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Credit card issuers now outsource call center projects to offer improved customer support
Do you have many queries circling round your head right now regarding your credit card? Want some assistance to resolve your credit card payments? Want to enquire about the tariff and service charges that applies to your credit card? Then it is better that you call in the customer support staff of your credit card issuing bank to get your queries and complains addressed as soon as possible.
Nowadays most of the leading credit card issuing establishments outsource call center projects to a call center company so that they can handle the excess call volume and service requests. Call center outsourcing is becoming a common business practice for many credit card issuing banks as it saves them from taking excess pressure and also aids in cost cutting.
Outsourced call centers undertake various tasks on behalf of the credit card issuing banks. Some of them are like:
- Telemarketing and sale of credit cards: Here the outsourced call center agents call up customers to inform them about the availability of credit cards, various discounts on service charges of credit cards, availability of exciting offers for new customers etc.
- Query resolution: Outsourced call centers dealing on credit card services also dedicate them in resolving the various queries of customers regarding their credit cards. This service is available for both new and existing customers.
- Grievance redressal: Many times customers have various grievances and complaints regarding their cards. These may be addition of excess charges on their credit card bills, rejection of additional credit card applications, communication of wrong information to customers and many others. Agents of an outsource call center register such complaints of customers regarding their credit cards and seek to address them promptly.
Many times banks and credit card issuing corporations choose an offshore call center to handle the call volume and service request tasks. An offshore call center is a company that has been set up in another country. This is mainly done by the banks to save time, resources and money and also to increase their credit card customer service networks in offshore countries.
Why HNIs are so important to private wealth managers
Wealth management and high net worth individual – these two terms are highly interrelated. Simply put, wealth management service is rendered to high net worth individuals. Now if you aim to be a wealth manager or a financial advisor in a branded private wealth management company, the first task is to know -what HNI (High Net worth Individual) signifies and why it is important for you to concentrate on them?
HNI is a person who has large personal financial holding. Traditionally we used to name them Millionaire, but in recent years they are professionally known as HNI. Usually an individual having financial worth more than $1 million can be called as HNI.
Now what this High net worth implies in effect? The answer is your financial asset minus real estate. This valuation structure makes much difference in the number of people who can be classified as high net worth individuals. There are good numbers of people who have real estate included as assets and the part is worth excess a million dollars.
Therefore a new category has come up called ultra-high net worth individuals (UHNWIs). Generally these are the people who have assets in excess of $30 million. Only 1% of global population come into this category.
Though with diminishing dollar value against many other foreign country currencies, the definition of HNI has reduced to some extent, but from a wealth manger’s point of view the person is always important as a potential investor cum client.
Why HNIs are always on spot light?
Money matters for everyone for every reason. If you want to be an established portfolio manager or a wealth manager, you need to identify your client’s financial potential and the reason for him to invest in the market. Since private wealth management is purely a high value service conceptualized on reliability, experience and forecasting ability of a consultant, you need to find enough reasons before choosing a millionaire as your client.
HNIs are the targeted wealthy people who might be interested to your investment planning idea. Not all but many of them are equipped with good amount of money at their disposal. So it might be easier to convince them to go for profitable investment schemes.
In addition, most of the high nets worth individuals are so busy with their multi-business schedules that they can not afford much time to regulate their financial matters. In such cases importance of wealth management companies is rightfully understood.
5 Compelling reasons to refinance your mortgage
You should refinance your mortgage when you are unable to make mortgage payments for several months. It provides you an opportunity to replace your existing mortgage with a new mortgage loan having reasonable rate and terms. The money that you get from the new loan can be used to pay down the current mortgage while any remaining cash can be utilized for any other purpose. However, refinancing will be beneficial to low only when the refinancing mortgage rate is low.
Reasons to refinance your mortgage
The 5 reasons why you should opt for mortgage refinancing are given below:
1. Lower your monthly mortgage payment: When your refinancing mortgage rate is low or when your loan term is extended, your monthly mortgage payments will be reduced. In simple words, you can save more each month.
2. You wish to pay down your mortgage quickly: You can shorten the length of your loan term. It is true that your monthly mortgage payments will increase, but you’ll be able to save more in the total interest payment. Moreover, you’ll be debt free within a short period of time.
3. You need extra money to pay off credit cards: If you have sufficient home equity, then you might be able to borrow more than the existing loan balance. This extra money can be utilized to pay down high interest debts like credit card balances.
4. You want to convert an ARM into FRM: If you have taken an adjustable-rate mortgage, then refinancing your loan will provide you the chance to switch. Adjustable-rate mortgages are always unpredictable as you don’t know the amount of money you will pay in a month as the interest rate is variable.
5. You want to get rid off PMI: Private Mortgage Insurance (PMI) lets you to buy a residence if you cannot afford to put at least 20% down. This insurance assures the lender that he will get his money back in the event of loan default. However, when you refinance, you don’t have to make this extra payment as you pay down your mortgage.
The last reason is to refinance your mortgage will be to consolidate 2 loans into one. If there’s plenty of equity, then you can consolidate 1st and 2nd mortgages and refinance into a single first mortgage. Your monthly payment is likely to decrease as refinancing mortgage rate is generally low.
3 Major mortgage laws you must know
It is imperative to know about mortgage laws when you are thinking of taking mortgage loans from the lenders. The US government has introduced mortgage laws in order to monitor the mortgage lending process. A through knowledge on mortgage law will enable you to understand the mortgage lending process in a better manner. This article highlights 3 mortgage laws that you must know.
Mortgage laws
The 3 major mortgage laws are given below:
1. Truth in Lending Act: This mortgage law came into effect in 1968. This mortgage law specifies that the lenders should provide some disclosures to the borrowers. The lenders are required to provide the following disclosures – annual percentage rate, finance charge, total sales cost and total payments.
2. Real Estate Settlement Procedures Act: According to this mortgage law, the borrowers have the legal right to get some disclosures from the mortgage lenders. When borrowers are applying for mortgage loans, they are entitled to get Good Faith Estimate from the lenders. Basically, borrowers are entitled to get disclosures at various stages of mortgage loan process.
3. Home Mortgage Disclosure Act: This Act was passed in 1975. According to this Act, lenders must give public loan facts and figures on mortgage loans.
Finally, you should also know about New Homeowner’s Protection Act. This mortgage law is applicable to those mortgage loans that have been issued on or after 29th July, 1999.