The FCA's Consumer Duty guidelines emphasise the need for financial firms to keep a close watch on the fair value of their products and services. But what does this mean, and how does your does you call centre fit into the picture?
In simpler terms, 'fair value' is about ensuring your products and services are worth what your customers pay for them. You're aiming to avoid situations where customers feel short-changed or dissatisfied. It's about keeping that balance of value, quality, and price.
Monitoring fair value is a continuous process. It isn't something you can set and forget, especially when you have multiple products and services. Now, imagine trying to manually keep track of every customer interaction, feedback, or complaint. Sounds daunting.
But this is where using the right call centre software gives you the tools to automate this process, making it easier and more efficient. Here's how:
- Call recording and transcription: Every call your team handles should be recorded and transcribed. This way, you can review conversations, understand your customers' needs, and spot any issues quickly.
- Keyword Tracker: This scans all your call transcriptions for specific words or phrases, helping you find feedback on your products or services. Consider it as your own personal assistant who sifts through the data for you.
- Alerts: Be notified about calls that could lead to complaints or unsatisfactory outcomes for your customers. It's like having a watchdog that's always on the lookout for potential problems.
- Sentiment Analysis: This feature automatically evaluates the mood or sentiment of your customers during their calls. Think of it as a mood ring for your customer interactions, providing a CSat (Customer Satisfaction) score for 100% of your calls, not just a select few.
Using these features, monitoring the fair value of your products and services is easier and more precise, allowing you to stay compliant and keep your customers' satisfaction as a priority.