How to Optimize Financial Services Call Centre Outsourcing

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With shifting customer needs and huge economic changes over the last few years, delivering quality customer service is paramount.

Financial services call centres manage the customer experience, support regulatory and data protection compliance, and protect your organization against security threats.

More than a faceless third-party vendor, a financial services call centre outsourcer provides your company with a ton of benefits.

Not only can you continue to deliver top-quality service, you can even improve it by expanding your reach and elevating CX. With outsourcing, your business can reach new heights—and this article will show you how.

What Are the Advantages of Outsourcing for Financial Services Call Centres?

Organizations are constantly looking for new ways to streamline processes and deliver outstanding customer service.

And the biggest reasons for this are ever-evolving customer expectations and the increasing complexity of business operations.

Outsourcing work has become more prevalent now than ever, especially for financial services providers that are facing more demand than they can manage.

So, what makes outsourcing such a smart move? Let’s dive into the key advantages.

Cost Effectiveness and Budget Optimization

By outsourcing, you’re significantly reducing staffing, training, and technology costs for your support team while also cutting overhead expenses.

Access to a Global Talent Pool

With outsourcing, your business can tap into talent across the globe, offering you unique and specialized skills that can boost efficiency and performance.

24/7 Customer Support and Enhanced Availability

The world runs 24/7, and so can your business. Outsourcing enables you to cover a broader range of availability, extending to any time zone, and offering round-the-clock call centre agents.

Ability to Focus on Core Business Functions

Outsourcing allows you to hand over non-core tasks, like managing a call centre, to dedicated teams. This means your in-house team can concentrate on delivering exemplary financial services.

Enhanced Scalability

As your business grows, you need to scale your call centre alongside it. Outsourced teams can handle fluctuating call volumes regardless of peak seasons or unforeseen issues, ensuring your customers are always cared for.

Superior Technology Integrations

Most contact centre outsourcing providers are already equipped with every customer service solution they could ever need. From AI chatbots to cloud-based tech—all these tools can seamlessly integrate into your existing systems.

How to Choose the Right Outsourcing Partner

Now that we understand the benefits of outsourcing, the next challenge is selecting the right outsourcing partner.

The quality of your service depends heavily on the partner you choose, so it’s crucial to make an informed decision.

Let’s go over some key steps in picking the right vendor for your needs.

Research Potential Outsourcing Companies

Before making any decisions, you should research different outsourcing vendors. Find ones that align with your business needs, and offer all the services that you need to provide to your customers.

You should also look into their business operations, any specializations they have, and how they handle their clientele.

Evaluate Their Experience with Finance

While you’d always want to go with a more experienced vendor, working with finances requires a different skill set that not all vendors can offer.

Look for contact centre outsourcing partners with extensive financial services experience and knowledge of how the industry operates.

Finance is wildly different from other sectors, making that experience and expertise incredibly valuable.

Asses Infrastructure and Technologies

Your chosen vendor should have all the tools to support you and your customers. This includes modern communication systems, backup systems, data security measures, and dedicated call centre quality assurance tools.

Additionally, they should be well-equipped to grow with your business so they can continue to meet the demands of your company down the line.

Review Client Testimonials

Client testimonials provide crucial insight into the practical aspects of the outsourcing company’s services and can help you evaluate their credibility.

Check if they have maintained successful long-term relationships with their clients and if they have consistently met expectations in delivering excellent outsourcing services.

Ensure Proper Data Privacy Protections

Data security and privacy are essential for financial businesses and come with complex and rigid regulations.

It’s vital that you choose a partner that understands and complies with these regulations and has clear protocols in place for handling sensitive information. Ensure they follow ISO 27001 or similar standards for data privacy and security.

6 Key Steps for Successfully Outsourcing Your Financial Services call centre

Choosing the right outsourcing partner is just one part of the puzzle—ensuring an effective transition period is also incredibly important to delivering a positive customer experience.

Making the leap from potential to real benefits requires a concrete plan, so we’re going to show you six of the most important steps to a smooth transition for financial services call centre outsourcing.

Set Up Processes and Protocols

Establishing a solid baseline is key to future success, so you’ll need to lay out clear processes and protocols for your outsourcing relationship.

This means setting key performance indicators (KPIs) and metrics to track quality, volume of customers served, first call resolution rates, and more.

Additionally, you’ll want to establish how your business will communicate with your outsourcing vendor and the call centre—will you be on a direct line, scheduled meetings, or more?

call centre training and onboarding won’t directly be your concern, but you’ll have to establish what agents need to know about your business and your customers to support them properly. This includes the software they’ll be using and company practices and processes.

They’ll also need to be appropriately trained for data security compliance and industry regulations to prevent data leaks and perform regular audits.

Integrate with your Existing Systems

Fitting a new piece into your already complex workflows can be a hassle, so you’ll want to ensure your chosen outsourcing vendor can integrate with your current infrastructure.

This means a seamless integration with your CRM and any other software you may already use.

You’ll also want to ensure that all data handled by your outsourced agents is synchronized and accurate to your own database. Otherwise, you may impact the customer experience by giving agents incorrect information.

Compatibility and functionality are also key here. You’ll want to thoroughly test all these integrations and new services to ensure they comply with data privacy regulations and there are no hiccups for your teams or vendors.

Maintain Quality Assurance

Once they’re integrated into your business, you’ll want to ensure they can maintain or elevate the quality of your customer service.

This means setting up quality control software to track metrics, creating custom agent scorecards, personalized dashboards for you and your vendor, and conversational analytics to monitor quality.

Additionally, you’ll want to regularly review their performance and create feedback loops to deliver top-quality service.

You should also establish guidelines for supporting your customers, from common daily interactions to escalation protocols and logging of customer complaints.

This is where you’ll want to collaborate with your chosen vendor to establish workflows and a baseline for improvement in the future.

Mitigate Risk and Ensure Compliance

The financial sector is filled with regulations, and for good reason—you’re dealing with incredibly sensitive data.

Establishing clear guidelines for complying with these regulations is key to preventing data leaks and making your customers feel protected.

This means that data protection and privacy are paramount, and processes must be put in place to adhere to them.

Risk is another factor that affects financial services differently. Setting up detailed contingency plans in case of emergencies (such as service outages or natural disasters) is critical, as you’ll want to be prepared for any emergency.

A downtime plan should be set in place, too, to ensure there’s an alternative for power outages and other potential downtime.

Monitor and Report

Keeping tabs on the performance of your vendor partner is crucial to maintaining service level agreements.

In addition to the protocols and KPIs you established in the beginning, you should also continue to monitor the performance of your outsourced agents to ensure they’re meeting your standards.

Utilizing real-time monitoring tools can help paint a picture of the day-to-day operations of your outsourced call centre.

And by pairing them with performance metrics and KPIs, you’ll be able to have a comprehensive look at their performance and your customer interactions.

Ideally, your outsource partner should also be equipped to deliver comprehensive reports so your teams can make informed, data-driven decisions.

Scale and Stay Flexible

As your business grows, so should your support team. Working with a vendor that understands changing business needs and seasonal spikes is essential to delivering quality customer service.

You’ll need to have plans in place to scale up with customer demands and peak seasons, or to downsize during slow periods when needed.

While you don’t directly affect your outsourcing vendor’s staffing, having clear expectations can help ensure a smooth transition to busier seasons without impacting the quality of your customer service.


Financial services call centre outsourcing is becoming increasingly common as businesses evolve to meet new market demands and shifting customer expectations.

Outsourcing your call centre offers a plethora of benefits beyond cutting costs. It can increase the global reach of your brand, expand the services your business offers, connect your customers to highly-trained agents, and more.

By taking the time to lay down a solid foundation of protocols, ensuring smooth integrations, establishing quality assurance monitoring, and more, you can dramatically improve your customer service experience.


What Are the Risks of Outsourcing Financial Services Call Centres?

A few risks come with financial services call centre outsourcing, such as:

Potential for Less Control

You may have less control over the day-to-day operations of your outsourcing vendor’s agents.

This can be a risk if you don’t put protocols in place early, as you’ll still be responsible for complying with regulations.

Hidden Fees

Unsavory outsourcing partners may tack on hidden fees and charges that can rack up prices. Establishing a solid SLA—as well as thoroughly vetting potential vendors—can help ensure these costs are avoided.

Vendor Solvency

It’s impossible to fully ensure your chosen outsource vendor isn’t at risk of becoming insolvent. Vetting outsourcing providers and working with established companies can help avoid this risk.

Vendor Governance Issues

Depending on the location of your outsourced call centre, it may fall under different laws and regulations for financial information and other sensitive data. Ensure your chosen vendor is compliant with all regulatory requirements.

Data Security

Financial data is some of the most highly-protected data out there, and comes with strict regulations.

You’ll need to thoroughly vet any outsourcing vendors to ensure they understand—and comply with—these regulations.

Who Are the Top Financial Services Outsourcing Companies and Providers?

Several well-known call centre outsourcing companies work within finance, such as:


A global professional services firm that offers a wide range of financial services outsourcing solutions, such as finance, accounting, and risk management.


A more widespread outsourcing vendor, Accenture can help cover financial services, business strategy, security, marketing, and more.


Alongside their global reach, Helpware offers financial services for both inbound and outbound call centers, including highly-trained professionals that can help solve your customer’s needs.

This blog post has been re-published by kind permission of Scorebuddy – View the Original Article

For more information about Scorebuddy - visit the Scorebuddy Website

About Scorebuddy

Scorebuddy Scorebuddy is quality assurance solution for scoring customer service calls, emails and web chat. It is a dedicated, stand-alone staff scoring system based in the cloud, requiring no integration.

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Call Centre Helper is not responsible for the content of these guest blog posts. The opinions expressed in this article are those of the author, and do not necessarily reflect those of Call Centre Helper.

Author: Scorebuddy

Published On: 27th Nov 2023
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