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Benefits of Outsourcing
There are many benefits to Outsourcing and they all begin with your choice of a provider. The selection of a reputable Outsource Service Provider with a proven track record of performance in your line of business and extensive experience in the industry, cause very important changes to take place within your organization.
The strategic benefits of an intelligent, logical, and well-thought-out plan to take advantage of outsourcing services are that they position your Company to: Concentrate on core business competencies rather than issues such as space requirements, technology, and staffing.
Focus on meeting the key goals and objectives of the business such as:
- Increasing Revenues
- Controlling Costs
- Expanding Markets Share and Product Offerings
- Improving Operational Efficiency
- Enhancing Customer Service
Additional Benefits Include:
- Conversion of origination expenses to a variable from fixed
- Increased ability to effectively compete without investing in personnel, space or technology
- Fast, consistent credit decisions through state-of-the-art automated processing
- Optimization of existing resources
- Access to additional industry expertise not presently in-house
- Reduced time to market new products
- Customer access to call center functionality for convenience and extended-hour coverage
- Pre-qualification of applicants for cross-sell opportunities
- Overflow loan processing
- Disaster recovery/business resumption planning and support
Loan Origination Call Center Advantages
Call centers provide numerous advantages to existing, as well as prospective, customers of Lending Institutions.
Listed below are some of the more compelling advantages:
Your customers can apply for a consumer loan at hours that are convenient for them, which are often not normal business hours.
Most credit applications can be credit decisioned while the customer is still on the phone. (Applications are underwritten to your credit criteria. We recommend that a combination of judgmental criteria and Credit Bureau Risk Score be utilized.)
Your costs become variable if outsourced as opposed to fixed if performed “in-house”. In many cases, the cost of building a call center in-house can soon become prohibitive when considering the cost in hardware, software, facility, and people.
Your Company must be competitive in the marketplace. To accomplish this goal, you need to offer to your customers at least the same services they can obtain from the larger financial institutions; but at a cost that is affordable to your organization.
For Financial Institutions, a call center can actually create “branch time” by supplementing the traditional branch’s consumer loan sales process. In many instances, the peak volume periods in a call center are also the peak traffic hours in a branch. By offloading the consumer loan sales process to an outsource provider, the branch employees become more productive by being available to provide other services.