In the first part of our series of blog posts focused around how A.I is transforming customer service teams, we discussed how A.I can be used to make quality auditing more efficient. Today, we will look at compliance risks in organisations, and how A.I can mitigate those compliance risks significantly.
According to Accenture’s 2019 Compliance Risk Study, 71% of compliance departments in financial services are faced with a cost reduction target, and have to deal with compliance officers who have a workload that is too hard to manage.
Customer service teams around various industries also face this problem: There are too many customer and agent interactions and not enough quality analysts to reduce compliance risks.
Before we dive in, here is a reminder of what compliance is from a customer service perspective: Customer Service compliance refers to the interactions between customers and service agents with strict processes in place to ensure the company’s exposure to risk is mitigated. In some cases this may refer to Know Your Customer (KYC) or more recently GDPR checks to ensure agents are staying compliant to business guidelines. For some industries this may also include financial regulations that must be adhered to.
Outside of regulations, compliance can also be used to cover soft skills as well such as misconduct on customer interactions.
There has to be a balance between your staff following compliance regulations while still providing a 5 star customer service experience. At In-gage, we harnessed the power of A.I to reduce compliance risks by:
- Automatically scoring all interactions on emotion/sentiment to distinguish highly negative interactions and escalate to the relevant teams.
- Automated checks to ensure standard compliance checks are adhered to (D.O.B, Name, Address, etc.)
- Custom checks to look for specific keywords or text patterns to suit specific business needs.
- Significantly improving the efficiency of the quality teams by increasing cases audited from an average of 1-3% to upwards of 70% (dependent on text-based channel usage)
If you would like to know more about In-gage’s A.I powered tools designed to help you increase your customer service staff’s compliance, please request a demo and we can discuss your bespoke use case.