Our Solutions - Salesforce Compliance Monitoring
The Financial services industry is arguably the most compliant and regulatory-driven business sector in the world. In recent years, a more stringent set of regulatory requirements have been put into force to protect consumers and generally raise standards across the industry.
Most recently, the Financial Services Authority (FSA) has begun to move more to what it calls Principles Based Regulation - setting broad principles and desired outcomes rather than detailed prescriptive "rules".
A major development in this area has been the introduction of new regulations centered around the principles of Treating Customers Fairly (TCF).
Within the TCF initiative, the FSA aims to deliver six improved outcomes for retail consumers. Firms are being encouraged to focus on these and make TCF an integral part of their business culture and treat TCF as a continuous process.
Insight Now are working with major Insurance companies to track customer experience linked to key measurement areas which track whether salespeople have complied with basic FSA rules and if the customer perceives that they have been treated fairly, as defined by the FSA.
Our approach integrates two perspectives of the delivered experience: the customer perspective and the advisor perspective. The gaps between perceived and actual service delivery as measured against TCF principles are exposed rapidly and can then be used to inform and drive the alignment of processes, skills, knowledge and behaviors. By adopting this approach, everyone who has an influence on customer experience gains a real understanding of the service being delivered and the extent to which the TCF principles are being achieved. Rather than relying on sampling or mystery shopping, this approach enables sales management and compliance departments to track every transaction and see immediately if problem areas arise.
Key Features and Benefits
- Unique real-time surveys with results updated every 15 minutes and presented on live dashboards
- Multi- Channel WAP, Email or IVR
- Typically between 6 and 8 questions :
- A mixture of service, TCF and process checking
- Questions easily changed by business - results can be weighted if required
- Typical questions include:
- "did the advisor discuss all your existing mortgages loans and policies?"
- "to what extent do you feel the advisor really understood your situation?"
- "Did you receive a brochure and recommendation letter?"
- "did you understand everything and feel confident in accepting the recommendation being made
- "would you recommend us to friends and family?"
- The service can be branded however you wish
- The service is hosted by us - low start-up costs and no expensive IT integration required
The six improved outcomes are as follows:
- Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture
- Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly
- Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale
- Where consumers receive advice, the advice is suitable and takes account of their circumstances
- Consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and as they have been led to expect
- Consumers do not face unreasonable post sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
TCF is therefore an issue of cultural change and strong leadership from senior management to drive this change.