the pressure to adapt to the latest technologies to gain process efficiencies and cater to the service demands of diverse generations. It is very likely that firms will need to turn to BPO partners for help in many ways, but it is also very likely that the service expectations will be quite different than in years past. It’s a simple fact: There will be a new breed of BPO provider supporting a new way of business.
As you read about the impactful trends below, think about considerations necessary to align with the right BPO partner that can help leverage these new capabilities. Outsourcing is going way beyond a pure labor play, as typically seen in the industry today. Process and customer experience (CX) proficiency becomes invaluable as a service provider’s ability to benchmark, set, and monitor new service metrics. The new breed of BPO partner will introduce distinctive delivery models that offer initial advisement and/or full process assessments to properly identify beneficial opportunities, set performance measurements, and deliver the expected customer experience.