Outsource your lending, investment and remediation processes to improve the customer journey, reduce risk factors and maintain the competitive advantage. Target’s BPO solutions enable financial services providers to focus on core activities, reduce risk and enter new markets quicker.
What is BPO, and Why Choose Target’s BPO Services?
Put simply, BPO is the process of outsourcing any specific work processes to a trusted provider. We offer a comprehensive range of Business Process Outsourcing Services to suit your needs, from loan and mortgage servicing to remediation and complaints management. Transform your processes with our experienced and customer-focused approach.
Our business process outsourcing services
Loan and Mortgage Servicing
While you focus on your core proposition we deliver comprehensive loan servicing to support the full loan lifecycle, from origination, through account servicing to arrears management.Loan and mortgage servicing - find out more
Collections and Arrears Management
We deliver the full lifecycle of collections and arrears services to UK lenders for more than £23bn AUM, including commercial, buy-to-let and residential mortgages, secured and unsecured loans.Collections and arrears - find out more
We deliver back office investment administration services for structured products, wrappers and child trust funds across the lifecycle from origination and servicing through to maturity.Investments administration - find out more
Child Trust Fund Servicing
Outsourcing enables providers to scale up their CTF service, and give this difficult to serve demographic the slick customer journey they demand.Child Trust Fund servicing - find out more
Junior ISA Servicing
Providing an omni-channel, digital-first and always on service for Junior ISA customers is critical for both customer attraction, and retention.Junior ISA servicing - find out more
Remediation and Complaints Servicing
We can provide the expertise, robust management and governance to enable you to quickly respond in line with regulatory requirements.Remediation servicing - find out more
Why the Demand for BPO Services is Increasing
As markets become increasingly competitive, and as risk and compliance pressures increase, financial services providers are increasingly looking for BPO management.
With economic and market uncertainty comes risk aversion, but without any lessening in pressures to improve performance. Providers are being forced to rethink propositions and business models, with the aim of standing out in a market under disruption from digital and direct entrants.
Financial services outsourcing allows providers to:
- Bring new products to market quickly, avoiding typical barriers to entry
- Reduce commitment and capital outlay when testing new markets and propositions
- Mitigate risk factors, especially in new products and markets
For businesses moving into new markets, partnering with a BPO service provider can help to keep market entry costs low by reducing fixed expenditure in staff, IT systems and premises, along with avoiding significant investment in key servicing infrastructure. The assurance of predictable costs, as well as being able to leverage a regulated servicer to handle regulatory challenges, places the provider in a strong position.
Changing Demands for the Modern Customer: How BPO Can Help
With Generation Z about to enter the investments, loan and mortgage markets (if they haven’t already), providers are going to need to adapt to their very different demands. With Child Trust Funds and Junior ISAs, this and future generations are joining these markets in huge numbers, and sooner than ever before.
Rather than being tied up by sluggish legacy systems that stifle the customer experience, outsourcing the servicing of loans, mortgages, investments, remediation and complaints gives lenders the opportunity to adapt quickly, testing out new approaches to new markets, away from traditional servicing models.Contact us today to discuss your company’s outsourcing needs
Business process outsourcing and operation transformation across lending, insurance, investments and saving
Secure a Competitive Advantage with Financial Process Outsourcing
In addition to ensuring compliance and easing administration, business process outsourcing can also help financial services providers to create and maintain a competitive advantage, even as the market moves quickly.
Third party administrators are in a position to undertake multiple roles dependent on the lender’s requirements, including:
- Acting as a partner for closed or originating portfolios
- Managing defined processes in the customer lifecycle
By outsourcing these processes, lenders can devote more time and resources to developing propositions and driving business growth.Read our Mortgage Servicing Case Study
Get in touch now to discover how Target can transform your financial services processes. Call us on 0845 650 6200.