22 May 2023

Removing the risk from moving offshore - a guide for banking and financial services companies

An infographic representing the offshore outsourcing process

A lot of BFSI (Banking, Financial service, Insurance) companies today are looking to cut costs anywhere they can without reducing performance, losing quality, or jeopardizing security and privacy standards. One of the ways this is done is through nearshore or offshore outsourcing their customer service. While effective, they carry certain risks with them but only if the transition process isn’t handled right by your outsourcing partner. How does Transcom manage it so well? Let’s take a dive into offshore outsourcing.

What are the possible risks of near/offshoring?

The risks attached are pretty straightforward: loss of performance and loss of quality of service. Both are connected to having a large number of new and inexperienced staff. While going through the transition you are effectively starting fresh as far as agents are concerned.

This can lead to a period of instability where there is a noticeable drop in service quality and performance. However, partnering with an experienced outsourcing provider can help mitigate or even completely avoid this problem.

How do we mitigate those risks?

While the risks are straightforward, the solutions are not, and that’s where Transcom comes in. Our years of experience and success with nearshore and offshore outsourcing have helped our clients save money and succeed with cost-saving solutions and streamlined operations across many different areas of business.

One possible solution is using your existing and most experienced onshore agents. They will become the backbone of your new operation. Having them work in new capacities in recruitment, training, QA, support, team leaders, etc. will make every step of the way as smooth and efficient as possible. Their experience, combined with overstaffing can ensure there is no dip in the quality of your service.

As far as backup for new and existing agents, we have a wide range of digital solutions and cutting-edge tools, which not only speed up the learning and training process but also make the actual agent experience as effortless as possible. From essentials like omnichannel integration, gamification, and VR, to innovative technologies like Agent Assist and Automated Translation, we have you covered on all fronts. 

We realize the importance of ensuring that the legal and regulatory process is seamless and transitions are smooth, especially in industries like BFSI. With our expertise and personalized approach to delicate issues, our clients can rest assured that their experience will be smooth and hassle-free. 

What are the benefits of near/offshoring?

By working with an experienced partner that works to assist you with completing the transition process with ease, you will begin to understand the many benefits that come with nearshore and offshore outsourcing. The biggest and the most obvious one is the sheer cost reduction. When seeking to expand in a more competitive market, partnering with an experienced outsourcing firm can ensure you save on costs while retaining the same level of quality and performance that your customers have come to expect.

That same competitive market, combined with things like Automated Translation, allows you to quickly and easily scale your operation up or down, depending on what’s needed and to break into new markets that were previously unavailable to you.

In conclusion.

While transitioning to nearshore or offshore can be daunting and seem risky at first, the reality is much different. When working with a BPO as knowledgeable and experienced as Transcom, the risks are negligible due to the strategies and technologies we have acquired and developed over the years. Apart from that, the benefits are as enticing as ever and could be just the thing to open a new successful chapter to your story. Contact us to learn more about the solutions we can provide to get your transition in motion.