Call Center Industry Philippines: Fintech Outsourcing Capital of the World

Fintech is currently one of the major growth areas for call centers in the Philippines. The model of many fintech operators is lean; the focus is on the technology and offering their customers finessed front-end applications that cater to most of their needs. However, wherever there are customers, there is always the possibility they will need support. And this is where contact centers in the Philippines are providing the infrastructure that allows fintech companies to grow.

Outsourcing providers in the Philippines have a long history of providing world-class and ultra-secure services for the traditional finance sector. This experience combines with the country’s BPO industry’s ability to scale rapidly while providing the highest possible quality of service, positioning it as the leading destination for fintech clients who need cost-efficient solutions to manage their new customers.

With agents who often speak English without a discernible accent, around-the-clock omnichannel contact centers in the Philippines can compensate for fintechs that don’t have a Main Street presence. Outsourcing their customer support in this way allows them to provide a high level of service while they benefit from lower labor costs and not having to fund expensive in-house operations.

For many, the attraction of the new challengers in the financial sector is the convenience. Instead of having to handle transactions during business hours in a branch or office that might not be conveniently located, new and innovative banks allow customers to communicate in a way and at a time that suits them. Agents in the Philippines answer phone calls, respond to emails, web chats, or social media inquiries whether these were sent from websites or apps, offering the customer timely and personal service.

Premier call centers in the Philippines have invested heavily in AI. This frequently acts as an assistant to the human agents, helping to direct and route customer contacts. A bot can gather relevant information during a phone call and direct the customer straight to the appropriate agent, saving time for the customer and maximizing the use of agent time. AI can even scan a customer’s email for keywords and give the live agent a head start on a resolution.

Highly specialized contact centers in the Philippines such as PITON-Global in Manila also provide a range of other services for fintech. Bringing years of experience from the traditional finance sector, they can offer expertise in areas like manual identity verification, dispute resolution and chargeback, fraud mitigation and investigation.

The trend towards digital has been accelerating. Now that everyone has a smartphone with a fast connection and huge computing power in their pocket, they are less patient with aspects of their life that cannot match that speed. Fintech has been a key beneficiary of that trend—when someone can download an app, autocomplete an application, and snap a few pictures of their ID, why would they stand in line at a bank to open an account?

Perhaps the biggest advantage that call centers in the Philippines can offer fintech is their ability scale to meet this new and growing demand. With over 1.2 million Filipinos working in the industry and state-supported schemes to train more, this sector is well-placed to respond to new demand.

Fintech has been developing for several years, and rapid growth in the sector is inevitable as consumer demands change. The BPO industry in the Philippines is a natural outsourcing destination for fintech companies, offering a viable way to match increasing demand while keeping costs low and customer satisfaction rates high.