Over the last few years, London has grown to become the ‘Fintech Capital’, with new research revealing there are now over 1,000 Fintech companies operating from the city – more than anywhere else in the world.
From all-new startups to successful unicorn companies (those which are valued at more than $1bn), the city is teaming with the best technology and talent that the industry has to offer. In fact, as of 2019, 17 of the world’s top 50 Fintech companies are based in the British capital.
Alongside very attractive business tax rates and government backing, London also offers an incredible geographical advantage compared to other cities. Unlike New York and San Francisco, which typically tend to specialise in set industries, London hosts a huge and varied collection of specialities in a very small area; allowing the flow of information and partnerships to flourish much easier than anywhere else.
With the market booming, competition is fierce, and companies are facing extreme pressure to lower their operational costs as well as increase their efficiency. This pressure is coming from multiple directions; investors, shareholders and competitors, but most of all, from a growing customer base.
These consumers are now demanding high-level customer service and whilst there are a number of attractive business benefits in London, the cost of establishing and operating a call centre in the UK is incredibly expensive.
This is why call centre outsourcing has become an increasingly popular choice for Fintech businesses across London and beyond. Consumers are now demanding a 24 hour a day, seven days a week service from companies across a multitude of communication methods such as email, webchats and social media. By outsourcing their contact centre requirements, a business is able to ensure customers can receive immediate support, which in turn keeps satisfaction levels high and increases customer retention rates.
Aside from the financial benefits, one of the biggest advantages of call centre outsourcing is the efficiency that it provides to businesses. No longer will call centre agents sit idle during down periods, using an outsourced provider allows a business to quickly scale up or scale to ensure demand is always met.
The Philippines has quickly become the global hub for call centre outsourcing and now has over 1,000 centres operating in the country. In fact, the Business Process Outsourcing (BPO) industry is now contributing an incredible £20 billion to the economy as global giants such as Amazon, HSBC and PayPal have moved their operations to the Philippines.
According to Ralf Ellspermann, CEO of award-winning outsourcing provider PITON-Global, “The success of some of the world’s largest financial services companies in the Philippines has not gone unnoticed. Over the past few years, we have seen a significant increase in enquires coming from UK-based Fintech companies, both startups and established companies, who are looking to reduce their operational costs.
London is a fantastic place with a great talent pool, but it’s also a prohibitively expensive place. Companies need to stay competitive, and that means finding ways to reduce costs, increase operating efficiencies, and enhance the customer experience. Business process outsourcing of all non-core support functions to the Philippines is a proven and time-tested strategy to achieve this.”
The lower cost of labour, coupled with highly experienced agents and state-of-the-art technology, can help London Fintech companies save up to 50% when compared to maintaining an onshore facility. For over two decades, PITON-Global has been helping businesses from around the world leverage the benefits of contact centre outsourcing to the Philippines, helping to reduce costs, improve service levels and maximise customer retention.
