White Paper n Redefining the Telephny Channel in BFSI Industry
Intrductin With the ever grwing mbile industry and mbile phne users in India apparently there are industries which need t rganize their marketing and sales channel initiatives. BFSI industry is definitely ne f them. The challenges f cmpeting against the unrganized credit market, investment t imprve risk handling, technlgy up gradatin, addressing demand supply gap and the custmizatin f the verall fferings due t immensity and diversity f the culture in the cuntry are wrsening. Venturing int telephny and develping it as the additinal channel t generate revenue will address the afrementined issues the industry is persistently facing. Summary Indian BFSI industry is pised t attain a grwth rate which n ne prbably wuld have even dreamt f. Indian financial market is ne f the ldest in the planet. It dates back t 200 years frm nw. Since then this industry has been cntinuusly battling ut the prblems in the demand supply mismatch, unrganized credit market, imprving risk mechanism and the technlgy up gradatin. These are the challenges which are persistent in the market and are nt limited t any particular market landscape scenari. The market players wh will get acquainted with handling these challenges will emerge as the leaders f the industry. Telephny is emerging as ne f the channel which is redefining this industry by jumping these impediments. With the evlutin f mbile industry in the cuntry reach has definitely imprved in bth urban and rural market. This is the perfect time fr the market players in this industry t flex their strategic muscle and institute telephny channel t be a part f integrated marketing and sales channel mix. Outsurcing business prcesses pertaining t telephny will nt nly give them the advantage f flexible staffing and imprved custmer satisfactin but als an additinal channel t generate revenue frm. Impediments addressed by utsurcing telephny related prcess in BFSI Industry The industry is persistently facing challenges t address the rising demand f the cnsumer by ffering the right set f financial mdule and effectively handle risk when a new technlgy is adpted. It is high time that telephny is instituted as an additinal channel with a view t generate mre revenue and reach mre ppulatin and nt as the strategy t reduce peratinal cst. T dismantle these impediments utsurcing telephny related activities is the strategic and effective slutin fr the BFSI industry.
Addressing Demand Supply Gap Cuntry s burgening ppulatin and the grwing need fr the apprpriate financial prduct has created a demand supply mismatch in the industry. This prblem is wrsening in the industry with every passing hur. Distributin netwrk and reach f the market players is definitely imprving but still there is an untapped market. There are nly nine branches per ne lakh f adult ppulatin in the cuntry. Adpting a telephny based mdel eradicates this issue because it enhances the reach & distributin f the cmpany. With the BPO firms capable f develping & training the resurce fr telephny channel, utsurcing telesales, lead generatin, plicy educatin and telemarketing prcesses are sme f the ptins available t these firms. Technlgy Adptin & Up Gradatin Technlgy adptin and up gradatin has been the pivtal factr which has cerced BFSI market players t explre the dmain f utsurcing. Majr reasn behind this is the clssal investment required t adpt and keep updating the technlgy. Up gradatin f technlgy is equally imprtant as the adptin predminantly because f the risk issues technlgy pses. Explring telephny channel as an additinal medium t sell and service custmer als demands stringent security plicy frm an rganizatin. It is always better t utsurce the telephny related prcesses than t run it in-huse because BPO firms have gt the Infrmatin Security (Infsec) standard prtcl which they fllw religiusly. An Infsec certified BPO which adheres t internatinal standard f cntrlling the prcess is the best bet in handling the telephny channel. When it cmes t cnfrnting with technlgy, BPOs thrive n it because they leverage ecnmies f scale when it cmes t investment in technlgy. Hence, the verall cst fr a BPO s client cmes dwn and technlgy is affrdable.
Immensity & Diversity f Culture Indian BFSI industry has a weak prtfli when it cmes t ff the shelf prduct. This is due t the immensity and diversity f the culture in the cuntry. Due t custmers having varied cultural backgrund there is a lt f custmizatin invlved. Prduct can be fine tuned by the market players but it s again the reach which ties their hand. A BPO firm which has multilingual capability is an answer t that. Imprved Risk Handling by Business Cntinuity Plan (BCP) Having cntingency plan ready fr any ptential prblem is critical fr any business mdel. High end cntact centers have nw started keeping redundant netwrk cables and additinal security checkpints t prvide 24*7 services. A BPO having strng gegraphical presence has the ability t divert calls t ne f its delivery centers t ther in rare ccasins f breakdwn. Pints t pnder in the Current Situatin Organizatins shuld strategically categrize their cre and nn-cre activities and prcesses. Reengineering the cre activities t bring them at par with glbal industry practices. Cst benefits analysis f keeping the nn cre activities in-huse vs. utsurcing them t a third party vendr. Surcing and evaluatin f third party vendrs fr utsurcing nn cre activities.
Quick Glance at Service Offerings f a BPO Sme f the prcesses which might be intriguing t BFSI Industry Players are as fllws: Outbund Lead Generatin & Telesales Prcess Phne Binding Prcess Telemarketing, Plicy Educatin & Awareness Prcess Data Enrichment Prcess Custmer Satisfactin & Fllw Up Surveys Cmpetitive Benefits Derived Frm Outsurcing Telephny Related Activities Key advantages f utsurcing nn cre activities t a third party vendr are as fllws: Better Service Prpsitin t Cst Rati Outsurcing tasks which are regular in nature brings the peratinal cst dwn and lwers verheads. At a lwer cst industry players are engaging with a partner wh is having imprved arsenal in handling thse tasks. Better Resurce Allcatin Outsurcing nn cre activities gives the rganizatin an pprtunity t reframe their Resurce Allcatin. Due t utsurcing many resurces can get free and can be utilized in mre fruitful way. Staffing Flexibility Outsurcing allws yu t cnfrnt with staffing requirements f prcesses-which are seasnal in nature mre efficiently and thus allws an rganizatin t have staffing flexibility. Imprved Risk Handling Outsurcing telephny related activities gives the rganizatin streamlined prcess and als imprves the prcess cntrls and business cntinuity as BPO firms are als cncerned abut the risk and security issues which brews up when new technlgy is adpted.
Cnclusin Time has nw cme fr the BFSI industry t redefine the telephny channel as it is the mst effective slutin available at their dispsal t eradicate the issues which it has been persistently facing. With imprving mbile market f India things are lking up fr the BFSI industry. India being the preferred destinatin fr utsurcing acrss the glbe is the icing n the cake fr the BFSI industry. Evaluating this channel frm strategic perspective will cntribute t tp line f the cmpany and will als ffer a channel which can play a prminent rle in custmer servicing and satisfactin. Abut Allsec Allsec is a glbal cmpany with vast expertise in prviding Business Prcess Slutins acrss varius industry verticals. Funded in 1998, Allsec Technlgies Limited began as an integrated cntact centre fr businesses intending t utsurce their supprt prcesses. Gaining ver 15 years f dmain experience, the cmpany has rapidly expanded with acquisitins acrss the glbe and has extended its expertise t a wide gamut f prcesses that augment and supprt businesses. Our slutins are testimny t the fact that we are a highly custmer-centric, flexible and transparent service prvider. By taking prcess respnsibility, imprving cst efficiencies, and adding value t client businesses thrugh cntinuus prcess imprvements and quality assurances, Allsec distinguishes and enhances business experience fr its clients. Learn mre abut us Visit us at Delivery Lcatins Texas, US Manila, Philippines Chennai, India Delhi, India Mumbai, India Bangalre, India Trichy, India