Fintech has significantly evolved over the last decade. As such, more and more businesses shift gears and use the technology to provide seamless financial services to their customers, the result of which is a growing need for Fintech customer service.
Fintech is an abbreviated form of financial technology. It encompasses all new forms of software used not just by banks but other financial institutions to address the demands of the market. This includes e-wallets, crypto-currency, digital money transfer, and peer-to-peer money transactions.
With Fintech development, the Philippines is where it wants to be—the hub of BPO services ready to cater to the world.
The Philippines is Ready
In the early days of the financial revolution, the country was perched at the top of the customer service industry. In the early 2000s, many BPO companies in the world have sought the expertise of Philippine contact centers to provide customer service for their end-users.
Examples of these are huge banking conglomerates, credit card companies, and e-wallets. As such, the country is poised to service any form of financial technology that can disrupt the market.
When e-wallets hit the digital world, the country was prepared to provide customer service to guide end-users on:
- how to use the platform
- how to retrieve passwords
- how to add accounts or remove them
- how the system works and what the policies are
Over time, the BPO companies in the Philippines were also taking tier 2 levels of support, and other services that require a higher level of security.
There is a Huge Talent Pool
The Philippines has a vast pool of resources that can sustain the need for talent. The BPO industry has been around in the country for 30 years, and there is no stopping its growth.
The government and even private institutions have programs to back the industry. There are also dozens of Fintech support companies that specialize in the financial sector, ready to deploy their talents to support financial companies and their customers.
There is Infrastructure Ready
Because of the boom in the BPO industry, the Philippine has the infrastructure for Fintech support. The telecommunications industry has the right footing and services to ensure seamless data transfers from the Fintech company’s servers to the Philippines.
What this means is that clients can expect a 24/7 readiness level. As of today, the country is already home to Fintech back office services, catering to the world’s largest financial institutions. These services include check validation, fraud detection services, money transfers, and so much more.
The BPO Companies Are Spread Out
The BPO industry in the country does not thrive in only one geographical region. It thrives in the entire country. What this means is that the BPO experts have redundancy plans to ensure non-stop service should there be natural calamities such as storms and flooding.
In relation to this, the existence of Fintech offshore around the country allows it to explore an area where these companies can hire new talents every year, as opposed to getting only from specific schools in a particular area.
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