Every successful organization has one thing in common: the ability to consistently delight customers and deliver strong experiences in each interaction while also ensuring regulatory compliance monitoring is done for calls.
To this end, today’s top-performing organizations invest heavily in their contact centers, equipping agents with modern contact center solutions — those that are powered by conversational AI — so they can respond to customer inquiries swiftly and effectively. As a result, agents are empowered to quickly help customers troubleshoot problems and answer their questions whenever they reach out.
In addition to giving agents the best tools, feature-rich contact center solutions also enable quality assurance (QA) teams to record every agent interaction, using that information to identify gaps and help agents reach their full potential.
Yet within all of those call recordings lies a potentially massive problem. When calls aren’t checked and regulatory compliance monitoring done, organizations can face serious penalties. To illustrate:
- Companies that process credit card payments can be fined as much as $100,000 per month for failure to comply with the Payment Card Industry Data Security Standards.
- Organizations that handle sensitive medical information can be fined as much as $1.9 million per year for violating HIPAA.
- Businesses can also face serious fines for violating the Telephone Consumer Protection Act (TCPA); one company was recently hit with a $225 million fine for doing precisely that.
Regulatory Compliance Monitoring
Smart businesses understand that they need to do everything in their power to balance the competing priorities of customer experience and regulatory compliance monitoring. And the easiest way to do that is by investing in purpose-built contact center solutions that give managers the ability to surface potential issues and to carry out regulatory compliance monitoring in real time — enabling them to take fast action to resolve any situations that warrant it.
Leading AI-powered contact center solutions use natural language understanding (NLU) and speech-to-text capabilities to automatically transcribe customer interactions as they occur, with 20x more accuracy than traditional systems can achieve. As a result, QA managers are able to analyze every single interaction that occurs — not just some of them. That’s compared to the average QA team, which can cover 2% of calls in the best case scenario.
To help organizations like yours unlock the full promise of optimal contact center operations while mitigating compliance risks, we’ve put together an e-book, From Risk to Reward; Mitigating Contact and Call Center Compliance Risks with Conversational AI, that explores:
- The key challenges of ensuring contact center compliance
- How conversational AI can help organizations guard against contact center risks
- The power of preemptively mitigating compliance risks and how to go about doing so
- Why Level AI is the ideal solution for organizations looking to protect against contact center compliance risks
- To learn more about what you can do to protect your organization against contact center compliance risks while considerably upleveling the caliber of the customer service you deliver, download the ebook today.
