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Four Strategies to Improve Competitiveness, Compliance and Efficiency in the Contact Center

In today’s marketplace, there are a numerous obstacles that add costs and complexity to producing continuous customer satisfaction in the contact center. From handling the range of multi-channel customer interactions to increased regulatory oversight, your company is faced with the daunting task of remaining efficient and compliant while still ensuring your customers receive the best possible service.

Below are four strategies that can help financial services contact centers improve their operations to ensure success in today’s varied and complex market.

Take control of compliance management

The financial services industry not only faces more regulatory oversight than ever before, but the penalties for non-compliance are more expensive too. Finding a proven and accurate way to handle compliance management has fast become top-of-mind for financial services companies. With so many interactions flowing in and out of your company, coupled with the ever-changing jargon used within the industry, finding and fixing compliance lapses can feel like trying to hit a moving target.

To help manage the complexity financial services organizations are advancing their compliance management programs. One tactic is adopting systems that automatically uncover and route high-risk interactions to appropriate individuals or teams for review and remediation. Identifying and isolating compliance risks before regulators take action and responding quickly to discovery requests can save organizations substantial costs and reduce risk. Beyond the benefit of addressing acute issues, rigorous compliance solutions help shore up defenses against future lapses.

Ensure a seamless and smooth customer journey

While compliance issues are certainly driving changes to operational process, your business wouldn’t be much without the loyalty of your customers. As customers use a variety of methods to communicate issues and concerns, it is becoming increasingly difficult to keep track of their journey across these multiple channels. For each customer that falls through the cracks in the form of repeat calls or unresolved issues, their dissatisfaction grows, leading to churn which in turn has a direct impact on market share, revenue and profitability.

Through the use of interaction analytics in the contact center, agents, supervisors, as well as marketing, sales and operations can better keep track of each and every customer journey. So, no matter if a customer calls your contact center, sends an email, or chats through the web, your company can know the context surrounding the interaction and act accordingly. As a result, organizations will be able to solve customer issues quickly and efficiently while maintaining a high level of quality.  

Develop teams with the right people

Hiring professionals who can empathize with customer issues while striving to produce satisfaction is essential to any staffing decision. The modern call center, however, is surrounded by tools and technology that can distract that experience if either the process is broken or the team on the ground isn’t malleable. From portals to dashboards to real-time alerts, look to hire and develop staff who demonstrate flexibility and adaptability in technology-rich and rapidly changing environments.

Understand and act on information

Over the past decade, there have been significant advances in technology to help organizations analyze 100% of their interactions and get to the root cause of any issue. The insights directly affect customer retention, compliance management, competitive intelligence gathering, as well as sales campaign and agent effectiveness. With random sampling, in contrast, organizations can’t be sure they’ve captured all of the interactions of concern -- and guessing isn’t a powerful strategy. That said, analytics solutions aren’t magic; they will never care about your customers, your regulatory obligations, your revenue or your profitability. What we can ask of analytics, however, is to provide capabilities that help caring individuals ask more meaningful questions while using richer data and more complex relationships to derive answers. That means analytics isn’t something your company buys; it’s something your company does. With huge amounts of information pouring into your financial services company on a daily basis, figuring out exactly what to do can be difficult. Bringing together interaction analytics technology and the right people will go a long way towards interpreting the mountains of data that you’ve been collecting and making significant changes based on what you’ve learned.

When it’s all said and done, the innovations that your company invests in are only worth the results you’re able to realize. With the right technology analyzing each and every interaction along with the right people helping to turn insights into positive action, your company will find real value and success.