CEO Blog

When it comes being compliant, call centers serving the financial and lending industry have two masters to serve—federal and state regulators as well as their online lending customers. Considering the size of the compliance fence, there is always the potential for a weak link. Fingers are pointed at call centers often enough, especially since fraudulent loan applicants and identity thieves see them as easy targets. Federal and state regulators also have call centers in their crosshairs. Loan applicants must be given certain pieces of information regarding lending and the Fair Debt Collection Practices Act governs the ways in which outstanding debt is collected. Loan applicants must receive and show understanding of loan origination and disclosures, which can be challenging over the phone.

We have an obligation to stay at the forefront of current call center trends. It’s one of the reasons that Centrinex is a respected provider in the call center industry. As a call center leader, staying not just on top, but ahead of trends is imperative to our online lender customers’ success. Call centers and the industry as a whole are experiencing a wide range of innovation. For Centrinex, we’ve taken these outside trends and improved upon them internally to better support our clients’ needs and goals. Understanding the current and upcoming call center trends is a requirement for online or payday loan lenders to improve efficiencies and increase profit, while enhancing customer service.

The call center industry and the online lending clients it serves have seen a fair share of debate over onshore versus offshore call center outsourcing. As a call center provider that offers both options, Centrinex is a neutral party in this ongoing discussion. Each type of call center has its own benefits, downsides and trade offs. The differences between onshore and offshore call centers boil down to three factors: cost, language and location. Online lenders must weigh the pros and cons against their budget, business practices and goals to determine whether an onshore or offshore call centers better suits their purposes.

Have you reached the point where call center outsourcing has become a real possibility or even an immediate necessity? Congratulations on your burgeoning business. Here are a few things to consider before pulling the trigger on outsourcing and choosing a call center. How’s your space treating you? Having the perfect amount of space is paramount to business growth. Enough space is required to grow, however, no one wants to pay for more square footage than necessary. Planning on relocating when more space is needed isn’t the best option since moving is extremely disruptive to business as usual.

Call Center Lobby / Cafeteria in Costa RicaCentrinex began its offshore call center operations in Costa Rica back in 2008. Since that time many of our online lending customers have taken advantage of the Costa Rican call center’s attractive options. Currently the offshore call facility employs 65 people, but the space and infrastructure is ready for expansion up to 275. If you are or soon will be considering an offshore call center, Centrinex’s facility in Costa Rica comes with several possibilities tailored to your needs such as:

Currently, there is no limit to the number of payday loans a Delaware resident can take out over any given time period. But that will change on January 1, 2013 when a new law, patterned after similar laws in Washington and Illinois, takes effect. Payday lenders are anticipating changes in their systems and reporting as more states could follow in Delaware’s footsteps.

Centrinex, a leader in call center management for the financial services industry, will be attending this year’s Online Lenders Alliance Spring Summit in Washington, DC. Our CEO, Bart Miller, has served on the OLA Board since 2009 and is the Board liaison to the Emerging Lenders Council.