In today’s highly competitive financial landscape, financial institutions (FIs) face significant pressure to remain efficient, cost-effective, and agile. Managing teams, streamlining operations, and focusing on core activities can be challenging, especially when balancing regulatory demands with customer/member expectations. One increasingly valuable solution to this is the Service Desk. By employing service desk specialists in operational functions, FIs have saved money, improved efficiency, and been able to concentrate on their primary goal: enhancing customer/member experiences. Over 60% of FIs report that cost savings are a primary benefit of outsourcing. This blog will explore why a Service Desk is a smart choice for FIs and how it can support the achievement of long-term goals.

Quinte’s Service Desk involves outsourcing specific processes or workflows to a team of specialists. For financial institutions (FIs), these processes can include non-core activities like deposit operations, financial crime and risk management and lending/ underwriting support, as well as more specialized tasks such as compliance management. By partnering with Quinte for its Service Desks, FIs can focus on their core competencies while leveraging external expertise for increased efficiency and cost-effectiveness.

FIs turn to Service Desks for various reasons, such as cost savings, access to specialized skills, and the need to focus on core functions with the help of a staff augmentation strategy. Below are the key benefits that make it an attractive option for FIs:

1. Access to a Global Talent Pool
Service Desks give FIs access to specialized talent that may not be available in-house. For instance, a lending service desk provides deep expertise in loan processing, risk management, and regulatory compliance. As the global outsourcing market exceeds $245 billion, access to such expertise ensures that FIs can maintain high service standards, stay updated with the latest trends, and meet compliance requirements.

2. Focus on Core Competencies
Service Desks allow FIs to concentrate their resources and efforts on core objectives such as enhancing in-branch experiences, customer/member service, and developing innovative financial products.

3. Cost Savings
One of the most compelling reasons for a Service Desk is the potential for cost savings. Externalizing non-core functions can reduce overhead costs by up to 59%, including salaries, benefits, and office space. With global operations, service desks pave the way for competitive labor costs, benefiting FIs from reduced operational expenses.

4. Scalability and Flexibility
Service Desks allow FIs to scale their operations based on demand. During peak times, an FI can ramp up support by delegating processes to external providers. Conversely, a service desk makes it easy to downscale during slower periods without maintaining a large in-house team.

5. Risk Management
Externalizing can help FIs manage risks more effectively by sharing responsibilities with Service Desk specialists. For example, the AML/BSA Service Desk enhances regulatory adherence through expert management of suspicious activity monitoring, sanctions screening, and reporting. Nearly 79% of FIs leverage service desk compliance functions to mitigate risks associated with fluctuating market conditions or changing regulatory environments. Service desks are equipped with resources and expertise to respond to such challenges quickly.

6. Improved Efficiency and Productivity through In-Office Expertise
Service desks are staffed with experts who possess specialized knowledge in their domains, supported by refined processes that drive operational efficiency. By operating in a 24/7 work-from-office environment, these teams can ensure faster response times and higher resolution rates.

Some of the advantages of working from the office include immediate collaboration, enhanced communication and stronger team dynamics that cultivate a sense of accountability, which can significantly boost morale and productivity. By leveraging the expertise available in a dedicated office environment, FIs can significantly enhance their overall operational efficiency and productivity.

7. Enhanced Customer/Member Experience
In an industry where delivering superior experience is crucial, especially during the busy holiday season, a Service Desk allows FIs to provide high-quality service consistently. With around 90% of customers/members expecting uninterrupted service, delegating this to a partner like Quinte helps FIs meet this demand, ensuring operations run efficiently, enhancing brand reputation, and fostering loyalty.

Quinte’s Service Desk powered by platform-agnostic domain experts, covers a wide range of services:

• Financial crime and risk management (FCRM)
• Analytics
• Deposit operations
• Lending services
• Contact center
• Niche support
  • Project management
  • IT development
  • Quality as a service
  • Financial & Accounting
  • Training
  • Business Analysts and advisory

At Quinte, we adhere to a dedicated 24/7 in-office work model, enabling us to deliver seamless service and maintain comprehensive coverage for all Service Level Agreements (SLAs). This commitment ensures that we provide consistent, real-time support and uphold the highest service quality and responsiveness standards, giving you the reassurance of our commitment to excellence.

Quinte’s Service Desks are designed to drive transformative results for FIs, whether your goals are reducing costs, streamlining processes, or elevating customer/member experiences. Partner with Quinte today to advance your operations toward peak efficiency, innovation, and sustained success. Contact us now to learn how our service desks can meet your needs.

How will Quinte access your FI’s data?
Data remains secure within your servers with VPNs, enabling authorized Quinte experts to access it as per the agreed and signed SOPs while minimizing the risk of exposure outside your system.

Does the data go out of the FI’s control?
No, Quinte experts access the data remotely via a secure VPN. Quinte follows strict security protocols at both firewall and machine level restrictions.

Is there a Governance Framework in place?
Yes, our governance model incorporates comprehensive oversight and management to ensure alignment with the FI’s goals, including:

• Dedicated Project Management Office (PMO): Provides centralized project coordination and accountability.
• Performance Management: Monitors and optimizes team performance to meet key objectives.
• Risk Management: Identifies, assesses, and mitigates potential risks to ensure stability and compliance.
• Regulatory compliance: Quinte is PCI DSS 4.0 certified and SSAE 18 assessed, ensuring the highest compliance standards.

What is the process for training service desk staff?
Quinte houses a training function with best-in-class trainers and incorporates a train-the-trainer (TTT) model, relieving the FIs of any repetitive training. TTT ensures all client training is SOP driven with strong governance and knowledge check tollgates.

Are there any SLAs (Service Level Agreements)?
Yes, SLAs are established to ensure specific service levels are met. Quinte promotes agreeing and signing off the SLAs before any statement of work is executed. We provide strong reporting dashboards spread across daily, weekly, and monthly periods ensuring no service gaps.

– by Ankit Maharaj Singh
Senior Vice President, Strategic Growth