How to Ensure Compliance without Compromising on Customer Experience

We are in the midst of a huge regulatory change that is unfolding before our eyes.

The Dodd- Frank Wall Street Reform and Consumer Act has brought about the most significant change to financial regulation since the Great Depression. The Consumer Financial Protection Bureau (CFPB) which has about 1,000 staff and over $450 million  in budget, have levied massive enforcement actions including $550 million in public penalties.

Regulatory rules that will change the way service providers will operate are being finalized, and there are currently many institutions that are under active audit or other forms of regulatory pressure.

The Balance of Regulation and Customer Experience

The CFPB is looking to effect a very fundamental change in the balance of power between consumers and the financial industry. The threat of regulations means that the way financial institutions treat their customers is at risk, when trying to find the right balance between regulatory compliance and providing a good customer experience.

Service provider's contact centers are the most exposed in this respect (and in many cases are the weakest link in the chain), as the contact center agents have to navigate through regulations, disclaimer scripts and customer consent. In addition, service providers need to make sure their agents can remain in compliance without compromising on service.

When we look at the issue of customer interaction compliance, we've identified three core areas of capabilities that need to be addressed:

First, it's about controlling what's happening within that interaction ensuring in real time that agents are complying with regulations whilst providing a good customer experience.

Second, it's about giving service providers visibility in to what was happening in the interaction and the tools to quickly investigated the interactions and alert to possibilities of risk.

Third, it's about the ability to prove what went on, both internally and when confronted with a regulatory audit or investigation.

Consumer compliance requires accurate and timely communication with your customer, with real-time analysis and systematic interaction retrieval. In a high-pressured and dynamic contact center where sensitive customer information is shared every day, NICE can help you minimize the risk of costly regulatory breaches. To learn how, click he​​re