Fintech BPO Philippines: Next-Level Customer Support

By outsourcing non-core functions such as customer service, dispute resolution, fraud detection, and chargebacks to the Philippines, fintech companies are transforming the way they process these tasks. The Philippines has become a global leader in providing business process outsourcing (BPO) services, including fintech outsourcing, due to its highly skilled and English-speaking workforce.

When it comes to customer service, fintech companies are outsourcing this function to contact centers in the Philippines to improve customer experience (CX) through multiple channels such as in-app, SMS, IVR, phone, email, chat, and social media. The Philippine BPO industry is known for its high-quality service, which includes efficient and accurate data processing, quick response times, and friendly customer service representatives. 

These customer care agents are trained to handle a wide range of customer inquiries, from account balance inquiries to technical support. By outsourcing customer service, fintech companies can provide 24/7 support to their customers, which can be a major competitive advantage.

Another area where fintech outsourcing in the Philippines is making a significant impact is dispute resolution and chargebacks. These functions are critical to the overall success of any financial services company, as they can result in significant financial losses and damage to a company’s reputation if not handled properly.

By migrating these functions to call centers in the Philippines, fintech companies can take advantage of the country’s highly skilled workforce and cost-effective labor. Philippine-based BPOs are known for their efficient and accurate data processing, quick response times, and friendly customer service representatives, which can help to resolve disputes and prevent chargebacks.

Fraud detection and mitigation are also key processes that fintech companies are outsourcing to the Southeast Asian archipelago. Fraud can cause significant financial losses and damage to a company’s reputation if not detected and handled properly. By outsourcing fraud detection and mitigation, companies can take advantage of the country’s highly trained and experienced workforce.

The Philippines has a growing number of specialized BPOs that specialize in fraud detection and mitigation, which can help fintech companies to detect and prevent fraud more effectively. 

The fintech industry is hyper-competitive and fast-changing, which means that fintech companies need to focus on their core competencies and constantly innovate to stay in business. Outsourcing presents an opportunity for fintech companies to gain a competitive edge, especially when done offshore. 

Outsourcing can give fintech companies the ability to focus on their core competencies and constantly innovate, while also gaining a competitive edge through cost-effectiveness and high-quality service.

One fintech company that has successfully outsourced customer service, dispute resolution, fraud detection, and chargebacks to the Southeast Asian nation is Xendpay. This UK-based digital disrupter has been able to improve its CX and reduce costs by outsourcing these functions. Another industry giant is Paypal, which has also outsourced some of its customer service, dispute resolution, fraud detection, and chargebacks to the Southeast Asian BPO powerhouse. 

According to McKinsey & Co., the country is the leading destination for BPO services, including fintech outsourcing. The report states that the Philippines’ highly educated and English-proficient workforce, along with its cost-competitiveness and top-quality service, make it the preferred offshore outsourcing hub for financial technology companies looking to outsource primarily non-core business functions. The consultancy also states that the country is expected to continue to dominate the contact center and back-office outsourcing industry in the future, as the country continues to invest in the development of its workforce and infrastructure.

Fintech outsourcing is revolutionizing the way financial services companies handle core- and non-core business processes such as customer service, dispute resolution, fraud detection, and chargebacks. The Philippines’ highly skilled and English-speaking workforce, along with its cost-effectiveness and high-quality service, make it an attractive destination for fintech companies looking to outsource these functions through multiple channels such as phone, email, chat, in-app, SMS, IVR, and social media. By outsourcing these functions, fintech companies can improve their CX, reduce costs, and focus on their core competencies in the highly competitive and fast-changing fintech industry. This can ultimately help them to gain a competitive edge and stay ahead in the industry.