Comprehensive Guide to Selecting BPO Call Center Services for Auto Lenders

bpo call center services

Successfully scaling a business requires more than just bringing in new customers. 

Your operations have to expand to accommodate the increase in workload. With auto lending companies, this means purchasing more tech, hiring & training more employees, and acquiring more workspace. 

Trying to catch up your operations with your growing clientele can be a difficult balance, which is why auto lenders turn to services like business process outsourcing (BPO) call center services. 

What are BPO Call Center Services? 

BPO is the process of outsourcing some or all aspects of your company’s business operations to a third party. BPO Call Center Services are focused on the customer’s experience and providing specialized support.

Companies outsource their customer service and back-office functions to help auto-lenders grow their businesses. BPO providers allow companies to scale up without having to hire additional team members and take on the burden of managing all the day-to-day operations. 

What are the Benefits of Outsourcing Services to a BPO Call Center?

It is crucial to understand how outsourcing benefits your auto-lending company before deciding whether it’s right for you. 

The greatest advantage of BPO is elevating your customer service experience. Despite prioritizing their customers, many companies are not delivering the customer service experience they think they are. According to a recent survey:


80%
Companies surveyed believe they gave a “superior” customer service experience.


V.S.

8%
Customers surveyed felt that companies were really delivering a superior experience.

This gap demonstrates that customers’ expectations are high and not easily met. 

Partnering with a BPO call center service provider can help you meet borrowers’ demands and truly deliver on customer experience. And there’s more—outsourcing can also save time, cut costs, and increase efficiency. 

A Comprehensive Guide to Selecting BPO Call Center Services for Auto Lenders: 

Outsourcing is a big decision. It takes a lot of time and effort to find the right BPO partner and make sure that they understand your company’s needs and deliver the expected outcomes.

Let’s take a closer look at how BPO call center services work, what you should expect from them, and how they can help your auto lending company grow.

The Different Types of BPO Call Centers Services

When it comes to outsourced call centers, there are three different types of BPO call center services: inbound, outbound, and automated.

Inbound:

Virtual assistants and intuitive call routing can streamline and personalize the customer experience.

  • Customer Service
  • Lease End Services
  • Title Management
  • Help Desk Support

Outbound:

Click to dial integrations and agentless campaigns streamline interactions.

  • Collections & Recovery
  • Lease End of Term
  • Client Welcome Calls

Automated:

Flexible, agile cloud-based software allows ease of scale and adoption of modern trends.

  • Omni Channel Single Hub for Voice, Email, Chat, Fax.
  • One-Time Payments Accepted Anytime, Anywhere.
  • AI-Powered Virtual Assistants.

Despite what their name implies, call centers handle more than just phone calls. They are completely changing the way auto lenders interact with their borrowers. As a result, people can get the help they need without being limited by office hours, dealing with long waits, or hoping the employee on the other end has the necessary expertise. 

Thanks to BPO call center services, even small or mid-sized auto-lenders can offer their customers competitive, personalized service. 

Pros and Cons of BPO Call Center Services

Now that we’ve defined the different types of call centers, let’s dive deeper and examine their core benefits and main drawbacks.


Pros 

Reduce Overhead Costs 
Easily scale to the size and scope of your increased workload without the resulting cost of in-house operations.

Highly trained, multilingual support staff
Highly trained call center agents who are fluent in foreign languages to support the diversity of your borrowers and make a strong statement about inclusivity.

Better technology and processes through a lender 
BPO providers have the advantage of economies of scale and can invest in expert staffing, innovative technologies, and resources to enhance efficiency.

Outsourcing does come with its own set of challenges, especially when it comes to choosing the right provider for your brand. 


Cons

Provider isn’t as fluent in the industry as they claim they are 
Generalized providers don’t have the lending experience to handle the range and complexity of lease and loan inquiries or the expertise of federal and state regulations that lenders must follow.

The provider doesn’t take the partnership-based approach
Even though you’re outsourcing part of your operations, your brand identity shouldn’t be diluted. Providers need to ensure that your values are reflected in every interaction with your customers.

Losing touch with borrowers’ needs and other important insights
The best providers use metrics that are analyzed and reported regularly to ensure that lenders know their borrowers’ expectations are exceeded.

The type of experience you have with your BPO provider all depends on who you choose to partner with. 

What to Look for in BPO Call Center Services for Auto Lenders

Unfortunately, there are BPO call center providers that do not have expertise in lending or an established track record or reputation. Here’s what you should look for when comparing BPO outsourcing companies. 

  1. The number of resources they can provide access to. Top BPO providers have the technology, staff, and processes in place to facilitate a much higher efficiency level.
  1. White-glove service that acts as an extension of your team. Your relationship with the provider should reflect your core values as a brand. 
  1. A provider that focuses exclusively on the lending industry. They need to have the skills to manage the nuances and intricacies of loan and leasing processes. 

You want to connect with a third-party provider that will make it easy to scale your operations and improve your workflow—all while saving you money. 

Increased Operational Efficiency at a Lower Cost

Industry-leading BPO providers have the financial resources to continually adopt innovative technologies and regularly enhance their lease and loan servicing systems. They also have the ability to hire and train an experienced staff to handle the most complex servicing issues efficiently.

Lenders who outsource increase their operational efficiencies, without having to invest in IT equipment, staffing, or office space. 

A report from Statista shows that around 60% of businesses currently use outsourcing to successfully cut their costs. 

When considering the value of a BPO call center service, you can’t overlook the benefits in efficiency, cost savings, and the higher quality of customer care. 

Managing the Transition From In-house to Outsourcing

Transitioning from in-house to outsourcing a part of your daily operations can feel daunting. The key to a successful changeover is communication.

For a smooth transition, start by creating a detailed plan with your provider. To align expectations and desired goals, you’ll want to ask your provider the following questions:

  • How experienced are the staff? 
  • Which parts of your process are automated? 
  • What metrics do you maintain and report? 
  • How do you manage fluctuations in workflow? 

Next, you’ll want to communicate with your customers and let them know about the change and the benefits they can expect. 

Lastly, you’ll want to maintain open communication with your provider to continue building an ongoing relationship. Use analytics and regularly review data to ensure that any necessary changes are addressed in a timely manner.

Getting Started

defi SOLUTIONS is an established BPO provider with over thirty years of experience and a proven track record that continues to outshine other BPO outsourcing companies. All our offerings, including BPO call center services, are tailored to the needs of finance companies, credit unions, captive lenders, national banks, regional banks, and lending start-ups. Contact our team today to learn how outsourcing can help you achieve your business goals, or register for a demo.

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