If you are a newly established mortgage broker looking for Business Process Outsourcing services, you’ve come to the right place. We completely understand that becoming a successful mortgage broker is not an easy task especially in these competitive times. Hence this article is for brokers like you who have questions about Business Process Outsourcing.

Here, we have explained what is Business Process Outsourcing and its advantages are, Where can you look for a Business Process Outsourcing company and How to choose the Best Business Process Outsourcing Companies for your business. We have also explained what makes virtual assistant different at Outsolu Nepal and also answered the Frequently Asked Questions (FAQ) that mortgage brokers ask our company.

Read on as we tell you more about Business Process Outsourcing, how it is helpful to mortgage brokers and why Business Process Outsourcing is the best option for you to be a successful mortgage broker in Australia.

What is a Business Process Outsourcing?

Business Process Outsourcing service (BPO) is simply the process of subcontracting one’s company’s operations to a third-party company, also referred to as a business outsourcing company. In other words, it is the function of providing assistant services to a client company (in our case, the mortgage broker). This type of BPO company specialises in providing back-office services such as data entry, record maintenance, compliance, clearances, follow up and settlements among other services. Many mortgage brokers struggle through these operations despite being an established company.

The significant part of Business process outsourcing is that it can function as back-office service providers from any part of the world, all due to the advancement in technology. People can hire back-office work outsourcing from within the same country (onshoring) or even a different country (offshoring). So you can say that a broker in Australia can get his work done by the people in Nepal in real-time. Of course, the time should be worked appropriately for both countries, but that is a different topic we will talk about as we proceed.

Advantages of Business Process Outsourcing

Business process outsourcing also referred to as back-office process outsourcing in the mortgage industry has many advantages. Some of them include:

Flexibility
The main advantage that back-office outsourcing offers is flexibility. The outsourcing services allow the broker to allocate the resources in an efficient manner and frees the internal staff to focus on the core business objectives. It also creates a competitive business advantage to thrive well among the competing businesses in the industry. Back office outsourcing is an excellent solution for adapting flexibility for a mortgage brokerage company.

Extra time
One thing we can assure you is that by business process outsourcing service you can earn extra time for you to find prospective clients, build a network and promote your business. While the office staff outsourcing service handles your internal daily operations, you can focus on better and more productive aspects of your company.

Save cost
Business Process Outsourcing helps to save cost on infrastructure, office space and supplies. Moreover, you can hire talented employees at a lower cost. People usually outsource office staff to minimise their administrative costs.

Experienced professionals
Back office outsourcing services help you enjoy the skills of trained, experienced professionals around the globe while working from your office location. Through these office outsourcing services, you don’t have to be limited to only a handful of employees.

How To Choose The Best Business Process Outsourcing Company?

BPO is one of the critical strategies for a mortgage broker. If you do not select a good BPO company, it may actually have more cons than pros. Below is what you can do to choose the best BPO company. 

Reference Check
You can do a reference check by contacting their existing mortgage broker clients. 

Company Portfolio
Work experience of team leaders, virtual assistants and a number of clients. 

Specialisation
There are a lot of back-office outsourcing companies, but chose the company that specializes in Niche such as Mortgage Broker. They are more expert in the industry

Free Trial and Guarantee
Make sure the companies provide free trials or service guarantee which itself is a sign that they provide excellent service quality.

Where Can I Look For Business Process Outsourcing Services?

Many business outsourcing companies provide outsourcing services. Like we mentioned before, the BPO provider can be a business outsourcing company from your own country or even a different country. However, outsourcing is best when done offshore as you can hire a human resource who has a high level of work experience at a lower cost than onshore BPO. There are outsource virtual assistants in Australia. Then there are virtual assistants in countries such as Nepal (like us Outsolu Nepal) who are providing business process outsourcing services to Australian mortgage brokers.

Talking about Outsolu Nepal, we are a back-office business process outsourcing company from Nepal that provides services to mortgage brokers in Australia. We aim to become the solution for our clients who are searching for outsourcing office services. With a remarkable team of professional virtual assistants working to entertain your needs at all times, Outsolu Nepal is one of the leading companies for back-office outsourcing solutions.

Does My Business Need To Be Large To Use VA Services?

No, the Virtual Assistant services for business process outsourcing in Nepal is suitable for all small to large size businesses. We appreciate and treat all companies equally.

What Makes Outsolu’s Virtual Assistant Service Different?

Our Virtual Assistant team at Outsolu Nepal work diligently to provide you with the best back-office outsource service. All our customers believe that we are worthy of their trust and are satisfied with our services.

The reasons that make our services different from other BPO companies are as follows.

Full-Time Virtual Assistant
You can hire a full-time virtual assistant for your company.

Competitive pricing
In return for full time Virtual Assistant service, our cost is one of the most competitive prices that you will receive. You can get more detail about our competitive pricing here.

Highly Trained across all major Aggregator
We can proudly say that our virtual assistants know their way around all major Aggregators. They are capable of working with all sorts of Aggregators.

Responsibilities Of Virtual Assistants At Outsolu Nepal

Virtual assistant at Outsolu Nepal perform the following responsibilities for each client:

• Perform all daily tasks and activities as per the instructions and requirements of the client,
• Perform the Data entry tasks: maintain important logs and documentation,
• Follow the progress on the application at various stages starting from application submission to post-settlement.
• Handle complicated customer queries, issues, complaints, and questions,
• Discuss and correspond every complicated matter and problems with the broker regarding the client’s application if required,
• Notify broker on even the smallest changes made on the client’s application file,
• Improve performance continuously to provide the best quality service to the client.

What Is Your Experience In This Field?

Our senior Virtual Assistant and co-founder Miss Shubhechchha Shrestha has work experience of more than four years in this business process outsourcing profession. She has been previously working as a Virtual assistant for a loan processing company, but recently came together with colleague Mr Prasun Shakya to establish Outsolu Nepal who has more than 3 years of experience in this industry as a team leader.

Our other virtual assistants also carry an experience in this field since the day of the company’s establishment.

Part-time or Full-time services?

Now the level of service that you receive entirely depends on the service package that you deal with us. If you prefer our full-service support, then you will be receiving our full service which includes completing tasks in CRM, Loan processing from pre-lodgement stage to post-settlement stage and even SEO optimised Content Writing.

Unfortunately, we have discontinued our loan processing service on a per-file basis or part-time basis due to not being effective and efficient.

How Long Would It Take To Become Familiar With My Process? 

When you provide your CRM login details for the first time, our virtual assistants conduct a dummy test to know how your process works. Moreover, we get used to your procedure after completing two to three client application. Speaking about taking over your function, it usually happens over a period of 1 week.

Will I Get Access To My Records In Your Business Process Outsourcing Service?

Yes, you will have access to all your records. As mentioned earlier, we only provide back-office services; we perform the operations while keeping you informed on a regular basis.

With regards to access to the records, we keep notes and updates of the application’s progress in your CRM. You can look into your client file anytime you wish to. Also, we can discuss other related matters via email or phone calls. All the clients’ documents are worked on and stored in your company’s cloud storage as per your process. 

Is Business Process Outsourcing Safe? How Will Outsolu Nepal Secure My Data?

Yes, BPO is completely safe and secure.

We at Outsolu completely understand your concern when hiring outsourcing service providers; hence we use highly secured networks, firewalls and other security to protect any form of threats, data breach or data loss. In order to protect your customer data and privacy, we use the Chinese wall method. The working mechanism occurs in the cloud-based environment which is known to be one of the most secure means of transferring and storing data.

Also, the privacy of the broker’s clients is entirely maintained by us, the outsourcing service provider. The employment agreement, which includes the protection of data and intellectual property, is signed by all the Virtual Assistants. If there is a violation of any condition in an agreement that affects our clients, it may result in the termination of the employment contract, as well as legal charges. This ensures your clients’ data and information are secured with the highest security level.

What Is The Minimum Number Of Staff I Can Employ?

When you hire our company for outsourcing back office, you can enjoy the full staff-outsourcing service. Few of our trained employees will be assigned to handle only your clients and your work. However, we will allocate other extra employees when necessary and as per your need and requirement.

How Much Time Would I Need To Train Your Employees?

Let us clarify that once you wish to accept our business process outsourcing services, we will provide highly professional and skilled virtual assistants who are already trained and have gained years of experience. These virtual assistants are your dedicated full-time virtual employee, so you can assign any tasks you would want to. However if your work process is different from what our virtual assistant is trained, you may need to provide a briefing to our virtual assistant.

Below are the various training provided to our virtual assistants:

• Loan Processing from pre-lodgement to post-settlement
• Completing tasks in Major CRM such as Mercury, Loankit, Podium, Fleats, Flex, Chief.
• SEO Optimized Content Writing

Besides the above training, you can train them as per your need and have various tasks completed as well. Our virtual assistants are always motivated to learn new things and grow with you. We will manage the time as per your schedule.

How Do I Show My Virtual Assistant What I Want Them To Do?

The easiest way to explain your techniques and tricks is through training videos. These videos provide knowledge and instructions for the virtual assistant assigned to you. It makes them clear about the process, be confident in their tasks and minimise mistakes.

Also, another effective way to train them is through google hangouts or skype using the screen share option, where you can share your screen of the actual task performed. Besides this, you can also conduct call sessions or send instructions via emails but that could be time-consuming and can create confusion along the way.

Is There A Language Barrier When Using Outsourcing Services?

No, there will not be any language barrier during the communication as all our employees are fluent in written and verbal English. During the recruitment phase itself, we select employees who have a better command of the English language. If you are concerned, do feel free to conduct a test to know the level of language knowledge of our employees.

How Often Would I Receive Communication Outsource Office Staff?

In the business process outsourcing, there will be communication on a regular basis between us once you become our client. Your virtual assistant will notify you of the progress. This communication is done consistently via phone calls and emails (we use Outlook, Gmail, Google Hangouts and other broker preferred tools).

What Happens When A Virtual Assistant Make A Mistake?

If our virtual assistant makes a mistake and if the error is minor, they will rectify it on their own. However, if the issue is significant, then we must notify you. After that, we can discuss how to solve the issue without causing any problem for the client. Also, if they make a mistake, this will affect their performance evaluation. Due to this, our virtual assistants are very careful in all their tasks with meticulous attention to details.

Will The Difference In The Time-zone Be An Issue?

The virtual assistants at Outsolu work from 7 am to 4 pm local time, which is equivalent to the following time in different regions of Australia. One of our virtual assistant have a written article about her week as a virtual assistant working for Mortgage Brokers in Australia.

What Is The Payment Procedure At Outsolu Nepal?

In the case of the payment procedure for business process outsourcing service, we deal with the Australian dollar. You can transfer to our Australian bank account directly.

We charge at the end of every month, and we will send the billed amount through an invoice. You are required to pay the amount within 7 business days as per the payment terms.

Can I Speak With Some Of The Current Clients?

Regarding current clients of Outsolu Nepal – Of course, you can speak with them. However, since our client will be busy, we will first request them to entertain your calls or email. We will provide your details only if they are ready to speak to you.

How Do I Get Started?

Once you decide on Business process outsourcing in our company, we will schedule a meeting on your preferred date and time where we can discuss your business needs and identify your requirements. In return, you need to provide us with:

• Email account set up for assistance under your company’s name.
• CRM login details under your Virtual Assistant Name.
• Access to client’s supporting documents.
• Your Broker Code.

Once all set up, you have to send a fact find/application form of the client along with supporting documents. Our Virtual assistant will then proceed to the task.

Whom Can I Contact For More Queries?

For any further queries or better understanding of our company and what we do, drop a message at our website in the section enquiry form. All your queries will be replied to as soon as possible by our staff. You can also contact us directly by emailing us at info@outsolu.com or via phone at 02 8003 4673.

Thus, in a nutshell, we would like to conclude that Business Process Outsourcing is the best growth strategy for not only 2019 but for all years to come. Many mortgage brokers have started to realize the positive effects of this business process outsourcing service and have adapted to this culture as soon as possible. So, without further adieu, contact us and enjoy the back-office services provided by us, Outsolu Nepal. If you want to know more about our Virtual Assistant Service and the pricing, you can go to this page. We promise to make your business operations as easy and smooth as possible.