Vulnerable Customer Security

How we treat vulnerable customers is increasingly a concern for many organisations.

According to the ‘Financial Lives Survey 2017’ half of UK adults (25.6 million people) show one or more characteristics of potential vulnerability.

Vulnerability may arise from health, both physical and mental; life events, eg: bereavement or relationship breakdown; lack of financial resilience, or diminished capability.

A real challenge for contact centres

One area that is particularly difficult to effectively monitor is customer conversations into the contact centre. Whilst calls will typically be recorded, only a small percentage will be listened to for compliance or quality management (typically less than 1%).

It is dangerous to assume that busy front line staff will spot and report interactions with vulnerable customers and so it is likely that many such interactions will go unreported and staff may not be adequately coached and supported.

The consequences of failing to effectively address this issue are many fold. Additional stress factors to the customer, increased anxiety for your front-line staff and reputational damage to the business, not to mention possible fines from regulators.

The solution – speech analytics

In Financial Services, for instance, the Financial Conduct Authority has recommended the use of speech analytics alongside your call recording package will help address the problem.

New advances in this technology now make it far more accessible for all businesses to consider.

Analytics solutions can now be deployed pre-configured to address this specific need, on-premise or in the cloud, as a purchase or rented as a service, and independent of whatever existing technology is used to record customer interactions.

 

Digital protection – for customers and your organisation

By adding this high quality software you can achieve the following:~

  • Monitor all calls and red flag interactions with potentially vulnerable people.
  • Use new “Sentiment Analytics” to seek conversations where a customer may exhibit concerning behaviour.
  • Ensure that all advice customers receive is recorded and analysed to allow agents to receive best practice coaching.
  • Use speech analytics to ensure the clarity of all verbal communications, allowing your organisation to modify the explanation of benefits and reduce the jargon used when speaking to sent to potentially vulnerable customers.

As well as protecting the most vulnerable in society, it also protects your organisation and staff from potential breach of compliance regulations, litigation and loss of reputation.

ISO 9001 and 27001 accreditation

SVL have been assessed and approved by CQS (Certified Quality Systems) for the Management System standards ISO 9001 and 27001.

They relate to “The provision of multimedia recording solutions, quality management and voice analytics” (9001) and “Information Security Management Systems” again for multimedia recording solutions, quality management and voice analytics (27001).

We are always happy to supply our accreditations and Quality Management credentials.

 

 

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