The banking and financial services sector is among the most demanding environments for customer service: strict regulation, sensitive data, and a customer base with high expectations for availability, personalisation, and reliability. Outsourcing in this context requires careful planning. Here is what financial institutions need to know before entrusting their customer service to an external provider.
Banks, online banking platforms, credit institutions, and neobanks are navigating simultaneous pressure on multiple fronts:
In this context, outsourcing to a specialist BPO provider enables institutions to absorb volumes, maintain service quality, and benefit from technology investment without the capital expenditure of building equivalent capabilities internally.
The financial services sector operates under a particularly strict regulatory framework — one that extends directly to external providers. Any institution that outsources must ensure its BPO partner complies with all applicable requirements.
Banking data is among the most sensitive categories of personal data. Your provider must demonstrate full GDPR compliance: European data hosting, a compliant data processing agreement under Article 28, data breach response procedures, and documented retention and deletion policies.
The Payment Services Directive imposes strict requirements on strong customer authentication, payment data handling, and transaction security. Any provider handling payment-related interactions must be trained and equipped accordingly.
The European Banking Authority’s guidelines on outsourcing arrangements apply to all significant outsourcing by EU-regulated institutions. Contracts must include audit rights, exit provisions, and business continuity requirements. Providers may be subject to supervisory inspection.
Outsourced advisors handling customer banking data are subject to professional confidentiality obligations. Contracts must formalise this explicitly, with individual confidentiality undertakings and operational security protocols proportionate to the sensitivity of the data processed.
Handling inbound calls, emails, chat, and social media for everyday banking queries: balance enquiries, transfers, card blocks, document requests. This forms the baseline volume, often outsourced to free up internal advisors for higher-complexity work.
Receiving, qualifying, and resolving first-level complaints within the regulatory timeframes defined by national authorities. The provider applies the institution’s procedures and escalates complex or sensitive cases to internal teams.
Payment reminder outreach, repayment schedule negotiation, support for customers in financial difficulty. This use case requires specific training in regulatory obligations and the ability to handle emotionally sensitive conversations with professionalism and empathy.
Proactive outreach to customers regarding suspicious transactions, identity verification, preventive card blocking. This process requires dedicated tooling and strict security protocols aligned with the institution’s fraud management framework.
Guiding new customers through product activation, supporting KYC documentation completion, and driving early engagement. Neobanks and digital-first institutions frequently outsource this step to accelerate growth without building large internal onboarding teams.
Require concrete references in banking or financial services. A provider with no track record in the sector will face a significantly longer — and riskier — learning curve before reaching operational maturity.
Look for ISO 27001 (information security), PCI-DSS certification if payment data is processed, and relevant national quality certifications for contact centres. These do not guarantee everything, but they signal an organisation with mature security and quality management practices.
For most European financial institutions, data localisation within the EU is either a regulatory requirement or a strong recommendation from compliance teams. Verify exactly where data is hosted and where advisors operate — and whether the provider’s setup is compatible with your regulatory obligations.
Banking products are complex and regulated. Your provider must demonstrate the ability to train its teams rapidly on your product range and maintain that level of knowledge as products evolve — not just at onboarding, but continuously throughout the engagement.
Real-time access to performance indicators, call recording availability, regular reporting, and structured steering committees. In financial services, interaction traceability is often a regulatory requirement — not just good practice. Your provider must be able to support audit processes at any time.
With over 30 years of experience in the financial services sector, Armatis supports banks, credit institutions, and fintech companies in managing and transforming their customer service. Our expertise covers the full range of channels and use cases — from day-to-day customer support to sensitive situation management — in strict compliance with the sector’s regulatory requirements across European markets.
Yes, provided the provider complies with the applicable regulatory timeframes for complaints resolution and applies the institution’s defined procedures. The provider acts as a processor; ultimate accountability remains with the regulated institution.
Through a GDPR-compliant data processing agreement, individual confidentiality undertakings from advisors, secured system access (dedicated VPN, strong authentication, data segregation), and regular audits. A specialist banking BPO provider will have this documentation ready to share as part of the RFP process.
A sector specialist like Armatis already knows the vocabulary, the products, the processes, and the regulatory constraints of the financial services industry. Team onboarding is faster, sector-specific errors are avoided, and interactions with end customers are more credible and fluent from day one.
EBA guidelines do not prohibit outsourcing — they regulate it. Institutions must notify their supervisor of material outsourcing arrangements, include audit and exit rights in contracts, and maintain robust internal governance. A provider experienced in financial services outsourcing will be familiar with these requirements and able to support your compliance documentation.
Armatis supports banks, credit institutions, and fintech companies across Europe in transforming their customer experience. Regulatory compliance, sector expertise, and omnichannel capability: our teams are built for the specific demands of financial services.
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