The compliance and risk landscape for organizations has become increasingly complex when it comes to consumer protections. Today, there are many factors that are driving global regulatory demands.
First, vulnerable customers are on the rise. In May 2022, the UK’s Financial Conduct Authority (FCA) reported that nearly 25 million adults in the UK displayed one or more characteristics of vulnerability (mental and physical handicaps, long-term illness, age, socio-demographic characteristics, behavioral characteristics and personal situations, among others). And the current economic crisis is making the issue of vulnerable customers even more urgent.
Second, customer complaints are rising to record levels. The UK’s Institute of Consumer Service (ICS) estimates that complaints cost businesses £9.24 billion every month in worker hours covering complaint handling. McKinsey data shows that 61% of customer care leaders report a growth in overall call volumes, with more than half of leaders anticipating even further growth in the next 18 months. This is putting increased pressure on already resource-strapped customer service teams.
And finally, new global regulations are driving newfound transparency of consumer issues in the marketplace. For example, regulators are now publishing scorecards for organizations, as well as complaints from customers, to provide more awareness around business practices.
Organizations can’t address these compliance issues fast enough. Many currently leverage manual quality assurance (QA) involving omnichannel customer interaction reviews, which only goes so far. Often, listening to a call takes approximately three times the length of the call itself. To objectively analyze, score and report against call outcomes takes an hour for a 20-minute call. With a manual approach, it takes three times the people listening to calls vs. those handling calls in the first place. This practice is not scalable.
This article is posted at callminer.com
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