Ensuring Compliant Customer Engagement from “hello”

In light of the current events on wrongful account openings, wouldn’t it be great if bankers could have a consistent and compliant conversation with every customer; and know with confidence they are helping each customer improve their financial life? A customer engagement platform that provides documented, compliant, dynamic sales dialogs will ensure customers’ needs are met in a transparent and compliant manner.

Here are three facets to Brilliant and Compliant customer engagement.

1. Discover and fulfill customer needs

Provide intelligent technology that will offer the ability for front line employees, managers, call center agents and even self-serve customers to navigate seamlessly through a dynamic dialog while uncovering needs, goals and matching the right solutions to fulfill those needs. Providing technology that enables consistent engagement with customers across all channels will scientifically enhance the customer experience and trust in the institution.

2. Ensure compliant customer engagement from “hello”

Incorporating compliance regulations and product matching into a dynamic dialog that uncovers the needs of each individual customer, eliminates the complexity and uneasiness of front line employees and managers when trying to match the right products for each customer’s specific needs.  It removes all bias and ensures proper, consistent and compliant product recommendations. It removes the desire to open the easiest product at the point of sale and ensures a proper fit for each customer to improve their financial lives.

3. Capture, monitor and track all engagement conversations and outcomes

Documented dialog storage for monitoring, retrieving and training is a critical piece of account opening compliance.   Technology captures the institition’s rationale behind why a product was recommended for each individual. Technology provides tracking so compensation can be built around customer satisfaction and meeting customer’s needs. Further, automatic feeds to the bank’s CRM enables easy follow-up for referrals improving customer satisfaction. Changes to compensations are coming based on comments by Richard Cordray, director of the Consumer Financial Protection Bureau.

                               “I would say the incentive compensation has been a problem we’ve seen across a number of different markets,” Cordray said. “You should be focused on customer satisfaction, not on bare numbers. And there are monitoring systems that can be put in place.”  Read the entire American Banker article.

Harnessing the power of intelligent technology to address the complexities of accurately assessing and fulfilling customers’ financial needs allows banks to ensure transparent, compliant and ethical account openings which is paramount today and in the future.  Compensations can now be based on fulfilling customers’ needs.

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