|Regulators in many business sectors and jurisdictions are driving better customer outcomes by demanding robust and verifiable onboarding processes. We are not surprised; this is in part why Yabber was developed and we are supportive of the drive to improve standards, whatever the industry sector.|
|In our early days we were involved in reviewing telephone conversations between borrowers and collections agents in lenders to ensure customer interactions were appropriate. Later we worked with claims management companies and assessed telephone agents to confirm whether they were adhering to the regulatory rules. The most recent demand for Yabber comes from an ID verification firm in Germany, working with betting companies.|
Betting laws in Germany are going through a major overhaul, in the form of new regulations from a new betting regulator, set up much like the UK’s Gambling Commission. One major change is that each betting company must re-verify the identity of its customers before the customer can use its services and that process takes place by video call.
During that process, customers confirm the answers to several questions. This sounds simple, but a quick search on social media shows that customers are not happy. With so many customers having to go through the re-verification process, delays are building up, producing negative customer responses. So, video call agents are under pressure to speed up the process and rumours are now rife about rogue agents skipping parts of the process. You can see where this is heading!
While the commercial divisions of firms want to speed up customer onboarding, risk and compliance teams are rightly concerned that non-compliance could not only lead to prohibition orders and payment blocking, but also to the allegation of being ‘unfit’ which would affect a future licensing approval.
This is the type of oversight process that is our bread and butter; it is why we designed and developed the Yabber platform. Firms are no longer limited to auditing a small percentage of calls (typically under 2%). Our solution allows them to audit 100% of calls and achieve significant additional benefits.
To learn more, arrange a demo of the system or simply to have a chat, give us a call to find out how we can help.