BPaaS for banking and financial services

Why BPaaS in a good idea for banking and financial services

SaaS – Software as a service

IaaS – Infrastructure as a service

BPO – Business process outsourcing

Much has been written and heard about SaaS, IaaS and BPO, which have been used in industry for many years, nay decades.

It is now time for BPaaS, or Business Process as a Service.

oWorkers has attained a leadership position in the industry in its areas of work, primarily around data based BPO services. In a short span of eight years, it is recognized as one of the top three providers globally.

What is BPaaS?

The term BPaaS is used to refer to a delivery model that takes responsibility for the entire process, end to end. When deployed, it has been known to positively impact on costs by lowering them, and enabling other moving parts in the ecosystem to operate together in a smooth manner.

How does that happen?

BPaaS combines human processing capabilities with automation tools such as Artificial Intelligence (AI), Machine Learning (ML), data analytics and process intelligence. The experience of organizations that have implemented BPaaS is that it enables them to become scalable and agile in their operations, which make for an organization that is adaptable. And indeed, there are quite a few of them, in various industries, that have leveraged BPaaS and found them to be of benefit in several ways.

This piece covers the relevance of BPaaS to the banking industry.

Clients from around the world trust the delivery model of oWorkers. It counts many technology companies, including unicorn marketplaces, among its clients. While it delivers world-class service to its clients, the agile and involved clients also keep oWorkers on its toes and ensure it deploys the best technology and processes for its work.

BPaaS outsourcing for banks and financial institutions

The final objectives for a business to undertake any initiative are similar. It is to either increase revenue opportunities, improve competitiveness versus others in the industry, reduce cost, enhance efficiency, or a combination of all.

BPaaS also serves a combination of these objectives, except perhaps that of increasing revenues. It is designed more to impact the back-office processing and production side of the business and helps in reducing cost and enhancing efficiency and imparts the agility to financial institutions to integrate with service providers and partners and benefit from technology advancements and evolved service offerings. These initiatives also indirectly impact the revenue side of the business by making the company leaner and more efficient, and better able to compete in the marketplace. Running hard to even stay in the same place is the demand of the competitive marketplace. BPaaS provides that enabling layer to banks and financial institutions that enable them work their way towards delivery excellence through a rethink of their existing processes and introduce change through restructuring and integrations, as may be required.

Banking is a global industry and critical to the functioning of commerce and industry. oWorkers provides services in over twenty languages. This enables its clients to work with one partner, instead of spreading themselves thin over many contracts.

Benefits of BPaaS to banks

There are several advantages that banks can get when they outsource with BPaaS:

Provides a comprehensive solution

BPaaS is a single solution that encompasses processes from one end to the other. By looking at processing machinery holistically, it is instrumental in helping banks reduce the complexities and internal contradictions within its processes. While BPaaS in turn may interface with multiple parties for different requirements, for the bank it becomes a single point of contact and reduces engagement complexity for them.

As a result of its relationship with technology companies, either because of working with them as a partner, or due to efforts made over the years, oWorkers is able to leverage the latest technologies and deploy them in client projects, a unique proposition.

Facilitates the management of risk

While the proliferation of digital services has expanded the reach of financial services and made them accessible, it has also created the threat of cybercrimes. The threat is perhaps higher for banks and financial institutions because they deal with money, which is what criminals want to steal. Leakage of information and reputational damage are the measurable costs of such events for the bank.

On the one hand, cloud BPaaS solutions provide redundancy to banks, without them having to set up alternate infrastructure for it, on the other it gives them access to specialists in the task of guarding against security threats. While there were doubts about the security offered by the cloud in its early days, their solutions have evolved rapidly and are now as reliable as, if not more than, legacy location-based solutions.

oWorkers offers super secure facilities & protocols for the security of client data, further bolstered with ISO certifications (27001:2013 & 9001:2015). In addition, it is also GDPR compliant.

Ensures continuity and reliability

Legacy systems have relied upon human involvement for exception processing. At a company level, the cost can be prohibitive and also create bottlenecks. Though human dependence cannot be eliminated, when aggregated over multiple services, the cost reduces. Though BPaaS can automate more than might be possible in legacy systems, with its ability to interface and interact with external systems, human intervention and decision-making is unavoidable. However, it helps in costs and errors in the processing.

As a preferred employer, oWorkers is blessed with a steady stream of walk-in candidates seeking to fill its vacant job positions. This gives them access to the best talent without having to spend money on advertising to attract talent, which shows up in their fine pricing. It also enables them to hire workers at short notice, a rarity in BPO organizations.

Results in efficiency improvement

Efficiency improvement is a continuous goal for all processing engines in organizations. BPaaS aids that effort. This helps the company meet processing and volume demands in a more efficient manner. Multiple processing engines linked through BPaaS, are able to enhance straight-through processing in a real-time environment, impacting positively on efficiency, and without a related down side on accuracy.

Having chosen to work with employed staff, and not freelancers and contractors, as some of their competitors do, oWorkers is witnessing a steady return in the form of accuracy and efficiency improvement, as employees gather experience and skills.

Enhanced scalability

Scalability is one of the hallmarks of cloud-based processing platforms. BPaaS leverages this capability of the cloud and makes it available to banks. Banks and financial institutions build systems for handling peak volumes. This means that their capacity remains under-utilized for the remaining period. With the help of cloud BPaaS, they can get the benefit of scalability in processing volumes without creating a standalone system that stays idle for a large part of the remaining period.

With the flexibility of running operations continuously, on a 24×7 schedule, oWorkers retains the flexibility to scale up when required by clients. Its ability to hire resources within 48 hours also gives it an edge.

Conclusion

Easy work is a contradiction in terms. All work that has value is important, needs to be handled with care and done correctly. Banking and financial services is a particularly sensitive area that deals with money, and needs processes and systems that are robust and scalable so that the demands on the business can be met satisfactorily. It is also a highly regulated area in most countries and needs to not only have safeguards against misuse but should also be able to produce output and reports that satisfy regulatory requirements.

BPaaS provides a competitive edge to users and enables the organization to take advantage of the rapid developments taking place in the digital, platform-based world.

A leadership team with over two decades of hands-on experience in the industry continues to guide the delivery team in creating value. Clients, especially from the US and Western Europe, vouch for the savings they experience after outsourcing to oWorkers, sometimes to the extent of 80%.