A contact center is an integral part of an organization which in turn assists in managing the organization’s customer base. It is expected to be well-equipped to manage and cater to customers across different networks such as voice calls, data applications like e-mail, instant messaging and paper based services. These contact centers have a twofold advantage, first, they act as an initial point of contact for businesses and customers to get their questions answered and second, helps the organization to reach out to potential as well as existing customers. These touch points, specifically in the financial services sector, offer a combination of customer services that take account of customer relations, frauds/disputes, and collections phone calls.

Contact Center in Financial Services Sector – Need of the Hour

Contact center solutions in financial services sector has always been thriving and leading the industry. The experience that these contact centers provide is what the customers judge the business upon. There is a constant need for innovation in customer engagement which results in increased costs and reduction in profit margins. Organizations are increasingly involved in gaining detailed insights into the supply market, pricing and procurement strategies explicitly for financial services industry.

Contact Center – Procurement Challenges

In order to develop procurement strategy, financial services organizations must identify ideal locations for contact centers with a robust labor force and easy travel access among other things. The financial services industry is continuously growing which subjects it to challenges at several levels such as mounting cost pressures, which thereby creates pressure on cost savings, and sourcing and procurement teams to show annual improvement. At SpendEdge, we have a dedicated team of sourcing and procurement analysts working directly under a project manager, well-versed with managing similar category market intelligence studies, to help organizations gain industry insights and devise a procurement strategy to achieve excellence beyond just cost savings.

Supply Market Intelligence and SpendEdge Advantage

We, at SpendEdge, developed a supply market intelligence and procurement strategy for our client – one of the leading financial service providers that specializes in credit cards, home loans, auto loans, and savings products- wherein our procurement experts offered a comprehensive solution in key research areas as follows,

• To identify and shortlist key locations with a strong labor market
• To gain detailed insights on various parameters such as saturation rate, presence of large MNCs, labor market and demand-supply dynamics.
• To identify differences in cost levels at shortlisted key locations

Our dedicated team of procurement analysts followed a blended research methodology followed by data analysis and category specific insights development facilitated by information from various sources including analyst reports, databases and industry experts.