Several themes have emerged in recent years as regulators across the globe demand improvements in customer outcomes. Firms are beginning to learn how to live with ‘sharper’ regulators who utilise a wide range of tools to proactively spot consumer detriment issues.
Regulators are at the forefront of behavioural science research and are embracing RegTech and building MI models, to help them better predict where to use their resources and how to prevent future indiscretions. They also monitor consumer views and comments about regulated firms on social media. The regulator’s belief is that the more they understand the detail the better they can predict cultural and behavioural issues in firms, which is the aim of this micro level of focus.
This is where voice analytics can help. While firms are only just starting to recognise the benefits of analysing 100% of customer interactions (rather than the historic 5%), regulators have quickly seen the benefits. They have been quick to embrace the fact that technology gives them the ability to delve into micro level interactions between firms and consumers.
It wasn’t that long ago that it would have been impractical for regulators to listen to more than a small sample of calls – in terms of identifying misconduct this would have been like looking for the proverbial needle in the haystack. Now they can demand analysis of 100% of customer interactions and technologies such as Yabber to enable such analysis in a cost-effective way. Making light work of what used to be described as ‘heavy lifting’. The output of such analysis is forming a critical part of skilled person reviews and other regulatory investigations.
The question for firms is that, if regulators demand the analysis of 100% of customer interactions for a specific reason, why don’t they build such analysis into their own ‘business as usual’ compliance processes? Firms actively embracing such technologies are using voice analytics MI to track their own cultural and behavioural outcomes. This in turn enables them to make ‘good profits’ rather than making money from poor consumer outcomes. Some say that is a surprising theme emerging from regulators.
We say give us a call to hear more and ask how we can help.