Politics

Outsourcing Philippines: The role of advanced technology in fintech support

2 Mins read

The Philippines has become the preferred outsourcing destination for companies in the financial services and fintech industries due to its strong English language skills, highly educated workforce, and cost-effective labor. As such, contact centers in the Philippines are using cutting-edge technology to support fintech clients and improve the overall customer experience.

“One way that technology is being used in call centers in the Philippines is through the implementation of artificial intelligence (AI) and machine learning (ML),” says Ralf Ellspermann, CEO of PITON-Global, an award-winning contact center outsourcing provider in the Philippines specializing in omnichannel support for fintech companies. “These technologies can be used to automate certain tasks and processes in both the front and back offices.”

In the front office, AI and ML can be used to automate customer service inquiries and appointment scheduling. This not only saves time for customer service agents, but also allows them to handle more complex tasks, resulting in a more efficient and effective contact center operation. In turn, this can lead to cost savings for the client, as they can potentially handle a larger volume of calls with a smaller staff. AI-powered chatbots can also be used to provide quick and accurate responses to customer inquiries, improving the overall customer experience.

In the back office, AI and ML can be used to automate processes such as data entry, analysis, and fraud detection. This can help to improve the efficiency of the operation and reduce the risk of errors.

“Another technology that is commonly used in contact centers in the Philippines is interactive voice response (IVR),” says Mr. Ellspermann. “IVR systems allow customers to interact with a computerized system using their voice or phone keypad, rather than speaking with a human agent. This can be useful for handling simple inquiries or directing customers to the appropriate agent or department. IVR systems can also be integrated with AI and ML to provide personalized and efficient interactions with customers.”

Other advanced technologies that are being used in call centers in the Philippines include cloud-based systems, which allow for remote access and increased flexibility, and omnichannel communication platforms, which allow customers to reach out through a variety of channels (e.g., phone, email, chat, social media) and have their interactions seamlessly connected across these channels.

“Omnichannel communication platforms are particularly useful for fintech companies, as they allow for seamless communication with customers across multiple channels,” says Mr. Ellspermann. “This helps to improve the customer experience and increase customer satisfaction.”

Overall, the use of cutting-edge technology in contact centers in the Philippines is helping to support fintech clients and improve the overall customer experience. “By automating certain tasks, improving efficiency, and offering a variety of communication channels, fintech clients can achieve greater satisfaction and loyalty from their customers,” says Mr. Ellspermann. The Philippines’ highly educated and cost-effective labor force makes it the preferred outsourcing destination for companies in the financial services and fintech industries.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.