Having reviewed several evidence statements given to the Banking Royal Commission, particularly around potential mis-selling of products by phone, clearly there have been several significant failings around control and processes.
As the full effect of the commission report is considered by all financial entities affected, they should not only be reviewing their internal audit and control functions to ensure they are fit for purpose, but more specifically need to focus on customer outcomes.
We hear regularly about the need to measure and report on customer journeys, making sure the customer experience is a good one and how treating customers fairly sits as a mantra within businesses. However, without appropriate measures in place, this proves to be a challenge to many who simply do not have the resources to satisfy the needs.
Yabber is a tool to help solve most of these issues. By monitoring 100% of customer interactions, the first stage can be achieved quickly and efficiently by identifying key issues early. Without technological support, companies relying on internal manual QC functions are simply not able to identify or assess enough numbers to demonstrate compliance. Compliance could take the form of regulatory requirements, industry codes or businesses own internal standards.
But Yabber is not simply a compliance tool; it can help identify high risk calls, look out for vulnerable customers, measure competitor activity and provide more accurate internal MI. As an independent assessment tool, it is designed to support existing QC functions, helping to drive efficiency up and costs down.
For more information or to request a demo of how we can help, give us a call or send us an email. We look forward to hearing from you.