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UC and Customer Service for Financial Firms: A Field Guide

  UC and Customer Service for Financial Firms: A Field Guide

Financial firms have to abide by several regulations regarding customer privacy and communications, especially in the digital space. Ensuring regulatory standards are met while continuing to improve and personalize the customer experience can be a tough balancing act. To improve compliance and data security in financial services along with customer service, financial firms are incorporating unified communications (UC) solutions.

Customer Service Regulatory Challenges

Customer Service Regulatory Challenges

With regulations changing by the day, ensuring customer service representatives abide by relevant regulations is a challenge. Financial customer service representatives must ensure they are only disclosing sensitive information when appropriate and that they are collecting and updating required information. 

For example, the Bank Secrecy Act (BSA) has specific record-retention requirements, and financial must maintain records that document compliance with the BSA. Unless other laws specify otherwise, information must be retained for five years. The information required varies by transaction. For instance:

  • Unsecured loans of more than $10,000 require:
    • The name and address of the borrower.
    • The amount of the loan.
    • The purpose of the loan.
    • The date of the loan.
  • Certificates of Deposit require:
    • The name and address of the customer.
    • The taxpayer identification number of the customer.
    • Information about the payment method.
    • The date of the transaction.

Although similar, there are slight differences between the information needed for each type of transaction to stay compliant. In addition, customer service staff must also ensure customers are appropriately identified and keep those records up as well. The customer identification program (CIP) requirements include:

  • Maintaining records with all identifying information about the customer.
  • Information about the documentation used to establish the customer’s identity.
  • Information about any other methods used to verify the customer’s identity.
  • Details about how any discrepancies regarding identity were resolved.

UC customer service solutions allow financial firms to easily and securely obtain required information from clients while maintaining compliance with data retention and CIP requirements.

UC Solutions: Facilitating Compliance While Enhancing the Customer Experience

UC Solutions: Facilitating Compliance While Enhancing the Customer Experience

UC solutions allow compliance to be built into a world-class customer experience. UC solutions offer end-to-end encryption, allowing customers to confidently share their information while being protected from potential data breaches.

UC solutions provide more compliance solutions than security, though. With a robust UC solution, firms can facilitate compliance while improving the customer experience. This may include:

  • Improved agent training and oversight: Many contact center UC solutions include supervisory oversight features, allowing customer service agents to receive coaching in real time without interfering with the customer experience. Supervisors can easily monitor for compliance and take over calls quickly when needed. 
  • Simplified communication: New customer service staff members can quickly access their supervisors or specialists to assist them as needed. Rather than being uncertain of what to do or placing their customer on a long hold, they can get a quick refresher on the appropriate steps they need to take, ensuring they maintain compliance while providing a high level of customer service.
  • Customer relationship management (CRM) integration: Many of today’s UC customer service solutions offer seamless integration with CRM software. This allows customer service representatives to have a complete picture of their customer, facilitating identification and prompting for record updates when needed. They can look at previous customer service calls and address issues. If the customer has called repeatedly about the same issue, the call can be escalated quickly.
  • Self-service tools that work: UC contact center solutions can direct customers to self-service resources in a way that empowers them. They can easily access chat from self-help resource pages, for example, and easily move from web chat to a voice call if that’s better suited for problem resolution or security.
  • Reliable routing: If a customer is having a difficult time resolving an issue, an agile UC solution can route them quickly to the appropriate party, minimizing frustration and repetition.

Integrating or upgrading your UC solution can improve security and compliance while providing a more personalized, user-friendly experience for your customer. To fully realize the potential of your UC solution, it’s critical to choose a vendor with expertise in the security and compliance needs of financial firms.

Mitel UC Solutions for Financial Firms

Mitel UC Solutions for Financial Firms

Mitel provides UC solutions for nearly 4,000 financial institutions. Along with their expertise, they offer comprehensive, cost-effective solutions, including enterprise contact center solutions. Their UC solutions include intelligent interactive voice response systems and adaptable queuing that can change with your firm’s staffing levels and call volumes.

Mitel offers cloud-based, hybrid, and onsite UC solutions, depending on the needs and goals of your institution. Their UC solutions are: 

  • Easy to manage: Regardless of the Mitel solution, you’ll find deployment and management simple and intuitive. Email, fax, phone, and chat are all facilitated through a single interface, which supervisors can access in real time.
  • Fully integrated: Mitel integrates with CRM software, enterprise resource planning (ERP) applications, and call accounting programs to ensure you have the insights you need. 
  • Available: Their distributed architecture provides high reliability, and if you choose a cloud-based solution, their operations center has redundancies in place to ensure continuity.

Implementing a UC solution such as Mitel takes careful planning. For planning, migration, and deployment expertise, many progressive financial firms are implementing Mitel solutions in partnership with DataComm.

At DataComm, we take pride in our trusted partnership with Mitel. We’re deeply experienced in working with financial institutions. We know you need to maintain regulatory compliance and network security. We can you choose the right Mitel solution for your needs and that solution is implemented smoothly. Contact us today to find out more about how Mitel UC solutions can transform your business.

  

Cloud-Based Unified Communications

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