How using voice technology for compliance monitoring impacts customer experience

How great customer experience can satisfy both regulators and consumers

It's estimated that US banks spend more than $1 billion a year on compliance. In some cases, it accounts for more than 10% of a bank's operating costs. In Europe, the average cost of compliance for banks is estimated at 4% of total revenue – but is expected to rise to 10% by 2022.

Voice technology provides significant improvements to contact center efficiency.

Regulatory compliance in organizations, as well as improving customer experience. Evaluating insights across all customer touchpoints allows organizations to analyze and identify areas of improvement and best practice. These insights can be used to boost contact center efficiency and provide customers with what they want, when they want it – and how they want it.

Customer experience matters more than ever, with regulators affected by what consumers say about organizations – and, in turn, consumers affected by what regulators say.

The crucial role of voice technology in compliance monitoring

Customer interactions now come from multiple channels, making regulatory compliance a complex challenge. Organizations face the risk of serious penalties for mishandling sensitive personal data from their customers.

In contact centers, customers often share sensitive information in high-pressure and dynamic interactions. For effective compliance, real-time active monitoring, analysis and agent guidance is crucial. Organizations need to be able to capture, retain, identify and retrieve every customer interaction if a regulatory breach is suspected.

Transforming voice data into text makes call recordings easy to locate and replay in the case of a compliance dispute. Recordings can be ranked by relevance and displayed as text summaries with search words highlighted automatically.

Using voice technology, contact centers can automatically evaluate and categorize every customer interaction into groups that are relevant to specific compliance regulations.

Balancing regulatory compliance and customer experience

Using a real-time voice technology solution can help with contact center efficiency and compliance during calls by ensuring the correct things are being said – based on guidance – and alerting contact center agents to prevent non-compliant behavior such as misselling.

By identifying possible areas of risk, contact centers can avoid mistakes and save customers a lot of hassle. Recording calls and transforming them into text using voice technology also enables companies to archive and analyze voice data – and combine it with other text-based customer interactions to provide a complete picture of the customer journey.

Using analytics to identify root causes of issues speeds up issue resolution and eliminates problems. In turn, first contact resolution is achieved – and customer satisfaction improved significantly.

Conclusion: Using voice technology for compliance monitoring improves customer experience

Companies should not face a trade-off between customer experience and compliance. By using voice technology to identify possible areas of compliance risk, contact centers can avoid mistakes and improve customer experience in the long term. By being compliant, companies can ultimately protect their customers.