• Parsing trends, such as complaints, can identify potential compliance violations before they escalate into regulatory action. In addition, identifying vulnerable customers ensures those with specific regulatory needs receive appropriate treatment.
• Real-time compliance monitoring and alerts can scan conversations for instances where agents need to use compliant language in real time. Agents can be guided and supported to identify where there may have been a miss.
To avoid escalations, automated alerts can also notify supervisors of potential issues. This allows them to intervene immediately, if necessary, rather than discovering problems weeks later during audits.
In fact, a recent report published by the FCA proves that these approaches are working. It outlines how some organizations have successfully embraced processes that improve the treatment of vulnerable customers, in compliance with Consumer Duty. These include:
• The application of real-time alerts to notify frontline staff when a customer says a word or phrase that could indicate a potential vulnerable characteristic.
• Using AI to monitor and flag conversations with potentially vulnerable customers. Human management can then manually check the interactions to confirm appropriate support was given, and if it wasn’ t, contact the customers directly and coach the agents for future improvement.
Step 3: Balancing automation and human intervention
Automation and AI are playing an increasingly crucial role in compliance. According to the 2024 CallMiner CX Landscape Report, 31 % of companies say that automating compliance and quality assurance( QA) is a primary motivator for adopting AI. Moreover, nine in 10 organizations believe that AI is key to unlocking the potential for their employees.
In other words, automating certain tasks can help free up frontline agents and analysts to focus on more strategic work. AI can also help to avoid compliance failures stemming from human error, such as forgetting to document key information in post-contact summaries or failing to provide legally required disclosures.
By automating repetitive compliance tasks, businesses can:
• Ensure accurate data collection. AI can automatically log and verify key details from interactions.
• Streamline reporting. Compliance reports can be generated automatically and submitted to regulators on time.
• Confirm customer understanding. Automated follow-ups can ensure customers fully understand contract terms before committing to purchases.
However, automation should be used carefully. High-risk decisions- such as approving loans or handling customer disputes- should always involve humanin-the-loop oversight. The key is to balance automation and human judgment, using technology to handle routine tasks while leaving complex compliance decisions to trained professionals.
Step 4: Regular auditing and third-party assessments
Auditing is a crucial element of a comprehensive compliance strategy. Many regulatory bodies require businesses to submit periodic reports on complaints handling, customer interactions, and data protection measures.
As examples:
REGULATIONS
• UK energy and water companies must publish complaint handling data on a monthly or quarterly basis.
• Financial services firms must submit detailed reports to the FCA, demonstrating their adherence to regulations.
Third-party assessments can provide an independent verification of these compliance efforts. Self-assessment can be biased since many businesses may overestimate their compliance levels or fail to recognize gaps. External auditors can keep these evaluations objective, ensuring companies meet their regulatory requirements.
Step 5: Training employees to handle compliance challenges
Even with the best technology in place, frontline agents remain at the heart of contact center compliance. These agents often deal with sensitive situations, such as debt collection or vulnerable customers. Ensuring they are well-trained and well-supported in meeting regulatory requirements is essential.
... FRONTLINE AGENTS REMAIN AT THE HEART OF CONTACT CENTER COMPLIANCE... ENSURING THEY ARE WELL-TRAINED AND WELL-SUPPORTED IN MEETING REGULATORY REQUIREMENTS IS ESSENTIAL.
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