Banking
business process outsourcing or banking BPO is a highly specialized
sourcing strategy used by banks and lending institutions to support the
business acquisition and account servicing activities associated with
the customer lending lifecycle. These specific BPO services are usually
offered through multi-year service-level agreements for all or portions
of the credit card lending, consumer lending or commercial lending
segments of the financial services market. Some larger financial
services organizations choose to extend their sourcing strategy to
include other outsourced services such as ITO systems and software,
human resources outsourcing and benefits services, finance and
accounting outsourcing (FAO) services, procurement or training
outsourcing.
Banking BPO services are typically
defined by industry analysts, advisors and leaders in the sourcing
industry, such as the set of discrete processes or transactional
activities that support the lending lifecycle as follows:
- New customer acquisition services include telemarketing activities, application processing, underwriting, customer or merchant credit evaluation and verification, credit approval, document processing, account opening and customer care and on-boarding.
- Account servicing processes for credit cards or consumer loans. These most commonly include payment processing systems and services, customer service or call center support operations (voice, digital, e-mail and mail services), product renewals, and loan disbursement; document management services such as printing and mailing of statements, networked printing and storage solutions; collections, recoveries processing, default management, risk management and foreclosure.
- Consumer and commercial lending post origination transaction processing services, such as check processing, clearance and settlement services, remittance, and records management.
- Back office transaction process management for loans or credit card portfolios, including custody services, fraud mitigation and detection, regulatory and program compliance, portfolio analytics, reporting, conversions, management of technology platforms, interface for customer data and custom development.
Abacus Techno Solutions Pvt Ltd
have well established infrastructure with high end PCs and dedicated
server and provide a helpdesk for our customers, which makes us to be
competitive in both domestic and international markets.