The history of fines as a result of poor and/or inappropriate customer interactions is long, but it appears that the patience of regulators across the globe is running out. Huge fines have been handed down by regulators in the UK, Europe and Australia.
Fines are becoming more regular and growing in value as regulators hunt down poor practice. While critics feel fines are a blunt instrument and, worse, when levied against public utility companies only increase the long term cost to consumers via increased bills (as companies try to rebalance their books), it is clear regulators are not going to rein back.
In relation to call centres, the fines cover a diverse range of issues. Failing to put in place adequate controls to monitor the quality of the calls between call handlers and customers is not uncommon – despite regular regulator warnings. Other issues include failing to treat customers fairly and product mis-selling. As we go to press on this blog, German regulators are about to issue a c €10m fine (which is being delayed as a result of a challenge by the firm) against an internet provider for ineffective controls in its callcentres.
So, where does this take us in 2020?
We often ask call centre managers what keeps them awake at night. The list is long, but there is a recurring theme – how do I know what ALL my call handlers are really saying to customers? It’s not surprising; ask yourself – what percentage of calls can I effectively monitor? Some firms aspire to monitor 10% but it’s rare that more than 5% are actually reviewed. Rogue agents and sales team leaders, who might focus on personal bonuses rather than good customer outcomes, know the risk of getting caught out is low. The augmented intelligence behind Yabber enables firms to monitor 100% of customer interactions, which enables firms to focus on ALL ‘red’ calls. Such information enables firms to weed out rogues, implement focused training plans and have confidence that their balance sheet is protected from regulatory fines.
But there is more to Yabber than our technology. While our IT is important our people are critical in helping firms improve standards; they bring years of call centre experience to our proposition.
Give us a call to see how we can help you sleep better in 2020! Wishing you a happy and prosperous New Year.