Part II of The Northridge Group’s State of CX 2023 report reveals 93% of business leaders believe their companies make it easy for customers to resolve issues. Only 66% of customers agree.
The Crippling Cost of Non-Compliance
Every customer wants a convenient and accessible way to conduct business with a brand, but in many organizations, customer interactions can present risks – either corporate or regulatory. These risks can become burdensome for companies, having to continuously train, monitor and coach Contact Center agents on policies and regulations. The Northridge Group specializes in helping clients mitigate the risk of costly regulatory fines and threats to business and brand.
How Northridge Can Help
Our highly-trained assessors will partner with your team to deliver the knowledge, scope, transparency and consistency required to effectively monitor for compliance across the various voice and digital channels in your Contact Center. Using key metrics, Northridge monitors and reports on performance, ensuring that all customer channels meet corporate and regulatory standards. Follow-up action plans and reporting highlight gaps and prescribe practical strategies for compliance improvements.
Key Offerings of Northridge’s Compliance Monitoring Program
Your organization can’t avoid the strict, regulatory requirements governing your industry.
With Northridge, you gain access to a quality monitoring partner that has the experience and resources to deliver best-in-class compliance monitoring solutions for your Contact Centers.
Targeted Program Goals & Critical Compliance Needs
Identify industry and organization compliance and risk management needs to structure the compliance monitoring program across calls, emails, web/chat and social media with multi-language monitoring capabilities for internal and/or outsourced Contact Centers. Examples of regulatory compliance measures include:
- Dodd-Frank Act
- Consumer Financial Protection Bureau (CFPB)
- Fair Debt Collection Practices Act (FDCPA)
- Department of Transportation (DOT) Disclosures
Identify and highlight critical gaps in compliance and services measured against the success factors outlined in the key program goals. Identify areas of improvement to the level of specificity that is needed to tailor the coaching to meet regulatory requirements.
Assessment of Current State Compliance
Conduct a baseline assessment across all relevant channels to identify compliance adherence, as well as Customer Experience enhancement opportunities.
Compliance Monitoring Program Allows Leading Financial Services Firm to Achieve 16% Improvement in Financial Service Compliance Within One Year
Financial Services firms face increasing federal regulatory requirements. Non-compliance creates significant financial risk, while compliance creates real operational challenges, especially for customer service organizations that interact directly with consumers.
We designed and implemented a compliance monitoring program specific to the regulations that created the greatest risk for our client.
What Makes Our Quality Monitoring Different?
Program Design Knowledge
Robust Reporting & Analytics
Quality Monitoring is an essential tool used by many businesses to improve customer experience in their contact centers. Quality Monitoring programs leverage call listening, screen monitoring, and advanced data analytics to identify issues faced by individual associates as well as overall operational issues. When Quality Monitoring processes identify specific behavioral issues in individual associates, the behaviors can usually be quickly corrected with monitoring, agent and call level reporting, insights, recommendations, training programs, and/or customized coaching.
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