With the introduction of MiFID II back in January last year and with regulations set to increase and become more burdensome, Financial organisations are faced with constant challenges around managing and accessing their call recording data.
Organisations need to be able to demonstrate immutable records of all their dealings and be able to retrieve these communications with precision and speed in the event of an audit or investigation.
It’s not just one or two issues that need to be managed – there’s a whole raft of challenges that at first glance can seem overwhelming. Faced with infrastructure complexity and records spanning decades, accessibility isn’t that simple and easy.
Obstacles getting in the way
Humanise the workplace series – Part 4
Ask any contact centre manager and they will agree that keeping their agents continually motivated, (in particular those with a longer tenure) throughout the year can be a challenge. These days, agents are dealing with surges in call volumes, changing technologies, increasingly complex customer cases across multiple channel touchpoints and last but not least, the aspiration to be appreciated and acknowledged in the work environment for all of their hard work.
As a result, agents can lose morale if they feel there is no overall incentive to stay. Ensuring your staff are engaged is vital to the success of any contact centre. Happier staff means happier customers. So where do you start? And how can Gamification help?
Ethical conduct has become a high priority in financial services. Following a series of high profile scandals ranging from the mis-selling of PPI to the 2008 global banking crisis. Authorities the world over have demanded greater transparency and greater accountability in the industry to curb the worst excesses.
In Europe, recently introduced regulations like MiFID II and GDPR have created obligations on banks, insurance companies, accountancy firms, financial advisers and others to beef up their internal reporting and monitoring mechanisms so they can demonstrate compliance with statutory standards. More generally, bodies like the UK’s FCA have pursued policies of reducing conduct risk, demanding that organisations under their remit proactively pursue better, fairer outcomes for customers.
In practice, this has put the onus on how service providers monitor and manage behaviours across their own organisations. The first challenge of the conduct risk agenda is that businesses must have complete visibility on quality assurance (QA) and service level metrics, for both front and back office, and must be able to streamline and coordinate oversight to ensure compliance.
Trust and credibility are central to the success of financial services organisations. Product mis-selling or unauthorised trading can destroy public trust and an organisation’s reputation overnight, not to mention dramatically denting its bottom line. To diminish the chances of such events actually happening, financial organisations must keep robust, thorough and immutable records of all their dealings and communications. Any voice recordings must be simple to find and easy to play back in the event of an audit or investigation.
This is an enormous challenge in itself for any organisation. Financial services organisations have amassed various solutions over time utilising very different call capture protocols, leaving them with disjointed data silos and records that are problematic to access.
The rest of this article can be found exclusively on the Finance Derivative website. Check out the rest of the article – ‘Managing Communications Compliance in a Litigious World‘.
Series 7 – 10 Things to Expect from Robotic Process Automation
Welcome to Part 7, the last in the series of – ‘An Insider’s Guide to Robotic Process Automation’.
Here are 10 things to expect from Robotic Process Automation in 2019:
1. Cost of Errors to Decline
Humans make mistakes. And some of these mistakes can be costly. Mistakes can also be costly to customer satisfaction and the organisations reputation. Robots on the other hand, do not make the same mistakes human do.
Robots might get thrown off by an exception in one of your processes or be triggered by a slow connectivity problem, but exception handling (presents the exception to the human employee for handling, fixing or decision making) will help minimise the impact.
From the beginning of time, organisations around the world have been dealing with the important challenge of driving growth whilst keeping costs down and customers happy.
However, we live in a time where customer’s expectations and demands continue to exponentially grow whilst customer loyalty disappears. Not only do organisations need to work hard to get new customers, they need to work even harder to retain existing ones.
Expectations around how service is delivered are changing. Increasingly, the old-style agent is not where customers expect to find answers to queries and solutions to problems, preferring instead self-help, peer-led and automated options. In the digital age, there are important questions for businesses to ask themselves about the nature of service provision, and where responsibility for it should lie within their organisation.
Financial services organisations have never been under more pressure to maintain tight control over their data. Regulations now require banks, insurance companies, financial advisers and many others to record every call, keeping up-to-date archives stretching back for extended periods. Driven by the agenda pressing for greater transparency in financial sectors, organisations must be able to retrieve and access information from individual calls on demand in order to remain compliant.
For large companies running multiple operations, perhaps in several different locations, the demands on managing call data create a huge logistical challenge. The call volumes involved are often huge and reside in multiple systems, making it difficult, time consuming and costly to find and retrieve data.
When legacy systems are involved that weren’t designed to be integrated with other platforms, access can become extremely difficult to manage.
Humanise the workplace series – Part 3
Agents will always be the most vital resource for your contact centre. As a contact centre manager it’s your job to boost employee satisfaction and retention, lower sickness and absenteeism rates and enhance customer service. The end result being improved profitability, a happier workforce and happier customers.
Finding the right Workforce Management solution can help you achieve these goals.
Series 6 – Cognitive Automation
Welcome to Part 6 of the Business Systems blog series – ‘An Insider’s Guide to Robotic Process Automation’.
In this series:
- Cognitive Automation
- AI-Based Automated Customer Engagement
- AI & Process Automation
- Exception Handling
- It’s a wrap
Original article (guest blog) taken from our partner’s website – Teleopti
Disclaimer – the solution is not an easy fix and might even go against your instincts!
We see it time and time again, Contact Centre Managers are constantly fighting the battle between meeting their service level agreements by having the right number of staff at the right time with the right skills, whilst also striving to retain their staff.
Employee retention has been one of the biggest Contact Centre challenges for a long time, and yet, Contact Centre annual attrition rates rarely fall below 50%.
We know what you are thinking – 50% seems high!