Having seen explosive growth over the past twenty years from serving traditional product and service providers, call centers in the Philippines are finding that far from being a threat, the new wave of fintech is creating another surge in demand for the country’s dynamic outsourcing sector.
Ralf Ellspermann
“The growth of fintech reflects well-observed cultural and social trends. While slow food may be desirable, there is less patience for provision of services than ever before. The fintech sector has been able to take advantage of the devices in most people’s pockets and round-the-clock connectedness. Instead of limiting people to bank branches in city centers, fintech allows them to deal with their banking and manage their investments whenever and wherever it is most convenient for them,”
says Ralf Ellspermann, CEO of PITON-Global, an award-winning call center in the Philippines specializing in fintech support solutions.
However, while the core appeal of fintech for customers may be technology, there is still a need for people. This is where call centers in the Philippines have been playing a key role in the fintech revolution. The outsourcing sector is a large and mature part of the Philippines’ economy. Employing over 1.2 million Filipinos, it was well-placed to scale rapidly in response to growing demand from fintech, but, moreover, it has brought the experience it gained during decades of serving traditional financial services.
“While the front ends of fintech offerings are new, much about their underlying processes remains the same. They will be subject to the same regulations, have to go through the same customer onboarding checks, and provide, at their core, very similar service to their more traditional competitors,”
says Ellspermann.
This has meant that call centers in the Philippines have proven to be the ideal partners. As well as being able to scale in line with fintech’s existing and expected growth, they have been able to do so with staff who already know the processes and centers that meet the necessary regulatory requirements. Contact center outsourcing in the Philippines has, essentially, helped fintech grow without the growing pains.
The services provided extend far beyond the typical customer service call management most people will envisage. As well as supporting customer acquisition and management, contact centers in the Philippines have been able to manage all the less visible but necessary work required in the financial sector. This can include things like handling disputes, chargeback management, fraud mitigation and investigation.
The contact center agent often works in an omnichannel environment. Filipinos have a high level of English fluency, which is useful not just for voice. They can handle customer inquiries from a range of channels, whether by phone, email, web chat, social media and whether the contact originates from the web or an app. The customers enjoy a seamless, 24/7 experience.
The outsourcing sector has been an early and enthusiastic adopter of new technology like artificial intelligence. Call centers in the Philippines frequently employ AI to assist agents and provide a better and more efficient service for customers. Whether it’s scanning information to ensure incoming contacts are routed appropriately or providing relevant data and possible solutions to the agent handing the call, chat, or email, AI ensures faster resolutions and an enhanced customer experience.
“Fintech growth has been steadily increasing, taking some by surprise. However, call centers in the Philippines can stand on their traditional strengths, considerable experience, and high quality to ensure that whatever the demands of customers, fintech firms are able to meet them,”
says Ellspermann.
