Revolution of BPO in the Fintech Industry

Fintech industry has evolved collectively with a variety of financial technologies that could make traditional financial transactions more accessible and safer; from the introduction of credit cards in the 1950s, emergence of PayPal in 1988 to the revolution of transactions through social media and data encryption within the last decade, individuals and businesses tend to perform transactions in a cashless manner in the current decade.

With the insurgence of the financial technology there is another industry that has uplifted its way within the market; BPO – Business Process Outsourcing.

BPO service providers have helped companies handle different processes and jobs, ranging from customer service to accounting and everything in between. Over the last few years, with advancements in technology, the rise in global competition, and the increasing demand for outsourcing services, the BPO industry has undergone many changes. The new BPO is not just about completing basic tasks, but providing business value, harnessing talent and leveraging technical skills available globally.

Moreover, BPO can be classified as a new height of fintech as outsourcing is used to complete a range of transactions technically with ease.

As discussed, it is evident that BPO can provide the fintech industry with some elegant benefits:

1. Flexibility and scalability confirmed - Working with financial technology service providers allows companies to launch products faster than ever before. Third-party solutions handle a significant chunk of the tasks needed before an organization can bring a product to market. Outsourced and co-sourced arrangements give businesses the ability to work with a top-tier development team, less ramp-up time, and the potential for geographically-scattered teams.
2. Increased efficiency - Outsourcing services is a popular solution for fintech businesses that need to cut costs in recruiting, hiring, orienting, developing, and motivating employees. For example, a company that relies on outsourcing for all its non-essential operations doesn't ever have to deal with the recurring cost of training employees.

Fintech industry has managed to create trends since the day it was introduced, and with the submergence of BPO to the fintech industry it creates trends that businesses cannot ignore, and has created new employment opportunities as well:

Blockchain Engineers

Blockchain engineers design, build, and maintain decentralized blockchain applications like cryptocurrency exchanges, lending applications, and voting platforms. According to CareerOnestop, the median salary for a blockchain engineer in 2020 was $92,870, and the number of jobs in the field is expected to grow by 6 percent by 2029.

Introducing certain practices to certain industries can have its own pros and cons, while the same can be applied to BPO revolutionizing the fintech industry, it undeniable that BPO services can help fintech reach a technical height to make digital financial transactions even easier.