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Top 5 Latest BPO Trends in Payments Processing

With the help of new technologies customers can now make payments quickly and securely with minimal effort.

Accelerated by the rise and convenience of online purchases/e-commerce shopping during the peak of the COVID-19 pandemic before, the finance industry has indeed experienced a significant transformation. Likewise, given the key role digitisation and digitalisation plays in the financial lives of people across the globe, electronic payments are at the epicentre of this radical change.  

As payments become more efficient and faster, retailers also began upgrading their point-of-sale systems to meet rising customer expectations. Likewise, along with the demand for cashless, contactless, online, and frictionless payments, the role of the finance industry in fostering inclusion has become a critical top priority. 

Financial institutions need to constantly develop new solutions to make payments as simple and seamless as possible. The only way to successfully achieve this is through employing the services of a business process outsourcing (BPO) company. They are better equipped with the most advanced technology and a highly-skilled pool of candidates. Their knowledgeable professionals can help your business keep up with the progression of the payment processes.

And with that, here are the top five BPO trends in payment processing. 

1) Maximising mobile payments

Delivering a unified mobile payment experience is ground zero in the battle for consumers. To better accommodate them, financial institutions must partner with BPO outsourcing companies to maximise this mobile payment opportunity. 

With this emergence of mobile payments, a BPO service provider can also assign dedicated specialists to provide responsive customer and technical support.

2) Robust cybersecurity to combat fraud

As digital payments are growing, the possibility of fraud is also increasing. Financial institutions must constantly innovate to stay ahead. The secret is not only to block fraudulent transactions but to proactively inhibit them from occurring in the first place.

A BPO provider’s fraud management system can continuously track fake phishing websites to warn clients ahead of time. They also have a built-in solution that enables clients to set criteria for their payments. Now, if a payment comes at an irregular time or is beyond a specific threshold, then it will be halted for analysis. This helps prevent bad actors from compromising the system.

3) Generating new revenue streams

There is a significant opportunity to capture new revenue streams. For instance, C2C cross-border payment solutions such as PayDirect can help financial institutions provide faster and cheaper cross-border payments to their retail customers. Their technology uplift or minimal integration to negotiate payments via real-time rails where possible. A BPO vendor has blockchain applications that enable banks to initially validate a payment before it is sent to help minimise friction in payments. 

4) Digitalisation and automation

Financial institutions have been early adopters in the growth and development of digital technology to meet customer needs. They adopted digital banking, creation of frictionless wholesale payments, and facilitating cross-border transactions.

One of the major factors driving this change is automation. The emergence of instantaneous payments for retail customers is now bleeding into wholesale payments, with merchants, suppliers, broker-dealers, banks and other intermediaries in one seamless network expecting the same levels of functionality and convenience. 

BPO outsourcing can enable this through ‘hyper-automation’, or the deployment of multiple integrated technologies, such as blockchain, artificial intelligence (AI) and robotic process automation (RPA), in order to improve speed and efficiency.

5) Consolidation driving payment services and financial institutions to expand

Over the past years, the financial industry, especially the payment sector, has undergone huge waves of Mergers and Acquisitions (M & As). Today, they now realise the need for consolidation to extend portfolios, expand geographical reach, boost their scale of operations, and save costs by merging with a technology player like BPO. 

Conclusion
With BPO trends such as cloud computing, automation and data analytics, financial institutions can now offer a more secure and cost-effective payment solution.

Financial institutions have been at the forefront of the payments revolution, and with BPO trends it is going to accelerate in the coming years. Thank you for reading our blog!

Manage the evolving complexities of your payments environment better by outsourcing to an excellent marketplace, The Lead Enquiry, and connect with our best BPO service partners. Contact us today. 

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