As the banking industry gets more competitive, those involved must seek ways to create new advantages, and that’s one reason outsourcing is on the table.
But which services should you outsource? Customer sales and acquisitions in one of the areas that might be considered. If you haven’t thought about it very seriously, however, you might want to take another look.
1. Saving Money
The number-one reason to outsource customer sales and acquisition—or any function, for that matter—is that it will save you money. In a competitive banking industry, that’s good news; cutting operational overhead and creating better profit margins is a must.
How does outsourcing save money? Quite simply, it makes your operations more efficient. It also slashes overhead you might have if you were to keep the function in-house at your firm, which puts money back into your budget.
2. Saving Time
Of course, saving money isn’t the only reason to outsource customer sales and acquisitions.
Outsourcing also saves your financial institution time. As mentioned, the outsourced services are usually more efficient than what players in the banking industry have in-house, which means it takes less time to complete these tasks.
3. Innovative Ideas
Sometimes, when you work in an industry long enough, you simply accept certain procedures and processes as the way things are done—even if they’re not working or they’re less effective than they used to be. It can be difficult to break out of the mold.
A third-party provider can breathe life into your customer sales and acquisitions strategies, particularly if they’ve been stagnating. Offering points with a new credit card or a free iPad with a new checking account might get you some new customers—but they’ll likely hop over to the next company that holds a similar promotion! Truly innovative ideas will help you attract and retain customers.
4. Holistic Campaigns
You might be thinking about a move to outsource customer sales and acquisitions, but you may not be thinking of the big picture—your marketing, your promotions, and your customer service. But all of those features factor into customer sales and acquisitions.
When you team up with a third-party provider, think about more holistic campaigns, ones that touch on every part of the customer lifecycle, from acquisition to retention—not just the beginning. A holistic campaign will be more effective than one concentrating solely on attracting new accounts.
5. Better Customer Service
Much as your focus might be on new customers when you outsource customer sales and acquisitions, it’s also an opportunity to provide better customer service all the way around. You want to provide great service right from the get go, and outsourcing your sales and acquisitions can help you get started on the right foot when someone signs up for a new account.
It can also help throughout the customer lifecycle, allowing you to retain those loyal customers you already have.