Posts Tagged ‘FSA compliance’

How to achieve contact centre compliance and minimise financial risk with new live speech analytics

Tuesday, November 22nd, 2011

Achieving consistent compliance is high on the agenda of most regulated organisations due to the increasing risk of crippling financial penalties. New live, on-call, speech
analytics technology can enable such organisations to minimise their risk while at the same time increase operational efficiencies and improve quality assurance.

For contact centres selling finance, insurance, mobile phone contracts, utility contracts or even tasked with debt collection (to name but a few), there are certain key statements which have to be said when talking to customers over the phone. Neglecting to ask key questions such as “this is a five year contract, are you happy to go ahead?” can make a contract null and void or leave the organisation open to non-compliance penalties by industry bodies such as the Financial Services Association (FSA) and more recently in the media Ofgem who have imposed multi-million pound fines on an increasing number of the “Big 6” energy suppliers.

By way of example, one particular mobile phone retailer was fined £245,000 in 2006 for not treating its customers fairly following telephone sales of general insurance. Rather than telling the customer over the phone information such as features and benefits of the mobile insurance policy they were buying, how long it lasts and the duration of the ‘cooling off’ period, they planned to send out a written document following the call instead. However 118,000 customers never received the document, and therefore the fine was issued. What’s more because the FSA was not informed of the system’s failing in a timely manner the fine was particularly harsh.

This organisation experienced a dilemma shared by many call centres. They had a choice to either train their telesales agents to remember to give and obtain essential information during the call, or choose to send written documentation after the call. The latter of which clearly failed.

Human error or system error: both can be avoided, but historically it has proved harder to prevent human error. How many senior managers have had one of those moments when a poorly handled call, or series of calls has led to particularly bad PR or direct loss of revenue?

The first generation of speech analytics solutions in use today aim to pinpoint calls and agents that are non-compliant by analysing hours of voice recordings, but unfortunately not before the damage has already been done. Call backs to the customer are then required to rectify the situation which can reduce first call resolution and increase customer dissatisfaction and call handling time.

While many of the first generation speech analytics vendors have moved sideways into providing multi-channel analytics (to include data analysis of emails, SMS texts, Tweets etc.), there is one vendor that has focused on perfecting the ability and benefits of live, on-call, speech analytics. GemaTech’s new Call Analyzer monitors and analyses calls as they happen on agent by agent basis, enabling an interactive desktop prompt to commend or correct every agent as their call progresses. Not only are calls now recorded for compliance purposes, but every call is monitored and analysed automatically so that cases of non-compliance are instantly highlighted to both agent and supervisor providing the ability to address the issue before the call is finished.