With the rise of technology, a lot of market segments are going through a boom. And fintech is one of the most rapidly growing among them. Fintech is a fast-paced business niche that lets companies provide expensive services with lower costs by innovating. On the other hand, the budgeting of fintech companies themselves might be very tricky — the companies operating within the segments have to follow the trends and make sure that everything is up to or even ahead of them.
Surely, with requirements like these, it might be understandable why so many fintech companies prefer to outsource their support team — they simply try to cut costs all the while getting professional expertise and professional outlook on their business and customer base.
Overall, there are several reasons of why both — established fintech businesses and startups in the segment prefer to outsource their support teams:
- Cost-efficient solutions;
- Decreased workload for in-house professionals;
- Possibility to scale and adapt to the market requirements fast;
- Optimization of processes without having to endure additional expenses;
- Possibility to save resources;
- Reduced support software development costs.
It is obvious that the above-mentioned points are enough to understand why fintech companies opt for an outsourced support solution more and more often. But not all fintech companies might understand what are the pros of outsourcing their support team, thinking that it might be too risky and that it is a difficult process, even though those providing outsourced customer support usually have all processes set up and running.
What Are the Pros of Outsourcing for Fintech Companies?
1. 🤩 There are no issues with selecting and hiring the consultants of all the necessary skills
Let’s face it — fintech companies tend to have very complicated needs and complicated products. This means that they need a big team of support consultants with different backgrounds, who will be able to support the product on all tiers. This can have a lot of consequences, including not enough working space, running out of your budgeting scopes or not having enough of a workforce to deal with the flow.
While outsourcing to an experienced vendor, you are never going to experience this issue. Your partner is going to take over these matters for you. For example, SupportYourApp is going to take over these tasks all the while leaving you in charge of the process — no one gets hired or appointed to your team without your approval, which assures that you will have a full understanding of a team. Everything is done with your comfort in mind.
2. 💰 Cost-efficiency
Sure, an outsourced solution is not a free option. But it will surely cut your business costs as you are going to have no need to think about providing work places, hardware, coffee, tea and cookies for those supporting your product. And even though that might not seem like a lot, it is. An in-house team will take up much more of your resources.
When it comes to costs, there are three options that you as a vendor can choose out from:
- In-house: expensive and needs a lot of your resources.
- Outsourced: cost-efficient and requires minimal attention from your side.
- Combined: somewhere in between the first two options. It is cheaper than a full-on in-house solution and it grants you the possibility to use your in-house expertise combined with an outsourced flexibility.
3. 🔐 Security
Any business values security. But fintech companies value it especially as they usually work with complicated systems that deal with sensitive information like, for example, digital wallets, insurance or stock trading systems. That is why they need to be sure that their customers’ data is safe. But, obtaining all the security certificates is a difficult and a very demanding process that takes up a lot of time and resources.
Those companies that want to ensure that their standards are up to the highest standards might want to think about outsourcing their customer support team to a vendor that is compliant with all the privacy policies and is PCI DSS ISO certified.
4. 👑 Professional expertise from vendor with experience in different fields
Dealing with professionals who have expertise in different fields and can advise you on the best options in the market is extremely important in today’s business world. And there is no better way to get expertise in several different fields than to outsource your support to a vendor with decades of experience. We see no better alternative to this.
Support for Fintech: What Are the Peculiarities?
As we have already stated, the fintech segment deals with complicated software and very sensitive information. This means that providing these companies with outsourced customer support is not an easy task and the consultants have to be tech-savvy and prepared to work under very strict rules and safety requirements.
And of course, it is clear that such complexity calls for a lot of specific requirements which can result in very interesting peculiarities. Among the most popular and interesting requirements are:
- Set-up communication flow
Communication in outsourcing plays a vital part just like in any other business partnership. The ability of a vendor providing support services to fintech companies to listen and hear is very important, especially if the project requires a lot of attention and a lot of professionalism.
- The ability to scale a team
The complexity and popularity of a product might develop and grow overtime. That is why it is hard to predict what support model and what number of support consultants will be perfect for a certain fintech business. An outsourced support vendor simply must be flexible and provide any business with the ability to scale up their team when and if needed.
- Customer centricity
Fintech customers often need help dealing with the product, especially if it is complicated. That is why a customer support vendor must be ready to provide services 24/7/365 and ideally in multiple languages. Customer centric vendors are a perfect choice for this as they are usually willing to correspond all these requirements and be extremely flexible along the way.
- Maturity of the processes
While often overlooked, a support provider that has all the processes established, the knowledge base developed and the management team formed is going to make all the difference as opposed to a support start-up that will have to build their own processes alongside yours. And it is somewhat unacceptable, given the complexity and attention requirements of the fintech products.
Want to get outsourced support for your fintech business?
How to Choose a Fintech Outsourcing Partner?
Of course, we can talk a lot about the requirement and the needs of the fintech-operating businesses. But the real question is what points to look at when choosing an outsourcing partner for a fintech company?
There are several elements that need to be looked at when selecting a perfect candidate: the solution they provide, the level of their service quality, experience in fintech outsourcing, openness and trust. Let’s look at each of these points individually.
1. ✅ Choose the perfect combination of the solution (the services) and the vendor
Just like any business choosing their partners, you should be completely comfortable with both — the vendor themselves and the solution they offer to provide for you. You absolutely must be completely comfortable with both of them. The vendor must be flexible and welcoming and the support solution must be fully adaptable to your needs and growth.
To understand whether the combination you have chosen is just right for you, ask the vendor about their history, primary field of expertise and all service packages they have. You have to know everything about them just like they need to know everything about you as a potential client.
Do not be afraid to ask questions and recommendations, especially from other fintech companies and try not to work with those who have no, or next to no expertise in your field.
2. ✅ The level of service quality
One of the key indicators of a good vendor — high service quality all set up and maintained on the same high level for a long time without a drop. To ensure that the vendor really does correspond to your demands of quality, ask them to provide you with the QA reports over the last several months as well as for the reference from their other client.
❗ Tip: a vendor that has a sustained quality of services will gladly provide you with all the information you need without hesitation, further proving that they are trustworthy and can easily be worked with.
3. ✅ Experience in fintech outsourcing
And to the most important piece of information — does your potential vendor have experience in fintech outsourcing? If not, then you might encounter issues with setting up the processes and setting up the communication as you will be their first experience in the field.
Those vendors who have necessary experience in the field like SupportYourApp, for example, are going to be a perfect fit, especially if they also offer flexible solutions, different support models and provide their services 24/7.
4. ✅ Openness and trust
Trusting relationships and open communication will make sure that you are comfortable with the services you get. To make our clients comfortable and show them that we are ready and open for communication any time we at SupportYourApp supply the clients with any information on the services, the status of any given support ticket and the state of the team. We provide QA results (we conduct the process once every month or as often as the clients require) and support the client’s involvement into the working processes of their support team.
Corresponding to all these points makes SupportYourApp a reliable and trustworthy partner for 100+ companies operating in different segments (fintech included) from 26 countries. We are proud to help them grow and develop and see ourselves as an extension of their team.