The rise of financial technology (fintech) has dramatically transformed the financial sector, streamlining processes such as lending and borrowing, retail banking, fundraising, money transfers, and payments. “As digital innovators continue to rapidly grow and provide unparalleled customer experiences, they also face numerous challenges. These include scaling operations, increased regulatory scrutiny, financial fraud exposure, cyber threats, and a perceived lack of human touch in services. To address these challenges, many fintech companies have turned to the Philippine BPO industry for support,” says Ralf Ellspermann, CEO of PITON-Global and one of the country’s leading experts in CX and fintech outsourcing.
The nation’s BPO sector has made significant strides in adopting cutting-edge technologies to support fintech players. By utilizing artificial intelligence (AI) and machine learning, outsourcing providers have created chatbots and virtual assistants to manage routine customer inquiries, enabling human agents to focus on more complex issues. Machine learning algorithms have been employed to analyze data and offer valuable insights into customer preferences and behavior patterns. This allows BPOs to adapt their services to the specific needs of their clients.
“Robotic process automation (RPA) has also been embraced by the industry, automating repetitive and rule-based tasks to improve efficiency and reduce human error in back-office functions, such as transaction processing, data management, and regulatory compliance. Blockchain technology has been integrated into front- and back-office processes to ensure secure, transparent, and tamper-proof digital transactions. This streamlines tasks, enhances data security, and improves operational efficiency. Cloud computing is another technology that BPO providers have adopted, allowing them to scale operations swiftly and efficiently while facilitating seamless collaboration between agents and teams,” explains Ellspermann.
“Fintech players such as Chime, Stripe, Square, and Wise are outsourcing a wide variety of processes to third-party providers in the Philippines. Among these processes are customer support, which includes handling customer inquiries, complaints, and technical issues through various channels, such as phone, email, chat, in-app, social media, and IVR. Other outsourced functions include transaction processing and reconciliation, risk management and compliance, data management and analytics, as well as sales and marketing,” adds Ellspermann.
Filipinos play a vital role in offering fintech customers a human touch, particularly in customer support and relationship management. As technology continues to advance, agents will need to upskill, focusing on more complex tasks and leveraging AI, RPA, and other technologies to enhance their productivity and effectiveness.
To provide digital innovators and disruptors with seamless and consistent customer experiences, BPOs offer omnichannel support, catering to global customers across different time zones. As fintech providers expand their operations worldwide, the demand for multilingual customer support grows. “The Philippines, with its English-speaking population and diverse linguistic talent, is well-equipped to meet these demands, solidifying its position as a major outsourcing hub for financial technology companies,” says Ellspermann.
The integration of advanced technologies in BPO brings numerous benefits, such as enhanced customer experiences, improved operational efficiency, regulatory compliance, data-driven decision-making, and cost-savings. “By automating routine tasks, outsourcing providers in the country can improve efficiency, enhance CX, and reduce costs, allowing digital innovators to focus on core business functions and allocate resources more effectively,” asserts Ellspermann.
This article was written in cooperation with John Maczynski