Relying on BPO in credit card processing

Customer attrition, ever increasing and complex fraud patterns, increased competition and regulation are some of the hurdles faced in the Credit Card processing sectors. Along with this there are complexities involved with the legacy processing systems due to the inflexibility and inability to adapt quickly to changing market place demands. Also the banking sector has been under constant pressure to reduce transaction costs. Furthermore there has been business and technology convergence, expensive and inefficient distributed card centers affecting the sectors.

The banking companies should control the capital expenditure and become more alert in the credit card offering sector to overcome the hitches. The companies are in need of a business model that is capable of handling a wide range of card processing, operations to define processes specific to market needs, market and regulatory changes, products and services to be customized to the specified needs of the market segments.

Shriram Value has the expertise in processing system that can provide the control needed to optimize approvals in an environment where non face-to-face transactions and consumer controlled delivery manipulate the profitable growth. Our services include Credit card application processing, Credit card servicing, Credit card settlement.

Understanding BPO s and Call centers

Even though BPO industry has been prominent in the Indian scenario for a long time, most of the people still confuse BPO and call centre. This is mainly because they don’t have a clear understanding of the functioning strategy of BPOs. 

 Basically a Business Process Outsourcing (BPO) organization is responsible for performing a process or a part of a process of another business organization. To be precise, their major function is to help the client save on costs or gain in productivity.

On the other hand, call centers are a part of the BPO service sector. A call centre, for example, might handle customer complaints coming in over a telephone. They call centre sector performs that part of a client's business which involves handling telephone calls. 

However BPO is not only about handling telephone calls. There exist BPO organizations, such as medical transcription agencies, which handle their business through websites, and do not process any telephone calls on behalf of their clients.