CWS Survey Results From ABA Risk and Compliance Virtual Conference

Customer Interaction Compliance

CWS Survey Results From ABA Risk and Compliance Virtual Conference

At the recent ABA RISK and COMPLIANCE Virtual Conference our North American Channel Manager Bob French asked delegates to answer a survey on how they manage operational compliance for front line staff who are engaging in live conversations every day with customers.

The results provide insights into the importance of establishing compliance guidelines for sales and service staff to guide their interactions with customers and the approach banks are taking to monitoring and managing this activity.

“89% of banks have developed customer interaction compliance guidelines for front line sales and service”

The survey revealed that the majority of banks have developed compliance guidelines for their front line sale and service to adhere to when interacting with customers. Clearly banks have recognized the importance of protecting their brand and avoiding penalties by ensuring their staff communicate the appropriate disclosures when describing financial products and informing customers of their rights.

“58% of banks lack the operational capacity to monitor adherence to guidelines”

While most banks recognize the importance of developing customer interaction guidelines the majority lack the operational capability to monitor adherence to these guidelines. Effective and comprehensive adherence monitoring allows compliance managers to identify gaps and rapidly address issues and errors through training and other means. Identifying these gaps and determining root cause is essential to minimizing the on-going risk of non-compliant communication with customers.

“45% of banks have developed an automated process for managing consumer requests for sharing / deleting PI”

The recently enacted CCPA extends new rights to consumers surrounding the use and or removal of their Personal Information (PI). The study indicates only 45% of respondents have developed an automated process for managing these requests posing potential risk of noncompliance. It’s essential to ensure these consumer requests are swiftly acted on to avoid
penalties and poor publicity. In addition manually collecting all customer PI, including the recordings of all interactions with your team across all channels, can be challenging in the absence of technology to aid this process.

“68% of banks view technology as a key to improving customer interaction compliance management”

The majority of delegates view technology as a potential solution to help manage operational compliance for front line sales and service staff and to help administer and manage PI requests under CCPA and other privacy legislation.

CWS predicts this trend will grow as banks recognize the power of technology to automate compliance monitoring of all front line customer sales and service staff.

By Bob French / North American Channel Manager