What is contact centre compliance monitoring?
Contact Centre Compliance Monitoring uses AI-driven software to monitor interactions between agents and customers in regulated contact centres and identify compliance breaches as they arise.
It reviews in detail the content delivered by every agent, as well as the customer’s response and ongoing dialogue in the call – including any dialogue and feedback indicating that the customer is potentially vulnerable.
The software monitors 100% of interactions – a vast improvement on the 2-5% typically achieved by manual monitoring methods.
Why is compliance monitoring important?
Across the world, regulators of industries like financial services are continually raising the standards that firms are required to meet in servicing and treating customers fairly.
Every customer interaction through a regulated contact centre is a potential opportunity to delight the customer and the regulator – or to commit a breach with unwanted and costly consequences. 100% compliance monitoring can reduce the risk dramatically, protecting firms against customer dissatisfaction, regulatory action and – most importantly – reputational damage.
Compliance monitoring also provides quality and data that firms can use to support continuous improvement and coach agents for increased success.
Your supervisors and managers can act swiftly in response to these alerts and Voyc provides clear evidence, if required, of the action taken.
You can read more on our Vulnerable Customers page.
How does contact centre compliance monitoring software work?
The software effectively “listens” in detail to every contact/call centre interaction to which it is applied.
It can be configured to monitor conversations against the firm’s discussion guide or script – including all content that is mandatory for regulatory purposes. It can also identify words and phrases that indicate that the agent is interacting with a vulnerable customer.
If the software encounters any compliance issue that it has been configured to flag, it can send an instant alert to any designated department or person – to ensure appropriate action can be taken well before the matter has time to escalate.
100% monitoring for maximum reassurance
Without comprehensive compliance monitoring, the chances are very high that you’re not spotting every compliance breach in your contact centre – even with call recording.
This means there’s always a chance that a hidden regulatory or reputational problem could be just around the corner.
But Compliance Monitoring Software dramatically reduces the risk of a simple error becoming a major issue – by alerting you immediately, every time it identifies a potential breach.
Reliable compliance evidence for regulators
Today, financial services regulators around the world are demanding higher levels of evidence from firms to demonstrate regulatory compliance. The FCA in the UK is a prime example – with the expectations published in the Consumer Duty in 2022.
Good compliance monitoring software automatically produces data and reports that satisfy these requirements in full – with details of every breach identified as well as remedial and corrective actions taken.
The ability to provide reliable evidence of compliance can significantly reduce financial risk for regulated firms.
Far better value from quality assurance teams
Without automated compliance monitoring, experienced Quality Assurance (QA) staff can spend most of their time listening to call recordings, waiting to spot rare and infrequent compliance breaches. And due to their limited capacity, most of these breaches can still go unnoticed.
But new solutions like Voyc completely transform this situation. The software identifies and highlights the breaches with great efficiency – leaving the QA professionals to focus on addressing any issues with agents and coaching them for ongoing performance improvement.
Not only does this improve results and protect the firm’s reputation. It also supports more fulfilling and motivating roles for agents and QA teams alike.
“Dead air” is another key issue that Voyc rigorously highlights. In fact, it has reduced dead air from 20% to just 3% of call time for some clients. That means much higher productivity without the cost of additional call handlers.
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