Building trust and operational excellence: How to achieve CX success in risk management
Actionable insights for prioritizing customer satisfaction and minimizing risk
In banking and financial services, delivering quality customer service while maintaining strict compliance with laws and regulations such as the Bank Secrecy Act (BSA), the Patriot Act, the Dodd-Frank Act and the Truth in Lending Act (TILA) is vital for trust and stability.
Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, for instance, require rigorous assessments and verification steps to reduce the risk of fraud, laundering and other illicit activities.
It’s critical to partner with an experienced business process outsourcing (BPO) company that successfully deploys the right combination of customer experience (CX) technology and skilled agents to mitigate risk and avoid reputational damage, fines, legal action and loss of license.
Here we’ll explore five ways interaction analytics, intelligent automation and skilled agents can help your organization ensure regulatory compliance, build customer trust and improve operational excellence.
1: Deploy interaction analytics to identify and resolve issues proactively
The ability to help agents understand the context of a call is critical to providing consistent, safe and high-quality services when dealing with sensitive financial information. Using interaction analytics to monitor 100% of customer calls allows leaders to identify and address compliance issues that may emerge during calls. By proactively rectifying shortcomings, organizations can ensure that every interaction is consistent with scripting and guidelines.
2: Streamline tasks to enhance efficiency and accuracy
Intelligent automation plays a crucial role in streamlining tasks and providing accurate data entry, reducing the burden on agents. By minimizing repetitive tasks, agents can be more efficient and effective when focusing on critical tasks such as loan applications and account management. This process will help improve business processes, reduce costs and increase customer satisfaction.
3: Transform insights into action to nurture growth
Utilizing analytics to identify trends, sentiment and recurring issues during live calls is vital. These insights can provide agents with relevant coaching opportunities and the next best action to ensure the proper steps are in place. Real-time recommendations are essential when identifying when and where to take additional verification steps that could safeguard a customer's account.
4: Guide and empower agent success to boost confidence
Empower agents with proactive suggestions and relevant knowledge articles based on automated transcripts and sentiment readings. By providing agents with real-time assistance and guidance during live interactions, they can feel confident that they have the necessary tools and knowledge to handle complex customer interactions accurately and precisely. This proactive support, in turn, improves agent retention, happiness and effort.
5: Identify learning opportunities to fine-tune skills for excellence
Based on the insights gathered from analytics, identify and create microlearning environments that can serve as immediate learning opportunities post-call. Deploying short, quick and powerful lessons focused on particular words or phrases guarantees an agent is well-equipped to solve recurring challenges right in time for the next call.
Get to the heart of every customer interaction
In banking and financial services, we understand that proactively exceeding customer expectations and identifying risk areas are crucial to boosting satisfaction, ensuring trust and increasing business growth.
That’s why Foundever’s Real-Time Agent Assist solution leverages CX technologies to monitor customer and agent conversations across all interactions. By utilizing interaction analytics and intelligent automation, we can capture what is said and unsaid, enabling a proactive approach to support and enhance the agent's efficiency during calls.
Our Real-Time Agent Assist equips agents with live recommendations and the next-best actions that can be deployed during conversations. It also provides live sentiment readings, guiding agents to effectively understand and address customer needs. Establishing this workflow across each interaction helps increase first-call resolution while promoting a productive environment for agents and customers.
If you’re interested in learning more, download our newest white paper, "Risk management strategies for CX Success: A guide for banking and financial services leaders," to explore the benefits of utilizing Foundever's CX technology and skilled agents to mitigate risk while prioritizing quality customer service.