February 12th, 2020 10:42am | Call Recording, Compliance, Finance, Financial Services,

Technology is at the heart of transformation in the financial services industry. For those offering a digital experience, their challenges are often centred around managing security and building customer loyalty. Those offering multiple interaction channels often struggle to provide a consistent experience across all touch points.

Here are 3 priorities for financial services firms in 2020

1. Online interaction

Today, a large percentage of the population, both young and old, prefer self-service for routine interaction. Over recent years, this has been extended mobile banking, and even mobile only accounts. The real differences show up when customers have more complex requirements, or something goes wrong. In these cases, even tech savvy millennials demand real time interaction, either by webchat or by telephone. Smart financial organisations recognise that these rare occasions are an opportunity to impress and build loyalty.

The latest webchat tools combine the best of AI chatbots and human support to help customers get what they need the first time and every time. When it comes to telephone support, call recording and quality management play a key role in helping to develop call tactics, share best practice and monitor performance levels.

2. Multichannel Interaction

As more customers move online, the need to manage profitability challenges budgets to develop lesser used interaction channels, especially those that carry the most expense. Over recent years, retail banks have been forced to close high street branches and offices to remain comparative. This has had a consequential impact across the board. As an example, I observed a wide range of behaviours when moving house and changing address. At its simplest, an online form with conformation by post, and at its most inconvenient, an appointment at the not so local high street branch. Their demands for proof of address in the form of utility bills I didn’t yet have turned one interaction into an account closure.

Smart financial firms are deploying customer relationship tools that provide agents with a 360-degree view of interaction across all channels to ensure they are fully informed and can always offer an efficient and professional service.

3. Security and compliance

Increasing market and regulatory pressure has made compliance a key function within the financial services industry. Implemented correctly, robust processes can boost customer confidence and reputation. In addition to industry specific regulation, a bewildering array of standards apply from anti money laundering and bribery and corruption through to General Data Protection Regulation.

Many of these are best managed by well-defined process backed up by technology. Recording and business analytics tools provide an audit trail of day to day activity. Clever alerts can help compliance officers to identify irregular activity and take corrective action before serious damage is done.


How Can Oak Help?

Oak Innovation is a provider of communication management applications focused on managing compliance and improving customer experience. We help organisations to record call and screen activity, manage the quality of conversations and analyse telephone calls.

Increasingly, financial organisations are choosing to record both external and internal calls. Recordings are securely stored in a tamperproof environment for as long as they are needed to support FCA regulations. Compliance officers can share recordings with selected individuals using a time limited link. No need to email sensitive voice data around the organisation.

We also provide PCI complaint secure card payment solutions and communications enable CRM databases to improve operational efficiency and adherence to policy.

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