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Is brick less banking a reality ? • Can customer service of a bank be outsourced. • Can the customers be convinced to call phone banking to order a new check book , a new credit card, pay loan installment online or on the phone with a credit card • Change address, close an account even open a new account on the phone without crowding in the bank.
Customer Service Department of a bank cannot be outsourced; however, representatives working in Customer Service Department can be outsourced. Customer are convinced to call helpline or call center for cheque books ordering, ATM card activation and its PIN issuance, credit card inquiry through call center in order to reduce customer traffic towards local branches since they have limited operational hours but call center is operated24/7. However, there are certain activities that can only be performed at branch level may be due to client physical verification i.e. account opening, account blocking, account closing, re-activation of a dormant account, amount blocking etc. Since, bank account operations are a core job of local branches; therefore, the customers are diverted towards the local branches if they make call at a bank helpline. The procedure may vary from bank to bank being influenced or regulated by Central Bank of a country.
There are a lot of well known banks(MNCs) who outsourced their service as it is considered cost effective. Money well spent because salaries are cheap and the ability of the people they hire are considered to be the best... Banks like JP MORGAN CHASE & CO. and Bank of America even CITIBANK they are now on outsourcing business and most of the services that we thought is not possible are now done over the phone and you will be surprised if you will asked from where you are calling the answer will be either INDIA,PHILIPPINES,SINGAPORE or MALAYSIA... And YES all transaction done inside the branch can be done to their outsourcing company from cancellation of credit card/atm card/debit cards to openning new account to changing your address to mortgage to payments name it and it is handled by their outsourcing company. If you will ask about the security of informations, they are very strict in accepting applicants and they have a thorough background investigation before they will be hired. I know JP MORGAN CHASE & CO. they even have a stict policy from what employee should bring inside the workplace.
Most of unites inside the banking sector could not be outsourced, some banks now use in sourcing
However, some activity could be handled like application processing, investigation for credit cards
Debt collection
Some activity could be outsources as long as it will be far of the main system and customer data which is very critical in banking sector
And finally it’s all depend on the country regulations and Centrals or federals banks in each country
Outsourcing is good option to cacade these banking services and BPO can bring in real value to these banking operation but on other hand there is always a risk when you give your business to a BPO, but conducting frequent risk audit and applying risk control measure can mitigate the risk involved in outsourcing.
Outsourcing the Banking process is not good to the Credibility of bank.Because the Data of bank is handling by a thrid party company. Even though we have a agreement with the outsourcing company, it will be in a certian limit. For better processing they need to get the proper details of the customers.
For these concern internal call center will help to reduce crowding.
In a certian level we can reduce the rush. But for address change customer need to submit the copy of their address proof. so they have to visit the bank.All abnking process is not done through internet and telephone.
