Call center compliance issues can ruin everyone’s day. Fines can reach astronomical figures and a company’s reputation can nosedive, with customers running away permanently after a single incident.
That’s understandable, because it can ruin their day too. No one wants to have to figure out if they’ve been misled or their private information has been compromised or deal with the fallout.
So, we all want to avoid compliance mistakes. Yet the one asset call center leaders need to make that happen is often missing from their operation, and they don’t even know it.
That asset is transcription accuracy. To understand how important this is in improving call center compliance, let’s take a look at some of the common mistakes.
Common call center compliance issues
Lack of customer verification. When it comes to PII information or PCI details, ensuring the customer’s identity has been verified is fundamental to stay compliant and the resulting fine that comes with it.
Lack of script adherence. Call center conversations often contain a lot of scripted boilerplate relating to terms and conditions and data handling. Agents can sometimes skip over these, or read them inaccurately, which increases risk exposure.
Agents misleading customers. Whether intentional or not, if agents give incorrect information, it can be a compliance breach. Let’s say insurance agents were using inflation as a reason for increased premiums (which sounds like a valid reason, except it wasn’t true). That could be a compliance violation or a potential UDAAP.
Failure to disclose recording. Everyone knows customers must be informed that calls are being recorded, yet it doesn’t always happen. When agents fail to do a proper recording disclosure, it puts the company at risk.
Security breaches can also leave your company vulnerable to a compliance issue if PCI/PII data hasn’t been correctly identified and protected. This can happen because of stolen credentials, cyberattacks, malware, or inside error.
Why do compliance breakdowns happen?
Compliance is especially critical for businesses that operate contact centers. You’re dealing with a highly regulated situation with an incredibly complex set of variables—and dozens (if not hundreds) of agents prone to human error.
You’ve got a large team of people with access to sensitive customer information which needs to be protected. Due to high industry turnover, new agents may lack confidence or proper training, and they’re having to navigate a complex set of rules, a large variety of customer personalities and emotions, and a fast pace of work.
In this environment, call transcripts are a primary tool for analysis, QA, and training. This is why transcription accuracy is so vital. One of the biggest reasons compliance issues are happening these days is because companies are relying on automated systems that fail to identify problems correctly.
It can be inadequate for many reasons: the software application isn’t updated, it lacks customization for the business it’s serving, it hasn't been synchronized, or the AI just makes too many mistakes.
Poor transcription accuracy means companies have limited visibility into their customer conversations and level of satisfaction. If you can’t see what’s happening, you can’t do anything about it until there’s a customer complaint or audit failure—which we can all agree is not an ideal scenario.
Superior transcription accuracy, paired with contact center conversation intelligence, gives you full visibility into what’s going on in your call center interactions so you can identify where agents are non-compliant and coach them to hopefully improve.
In fact, according to our State of Contact Center Conversation Intelligence 2022, 96% of respondents agree conversation intelligence increases contact center transparency.
Why does transcription accuracy help?
When members of your team have access to software that reliably transcribes, analyzes, and flags issues in calls, you can rest assured you’re setting up a solid foundation to protect your company from a massive fine due to compliance violation.
When your conversation intelligence transcriptions are accurate, you get value across the board:
- It helps your customers, by helping you identify and keep their sensitive information secure and protected. This increases their trust in your company and makes them more likely to become repeat customers.
- It helps your business, by avoiding costly fines while boosting brand reputation and informing you of what’s working and what isn’t.
- It helps your teams, by monitoring their performance and improving their training options. You can make sure every team member is getting the training they need and see how they’re responding to it.
How does transcription accuracy help your organization improve compliance?
Conversation intelligence with high transcription accuracy helps you keep up with compliance in many ways:
- Giving you insight into your remote workforce: You can make sure those working from home are following the same compliance procedures as the ones in the office.
- Automatically protecting your customers’ sensitive PCI/PII information: Great transcription accuracy software uses AI-powered techniques like selective redaction to make sure your customers’ most important information is safe and protected at all times without losing any context from the conversation.
- Finding gaps in compliance to inform best practices: When you have access to your team’s interactions with your customers, you can also identify who needs training on what, so any gap in compliance can be addressed with the right coaching or business processes.
- Identifying further training needs: When you have visibility into your teams’ interactions with your customers, even if everything goes great, you can always see what can go better, and take the right steps to make it happen.
- Monitoring improvements: With great transcription accuracy, you can see how your agents are doing after their training and monitor improvements. This helps you understand how effective your training program is for experienced individuals or new hires.
- Flagging complaints: With the right conversation intelligence software, you should be able to identify any instances where a customer threatens to complain, train your agents to deal with the situation effectively, and alert managers to intervene as needed.
Great transcription accuracy allows your team to analyze and evaluate 100% of customers' interactions, as was Figo’s case after taking Observe.AI as their conversation intelligence platform — which also helped them save $700K a year.
Stay compliant with industry-leading transcription accuracy from Observe.AI
Transcription accuracy is an often overlooked necessity that can greatly boost compliance in your business, and it’s just one way Observe.AI can help you optimize your call center operations.
Observe.AI analyzes 100% of your calls and gives you the most accurate AI-powered transcriptions on the market. With accuracy comes the ability to flag important issues and improve compliance, so you can feel confident you’ll find out about problems and can act to prevent them.
When it comes to remote working, it’s essential to have software that provides accurate transcripts and identifies any training needs for your team.
We’ve already helped companies increase QA volume and optimize compliance and employee performance, making agents better sellers and keeping your customers’ information safe.
Observe.AI can also boost your sales and business strategy, improve your brand reputation, enhance your relationship with your customers, and give your team the training and visibility they need to do their best. But don’t take our word for it — book a demo call today!