Latest trends evolving in the BPO sector have largely driven the growth of this industry. The new trends in outsourcing such as global delivery of services and regionalization of operations have revitalized the industry. Furthermore, healthcare outsourcing has emerged as a potential goldmine for BPO companies. This is mainly due to the immense number of opportunities that arise from the new health regulation in the United States. Yet another new trend to watch out for is mortgage process outsourcing.
A report prepared by HfS Research, a leading analyst for business operations in the global service industry, states that mortgage process outsourcing is likely to benefit BPO companies and help them double their revenue. The revenue obtained through mortgage process outsourcing is reported to rise from $158 million for 2009 to $316 million in 2013. This is one of the new trends in outsourcing that is set to take the industry to greater heights.
Stringent verification requirements have been enforced by US financial regulators for securing mortgages. In addition, increase in default rates has led to several financial institutions and banks looking at mortgage process outsourcing as a viable option. Among the new trends in outsourcing, this operation comprises a whole gamut of activities that include loan verification, underwriting services, and many other foreclosure services.
Mortgage process outsourcing also involves operations with respect to documentation for claims well as counterclaims. Mortgage companies and banks aim at focusing on servicing loans and business development. They outsource documentation process to external companies that are BPO vendors. Suppliers will also have to provide platforms for banking services, which will help banks cut down on costs.
Trends in outsourcing: New delivery models
Trends in outsourcing dictate traditional delivery models to be replaced by efficient technology-enabled services. Client expectations for service delivery of all forms are likely to rise as standardization and automation become the key to enlarging the existing portfolio of operations.
The shift to highly automated delivery models that are configured to yield customized products and services is expected to transform business models and company cultures. Enterprises are increasingly seeking outsourcing firms that can offer the combined capabilities of ITO, consultation, BPO, and applications, which will guide them efficiently through shifting phases of growth.
As a greater number of companies are moving towards transparent models based on hybrid technology, a combination of all capabilities is required for the sustainability of the BPO sector. Outsourcing enterprises have to follow the new trends and seek out new ways for development and survival at the global level.