The Philippines is one of the fastest-growing nations in Southeast Asia.
The sprawling capital of Manila is home to a huge number of businesses who are taking advantage of the ripe economic conditions there.
One of the key burgeoning industries for the Philippines is call centre outsourcing. With ten thousands of aspirational young Filipinos graduating from universities and looking for jobs, this is one of the most exciting and promising sectors for them to go into.
The business process outsourcing industry currently employs more than 1.3 million people and generates more than £20 billion in annual revenues. About 70% of these revenues are generated by Philippine contact centre outsourcing providers.
It is not just the local workforce which views the call centre outsourcing industry in the Philippines as a great opportunity. More and more international companies are choosing to work with BPOs there to support a wide range of their business functions.
The contact centre services being provided by Filipinos have been gaining a fantastic reputation for their quality, language proficiency and their cost-efficiency. The Philippines is now widely considered to be the world’s largest and leading call centre outsourcing destination.
There are many different types of companies that can benefit from outsourcing their front and back-office processes to the Philippines. One of the industries that has gained the most from it is the financial services industry.
Indeed, the Philippines is slowly becoming the financial services outsourcing capital of the world. About 20% of the country’s BPO workforce provide business process outsourcing services for financial services companies such as JPMorgan Chase and HSBC.
Both of the aforementioned companies have their own “captive” operations in the Philippines. Other international banks are outsourcing their customer support to Philippine-based contact centres.
However, it is not just the big global banks making this move. Fintech start-ups and established players have also started to migrate their call centre outsourcing requirements to the Philippines. Most of these companies are using third-party providers such as Piton-Global in Manila to support their business. Some of the processes that are being outsourced to the Philippines include customer experience, risk and compliance management.
In most instances, the contact centre outsourcing provider already has the necessary expertise to provide these services, but it also requires a collaborative effort to ensure that the Filipinos are trained for the specific tasks they need to perform.
There are many reasons for call centre and back-office services to be outsourced to the Philippines. These benefits range from reduced costs to a high quality of service. Not all low-cost destinations are comparable though in terms of the availability of qualified resources, the cultural affinity to the West and the English language proficiency.
These extra benefits are what make the Philippines stand out from the rest of the competition. According to Education First, the Philippines ranked second out of twenty Asian countries in terms of their proficiency in English.
As more and more financial services companies are looking to use outsourcing, there has been an inundation of companies that have looked to meet this swell in demand. One company in the Philippines that has gained an impressive reputation for their work is PITON-Global.
Over the last 2 decades, the company has emerged as a leader in the contact centre and back-office outsourcing space and helped companies across the world to improve operating efficiencies, drive revenues and enhance the customer experience.
PITON-Global works with clients in different industries and has a wealth of experience working with Fintech companies.
If you are a business leader who thinks his company may benefit from outsourcing some of their call centre and back-office services to the Philippines, then reaching out is the first step in what could be a long and fruitful relationship.