Ethical conduct has become a high priority in financial services. Following a series of high profile scandals ranging from the mis-selling of PPI to the 2008 global banking crisis. Authorities the world over have demanded greater transparency and greater accountability in the industry to curb the worst excesses.
In Europe, recently introduced regulations like MiFID II and GDPR have created obligations on banks, insurance companies, accountancy firms, financial advisers and others to beef up their internal reporting and monitoring mechanisms so they can demonstrate compliance with statutory standards. More generally, bodies like the UK’s FCA have pursued policies of reducing conduct risk, demanding that organisations under their remit proactively pursue better, fairer outcomes for customers.
In practice, this has put the onus on how service providers monitor and manage behaviours across their own organisations. The first challenge of the conduct risk agenda is that businesses must have complete visibility on quality assurance (QA) and service level metrics, for both front and back office, and must be able to streamline and coordinate oversight to ensure compliance.
Faced with these shifting operational priorities, it is no surprise that companies are turning to technology to provide a solution. What some businesses may not realise is that back office workforce optimisation platforms like OPX - designed to integrate and automate back and front office operations to boost efficiency - are also perfect for achieving 360 degree visibility on service, quality and governance, therefore providing the foundations for conduct risk compliance.
The FCA‘s conduct risk agenda is driven by a desire to make financial markets and services work in the best interests of the customer. It places an expectation on companies to move away from a profits-over-ethics culture and to commit themselves to full compliance with the spirit of regulations, rather than just adopting a tick-box, by-the-letter approach.
To this end, the FCA sets out five questions which it expects businesses to be able to answer formerly with evidence in order to demonstrate compliance:
For many financial services providers, addressing these five areas requires both cultural and operational change. In 2016, Ernst & Young undertook a study of attitudes to conduct risk across the sector in order to gauge where firms felt they needed to change and what they saw as the main challenges. Two of these key areas were monitoring and changing culture, and product design and governance.
On the issue of monitoring and changing culture, the study found sticking points included the ability to articulate and evidence current behaviours, aligning change activities so they were consistent and effective, and putting infrastructures in place that would allow senior leaders to effectively monitor activity throughout an organisation and therefore be able to take full responsibility.
On product design and governance, the report highlighted that many providers did not have effective risk profiling protocols in place, that there was widespread failure to monitor who bought which products and therefore trace performance ‘in the wild’, that complaint procedures were not supplying information that could be used to identify product failings and that there was little or no disclosure about product performance.
Across both of these areas, there is a general theme of deficiencies in data, monitoring and reporting. Firms struggle to take proactive steps to identify risks in behaviour or products because there is no joined-up approach to monitoring quality assurance (QA) and service level metrics, nor are their protocols in place to channel relevant data up the chain of command. Product performance is not monitored after point of sale, customer feedback is not used effectively, there is no coordinated oversight across front and back office, control and support.
All in all, these findings from EY underline how having effective data and intelligence procedures in place represents a significant barrier to firms being able to answer any of the FCA’s five questions positively.
Workforce optimisation (WFO) software takes a data-led approach to streamlining operations and achieving greater efficiency. Long used in front end operations like contact centres, WFO platforms link sophisticated real-time monitoring capabilities to functions like work allocation and robotic process automation (RPA).
The result is that agent availability increases and decreases with the ebb and flow of demand, the right people get the right tasks at the right time and basic repetitive tasks become automated, freeing up human resources for more complicated, valuable work.
The purpose of OPX is to extend these capabilities to the back office, allowing all operations to enjoy the benefits of greater efficiency and integration. A modular, highly flexible solution, the way OPX controls and monitors workflows through all parts of an organisation also means it integrates data streams from many disparate points, bringing critical information together into a single shared dashboard. This in turn makes it an ideal solution to help financial services organisations overcome those barriers to mitigating conduct risk.
Breaking it down into specific capabilities, the OPX Conduct Risk module can:
Overall, the OPX Conduct Risk module provides clear, actionable intelligence on all areas related to service quality. Given the FCA’s stated aim to drive a regulatory agenda that promotes positive outcomes for customers and the financial markets through cultural compliance, OPX provides an invaluable tool. The first task in bringing behaviour and performance into line with established standards, and then keeping them at those levels, is insight into what is happening across an organisation.
OPX draws data from multiple touchpoints to provide a rich real-time illustration of behaviour and performance that provides the foundations for compliance.
To find out more about OPX, then talk to our team. We’re independent technology consultants so we’re passionate about providing the right technology for your organisation to improve your customer service and operations.
Publish Date: April 5, 2019 5:00 AM
ASC Recording Insights and neo
ASC Recording Insights guarantees legally compliant recording and analysis of all communication channels in Microsoft Teams - including audio calls (internal and external calls), chat conversations and video meetings.
neo Recording, QM & Analytics address all enterprises with recording needs, especially contact centers. The content of communication becomes accessible and critical information and trends are revealed, providing real-time business intelligence for immediate management action.
|2.)||Call Center Studio|
Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.
Microsoft Teams Cloud Recording Service
Geomant offers a fully managed recording service for those organisations who need to address compliance or quality management while working on Teams. The Service utilises Verint’s market leading recording technology and is hosted by Geomant in Microsoft Azure. Our managed service approach is unique in that it allows organisations to benefit from advanced recording features, all while being free from any technical infrastructure or maintenance requirements that come with a traditional on-premises set up.
|4.)||Lieber & Associates|
Recording System Consulting
L&A provides vendor-independent consulting services to select, contract for, test, and implement contact center recording systems. The firm's consultants specialize in contact center I.T. and have several decades of experience each with all major and many smaller makers of phone and call recording systems.
Numonix's IXCloud is one of the first fully managed compliance recording solutions for Microsoft Teams. IXCloud securely records, stores and analyzes interactions in the cloud without physical or virtual servers. As a fully managed Azure-based, Software-as-a-Service cloud interaction recording solution, IXCloud takes interaction capture into the future. It enables instant and elastic scalability to support business growth and provides the necessary tools to enhance business performance while maintaining compliance. IXCloud redefines versatility with its OpenAPI framework that enables application development. Companies and third-party developers benefit from IXCloud native capture technology, whether it be integrating with internal systems or building a third-party application.
Enterprise recording management for storage, retrieval, playback, and monitoring communications throughout your contact center.
Record screen activity and calls across agent workstations, measure and monitor quality levels across all campaigns and analyze recordings to capture first-hand customer data and requirements.
Easly access all recordings and critical information to provide improved customer experience, sales, and productivity!
Oreka TR total recorder includes all of the call recording capabilities you will need, at about half the cost of competing for call recorder solutions, including screen recording, mobile phone recording, live monitoring, on-demand recording, multi-tenancy, multi-site recording, audit trail, call exporting, retention management, auto-tagging (for speech analytics and phrase spotting) and so much more.
Call recording solution fully integrate to all main pbx solutions.
|9.)||Teckinfo Solutions Pvt. Ltd.|
InterDialog UCCS enables organizations to adhere to all compliances with its inbuilt call recording software and also has an option for screen recording. With centralized repository of all voice logs, its easy to maintain & retrieve all voice files and have a central control in case of multiple branches set up.
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