Financial services – see through the red tape
Red tape, procedure, protocol, standard operating procedures, do’s and don’ts. However your organisation says it, there’s no getting past it in the financial services industry. Not only does it protect your business but it sets a level of accountability for both individuals and the organisation. You wouldn’t want a doctor doing brain surgery on you without having passed their brain surgery exam or having not washed their hands now would you?
But how do we manage the growing amount of red tape within financial services?
With the amount of regulation hitting financial service providers it can feel like you’re in a straight jacket. For some it’s a good thing. For example it’s forced pay-day loans to sharpen their act by limiting interest rates and forcing them to be more transparent about how they conduct their business. Despite the positives, the regulation creates a headache for many providers…
Imagine you’re the head of digital risk management and compliance for a large financial institution for example. With the current regulations, there is even more restriction within this sector, making compliance a real nightmare. With millions of customers, how do you keep on top of all that online data, track every online customer journey and spot potential risks to the business?
‘Let’s stick with what we’ve got’
There are internal solutions – using your existing platforms, to try and cut corners. You could even rely on your own IT team to build their own platform to track online customer journeys and review customer experience analytics. Often though, from our experience within the finance sectors, this software is often clunky, slow and unable to cope with the large volumes of data. It may seem cost-effective at first but it’s easy to forget the investment and time that is required for audits, searches and more.
Existing technologies are here today that solve this problem and keep track of their companies’ customer analytics record. With the ability to track every single customer journey online with the help of a single piece of tracking code that takes just days to implement. The main benefit for you is to cover your arse, so to speak. You’ll be able to investigate complaints at the click of the button, by simply pulling data of individual customer product searches, to see the messages, disclaimers and terms & conditions they were exposed to. You’ll also be able to see:
- Where they clicked
- What they saw in real time
- What they typed
- What they purchased or applied for, e.g. a personal loan.
With such technologies available in the financial services sector, you have the infrastructure in place to keep on top of things, as they happen. It turns you from being a reactor to a resolver; finding customer journeys that don’t reflect your product in the right way and resolving them.
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