Speech to text transcription converting 100% of your call recordings to text, which means that you can identify what was said and what was missed on all your customer calls
Searches and reports against identified compliance criteria, which means that we will highlight good or bad practice, enabling you to accurately focus training needs and achieve positive customer outcomes
Dedicated analysts to support each client, which means that we allocate to you specialist expertise with vast experience drawn from multiple industry sectors
Customisable campaigns with bespoke reporting, which means that we enable managers to drill down and review individual agent scores and call quality.
Individual consultation to identify and recommend search criteria, which means that we help you achieve your business aims and reduce process inefficiencies
Provides meaningful management information via an at-a-glance ‘traffic light’ dashboard, which means that we help you easily identify compliance issues for escalation and risk assessment.
Case Studies & Insight
Working From Home – The need for enhanced compliance
In the current climate, it is not surprising that contact centre staff are being sent home. Traditionally working in close proximity to each other to generate positive sales or service environments, companies have had to adapt to the changes in working patterns enforced on them by COVID 19, by shutting contact centres down for now.
Recent industry commentary from New Street Group, stated that…
“Highly regulated businesses, including financial services and utilities companies, are urgently trying to fix the problem in a bid to avoid hefty fines from potential customer service failings”.
This situation is likely to rapidly get worse with the lock-down in India creating a huge gap in the supply chain for contact centre workers and the likelihood of mass lock-downs in other jurisdictions.
What is clear is that the initial temptation to close down compliance departments, suggested by some commentators, would be not only shortsighted, but extremely risky…
“Companies will be reviewing systems and processes to enable quicker responses to remote working scenarios and will also need to automate more of their critical functions” … according to HFS Research when also reviewing the crisis.
Even during these desperate times, compliance activity needs not just maintenance but scaling up to protect businesses from future customer or regulator driven criticism and subsequent fines.
For contact centres, Yabber has the solution; 100% of customer calls are transcribed and analysed to identify compliance risks, help identify vulnerable customers, measure complaints and provide meaningful insights into customer engagement.
Never has the adage “If you can’t prove that you said what you say you said, you didn’t say it” been more appropriate and of course that is not limited to verbal communication.
64 Million reasons to reduce call handling risk!
A regular theme in conversations with our clients, both Rockstead and Yabber’s, is the true cost of non-compliance. We make no excuse for banging on about it – too often we learn that the first functions to be axed as part of a cost-cutting exercise are risk and compliance. Firms who focus on such programmes simply highlight that they have an opposite mind set to regulators – while they focus on operational cost savings, regulators focus on customer outcomes.
The recent bank fine of £64m, which would have been £91m were it not for an early settlement discount, clearly highlights another example of the direct cost of non-compliance. It could have been worse; the decision notice, where the final fine amount is articulated, shows that a ‘step 2’ amount of £152m was also considered. The fines, of course, do not include the cost of investigating the issue, skilled person reviews or remediation. The total cost of non-compliance is therefore significantly higher than that reported.
While the focus of this fine was arrears and forbearance activities, we look at such FCA decision notices to garner underlying non-compliance themes. Two themes emerge from this decision notice and both relate to the independence of any oversight processes.
1. Three lines of defence model
The decision notice shows that “Conduct, Compliance and Operational Risk” was responsible for “providing independent assurance”. We have always argued that where any one of the three lines of defence are employed by departments within the business it is clear that they are not ‘independent’. Those responsible in businesses, either Boards or Risk Committees, need to consider this lack of independence and apply a sceptical appraisal to all the reports they receive. In our view, the third line should be truly independent and external. Anything else is a false economy.
Working From Home In A Post COVID-19 World
To say 2020 has turned out a bit different than we thought would be an understatement. The tragedy of COVID-19 from a health perspective can be seen all around the globe; many people have lost their lives, our daily activities have been severely impacted, jobs have been lost and for those fortunate enough to still be working, the majority have done so from home.
This short guide is not designed as a plan to quickly transition from the depths of this pandemic. It serves as a tool to assist managers in contact centre environments pragmatically address the challenges (that were always there, just now more visible) of operating a contact centre in a remote working environment.
This short guide looks at the operational and technological tools available to managers in regulated environments who want to put in place a comprehensive quality and monitoring framework to achieve both compliance and commercial goals.