Contents

01.

Fintech shakes, finserv quakes

The ground has been shifting under financial service firms for a while. Fintech entered the chat… and made many new things possible:

It’s faster and easier to move money around

More people can access more insights, markets and communication channels

Costs are down, transparency is rising and innovation is accelerating

Customer experience management is now the name of the game.
Success comes down to this:

Who can deliver the best value service with the least friction and the highest quality outcomes between brands and users?

The new players, the startups, the innovators all have a headstart in picking up change and running with it. But the traditional players? They’re being held back by…

  • Legacy systems
  • Regulatory challenges
  • Large size slowing change
  • Siloed teams
  • Archaic processes
  • Old-world mindsets

Financial services firms needed to change. Yesterday.

What were once advantages…size, scale, even heritage…are now burdens.

And the transformation necessary to meet customers’ rising expectations (and shift from the old world to the new) doesn’t come easy (or cheap).

The challenge is to reimagine old ways of working for new ambitions.

Which means building a strong, symbiotic relationship between business process outsourcing and customer experience management.

The trouble is that it’s tempting for finserv brands to undervalue outsourcing and treat it separately from transformation.

And that’s the wrong move … they’re more connected than you may think.

02.

The business process outsourcing trap

Your business process outsourcing strategy probably looks good on paper. It’s when strategy clashes with reality that cracks appear.

Outsourcing can get the investment short straw because the wrong business drivers influence priorities.

If investment in business process outsourcing aims for lower cost above all else, you may get a quick win or two in the short term. But in the long term …

  • You’re chipping away at your customer’s trust in you (when they encounter friction and frustration as a result of cut corners)
  • You’re doing damage to your brand (word spreads fast that your hold times are long and you can’t solve problems like your competition)
  • And you’re creating more costs and using more resources from other business areas to make up for expedience (and nobody wants to be responsible for that)

We call this thinking

Transactional-based Outsourcing

But our way, Relationship-based OutsourcingTM, factors in customer experience management. Instead of just lower costs, we optimize service to deliver longer customer lifetime value and accelerate your transformational goals over time.

03.

The long and short of customer experience management

Ever seen that chart comparing quick sales hikes against steadier brand building? It looks something like this…

Fishing for quick wins by cutting costs and pushing for discounts builds revenue in the short term.

But in the long term, it’s ineffective—and it actually harms your brand’s reputation. Customers will question your value.

This is what you get with Transactional Outsourcing.

Conversely, steady, long-term investment into service gets you higher rewards (and more sales) over time.

That’s what you get with Relationship-based Outsourcing

Outsourcing based on revenue expedience gets you over the finish line but no high service quality.

Outsourcing based on customer experience gives you both for better customer lifetime value.

Can’t wait to see the benefits of a relationship-based approach? Let’s talk…

04.

CX sells, but where’s the love?

There’s a lot that innovation brings to make customer experience (or CX) faster, easier, smoother … and more automated. Now you can …
  • Bank through your app rather than visit your branch
  • Verify your identity with a selfie rather than relinquish a passport
  • Monitor money movements from home instead of beside your broker.

But customer experience management is not just about digital-only, self-service channels and behaviors.

And business process outsourcing set on minimizing human connections can miss the mark.

What happens when your customer needs something more than self-service? What if your customer needs more reassurance or empathy that no robot can bring? (Robots, we still love you, but you can’t do everything.)

A human being must fit into your CX loop.

But that doesn’t mean it has to be complex, costly or take loads of time.

And there are a bunch of critical CX moments that might need a human touch:

Onboarding

Problem Resolution

Community Management

Specialized Expertise

And we solve many of those problems with:

Global, multilingual contact centers

Email

In-app & SMS chat

social media

Social media

And way more solutions are available.

Discover more ways we offer great CX:

Your customers remember great moments—but they never forget a bad experience.

So will they talk about that faceless interface that left them stranded or the kindness of a real person who helped them in a jam?

Cutting costs closes the door on opportunities for great customer experience that keeps people coming back.

Instead, you need smart integration between digital streamlining and live support.

Something that’s both digital and human.

So you can have your cake and let your customers eat it too. How?

Relationship-based Outsourcing.

05.

Relationship-based Outsourcing? In my firm?

It’s easier than you think.

Where transactional outsourcing doesn’t account for real-world complexity (and so delivers sub-par CX), Relationship-based Outsourcing puts fruitful human connections back into the outsourcing equation.

Our unique, agile methodology is built on decades of experience supporting and partnering with financial services challenger brands.

With RBO, we focus on outsourcing’s critical processes so our specialists and process experts can work quickly (and error-free) in the places they’ll have the greatest impact.

The ingredients of RBO are simple…

  • Onboarding
  • Training
  • Account Management
  • Long-term strategy ideation
  • Rigorous yet flexible process
  • Compliance
  • Employee development and engagement

But they combine into something greater than the sum of their parts—an offering that prioritizes the development of deep relationships for your customers:

CX Anywhere

We diagnose your CX problems and fortify your core CX operations. However and whenever your customers need help, we empower you to seize every opportunity to jettison customer satisfaction skywards through data-driven approaches and expert consulting.

Dynamic Implementation

Our proprietary training process sets you up with expert and empathetic contact center teams that embody your brand. With a CX-first mindset, they’re equipped to deal with the full range of front-, mid- and back-office challenges. We continuously seek ways to present, implement and enhance experiences for higher customer satisfaction.

Resolution Acceleration

Nothing is more frustrating than a poor experience when trying to solve problems. Our method balances fast dispute resolution with a warm, human approach. This drives loyalty and greater customer lifetime value.

The results?

  • Get closer to delivering on business goals
  • CX demands totally taken care of
  • Reduced friction, churn and costs per customer
  • Stronger loyalty means greater lifetime value
  • Real value for money

A real process that delivers real results. And that gets better over time. That’s RBO. And that’s a solid Return on Outsourcing.

06.

So what BPO move will you make?

When you outsource, you have a choice between two approaches. You can go down a road that is:

  • Simplistic, one-size-fits-all
  • Short-term and tactical
  • Built on impersonal exchanges
  • Measured on cost-savings over experiences
  • Ill-equipped to handle complexity
  • Prone to mistakes and losses

Or you can take an approach that is:

  • Custom-fit for your business backed by our methodology
  • Long-term and strategic
  • Optimized for customer outcomes
  • Built on human connections (without breaking the bank)
  • Designed to handle complexity and the unexpected
  • Proven to minimize errors

Guess which one works out better in the medium and long term?

Guess which one makes more customers stay longer and happier?

Guess which one brings higher value to your business?

That’s right, Relationship-based Outsourcing.

(If you said transactions, maybe scroll back up and read again).

With RBO, you can deliver better experience and get value for money, too.

Build longer customer lifetime value by investing in relationships with your customers.

07.

Choose RBO with Ubiquity

With Ubiquity’s Relationship-based OutsourcingTM, we take your complex outsourcing challenges and transform them into a CX-first model for servicing.

This could be the beginning of a beautiful relationship…