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Banking BPO services

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Banking business process outsourcingorbanking BPOis a highly specialized sourcing strategy employed bybanksand lending institutions to facilitate the business acquisition and account servicing activities linked with the customer lending lifecycle. These specific BPO services are usually offered through multi-yearservice-level agreementsfor 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 asITOsystems and software, human resources outsourcing and benefits services, finance and accounting outsourcing (FAO) services, procurement outsourcing, and training outsourcing.

Banking BPO services are typically defined by industry analysts, advisors, and leaders in the sourcing industry as the set of discrete processes or transactional activities that support the lending lifecycle as follows:

  • New customer acquisition servicesincludetelemarketingactivities, application processing,underwriting,customer or merchant credit evaluation and verification, credit approval,document processing,account opening,customer care,and on-boarding.
  • Account servicing processesforcredit cardsorconsumer loans.These most commonly include payment processing systems and services, customer service orcall centersupport operations (voice, digital, email, and mail services), product renewals, and loan disbursement;document managementservices such as printing and mailing of statements, networked printing, and storage solutions;collections,recoveries processing, default management, risk management, andforeclosure.
  • Consumer and commercial lendingpost-origination transaction processing services, such as check processing, clearance and settlement services,remittance,andrecords management.
  • Back-office transaction process managementfor loans or credit card portfolios, including custody services,fraudmitigation and detection, regulatory and program managementcompliance,portfolioanalytics,reporting, conversions, management of technology platforms, interfaces for customer data, and custom development.

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