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How financial brands can balance CX and compliance  



Steve Murray, line of business director at IPI


Today, customer expectations have been driven skyward by the advancements in consumer tech – the likes of Alexa, Siri, and a multitude of mobile apps, have made customers tech-savvy and expecting more from their favourite brands. This is especially true when it comes to the customer experience (CX) journey – they don’t just want to call a bank or their insurance provider on the phone anymore; they want to be able to reach them on social media, video calls or digital channels such as online chat.

But the challenge with financial brands offering services like this is finding the balance between meeting customer expectations and meeting compliance standards with the likes of GDPR, FCA and PCI DSS implemented to keep both consumers and organisations safe. And while typically, our personal devices are secured through integrated biometric capabilities or pre-authorised accounts, the same isn’t always possible when the technology – such as automation – is used commercially. Indeed, as customers become more digital-first and accustomed to this omnichannel approach, financial services brands also need to be able to deliver a secure CX, across multiple platforms, from SMS to webchat.

So, how can financial brands find the balance between modern-day CX and regulatory compliance? Here are three ways to do just that:


Automated Identification & Verification (ID&V)

 We’ve all been there, having to manually verify our identity when on a call with a customer service agent from our bank or insurer. It can be tiresome, trying to remember one of many passwords, recall your security question and answer, and enter the pin code you set up years ago. It’s no secret that financial services in particular have very strict compliance standards to meet, but it doesn’t make it any less frustrating when you’re unable to speak to an agent after all that rigmarole.

ID&V tools that use voice analytics are key here. Like speaking to Siri and Alexa, these solutions can identify and verify an individual just through the uniqueness of their voice. Using voice biometrics, these tools use voice patterns to produce unique identification for every caller, making it easier for financial services to authenticate customers, protect against fraudsters, ensure compliance and streamline the customer journey.


Pause & Resume technology

 With physical stores and branches closed for extended periods during lockdowns, alternative methods of purchasing skyrocketed during the pandemic. Indeed, according to McKinsey, e-commerce in the UK grew five times faster in 2020 than before the pandemic and PayPal and BigCommerce found that 84.5% of consumers make at least one purchase a month on their mobile devices.

With this in mind, financial services have to ensure that customers can make their card payments securely and efficiently on their platform of choice.

This is where Pause & Resume technology comes in, particularly for over-the-phone payments. Pause & Resume – or ‘stop-start’ – recording technology aims to prevent sensitive authentication data and other confidential information from entering the call recording environment. Consistently a popular way to address some of the compliance regulations, Pause & Resume works by manually or automatically stopping the recording of a call at the very moment the customer provides their confidential card or bank details.

When automated, Pause & Resume is especially beneficial for both compliance and CX – for example, when a recording is paused, the speech is automatically muted with tones periodically injected into the audio stream, preserving the same identity and call length as the original call, protecting call and quality integrity. It also requires no interaction from the agent to initiate the process so they can focus 100% of their attention on the customer experience.


Secure omnichannel CX

 Research from McKinsey suggests the majority of consumers who have increased their use of digital and omnichannel services during the pandemic expect to sustain these activities into the future, whereas other research found that 90% of customers expect their interactions to be consistent across all channels. It’s safe to say that omnichannel CX is well and truly here.

To ensure that financial services brands can deliver a consistent, secure and streamlined CX across all platforms and enable customers to share sensitive information – such as card details – on the channel of their choice, omnichannel DTMF Suppression is the technological key. Regarded as the compliance gold standard, Dual-Tone Multi-Frequency (DTMF) Suppression obtains PCI compliance across multiple channels, from phone to webchat to email.


DTMF works by blocking sensitive data from the customer service agents and any recording that is in place. On the phone, for example, DTMF generates a series of audio signals to mask the input from a caller’s keypad, so customers can input sensitive data without compromising their security. For payments, the details only go to the Payment Service Provider and the bank meaning customers can shop securely on the channel of their choice.


Intent capture

 HubSpot found that 90% of consumers expect an immediate response to a customer support issue, with 60% defining ‘immediate’ as under ten minutes. Indeed, nobody likes to be kept waiting for a response from the customer service team, but it gets worse when you’re put through to the wrong department where agents are unable to help resolve your query. It disrupts our customer journey and negatively affects our impression of that particular brand.

To avoid frustrating customers in this way – and ensure every time a customer returns to that brand, they have a stellar CX – intent capture technology can be invaluable.

Intent capture enables contact centres to find out why customers are getting in touch by utilising the likes of AI and Natural Language Processing (NLP) to capture the reason for a customer’s call, in real time. Customers can then either be routed through to the best skilled team for the query, or even be routed through to an automated, voice bot or other digital channel option where they can self-serve – all securely. This helps streamline the customer journey, resolving queries in a more efficient manner and ensuring compliance.

Intent capture also provides rich insights to shape future CX. By reviewing and analysing – through speech analytics for example – the data captured at the start of the customer’s journey, organisations can detect patterns in the reasons for calling, and work to resolve pain points.



Today’s customer expects their financial services brands to be able to deliver a tech-savvy, multi-channel, secure experience. This presents these brands with the challenge of meeting these expectations whilst also ensuring they meet stringent compliance regulations. With the latest technology and a focus on presenting customers with a consistent experience across all channels, financial services will be well on their way to finding the balance between compliance and CX.





Unlocking the Power of Data: Revolutionising Business Success in the Financial Services Sector




Suki Dhuphar, Head of EMEA, Tamr


The financial services (FS) sector operates within an immensely data-abundant landscape. But it’s well-known that many organisations in the sector struggle to make data-driven decisions because they lack access to the right data to make decisions at the right time.

As the sector strives for a data-driven approach, companies focus on democratising data, granting non-technical users the ability to work with and leverage data for informed decision-making. However, dirty data, riddled with errors and inconsistencies, can lead to flawed analytics and decision-making. Siloed data across departments like Marketing, Sales, Operations, or R&D exacerbates this issue. Breaking down these barriers is essential for effective data democratisation and achieving accurate insights for decision-making.

An antidote to dirty, disconnected data

Overcoming the challenges presented by dirty, disconnected data is not a new problem. But, there are new solutions – such as shifting strategies to focus on data products – which are proven to deliver great results. But, what is a data product?

Data products are high-quality, accessible datasets that organisations use to solve business challenges. Data products are comprehensive, clean, and continuously updated. They make data tangible to serve specific purposes defined by consumers and provide value because they are easy to find and use. For example, an investment firm can benefit from data products to gain insights into market trends and attract more capital. These offer a scalable solution for connecting alternative data sources, providing accurate and continuously updated views of portfolio companies. Using machine learning (ML) based technology enables the data product to adapt to new data sources, giving a firm’s partners confidence in their investment decisions.

Suki Dhuphar

But, before companies can reap the benefits of data products, the development of a robust data product strategy is a must.

Where to begin?

Prior to embarking on a data product strategy, it is imperative to establish clear-cut objectives that align with your organisation’s overarching business goals. Taking an incremental approach enables you to make a real impact against a specific objective – such as streamlining operations to enhance cost efficiency or reshaping business portfolios to drive growth – by starting with a more manageable goal and then building upon it as the use case is proved. For companies that find themselves uncertain about where to begin their move to data products, tackling your customer data is a good place to start for some quick wins to increase the success of the customer experience programmes.

Getting a good grasp on data

Once an objective is in place, it’s time for an organisation to assess its capabilities for executing the data product strategy. To do this, you need to dig into the nitty-gritty details like where the data is, how accurate and complete it is, how often it gets updated, and how well it’s integrated across different departments. This will give a solid grasp of the actual quality of the data and help allocate resources more efficiently. At this stage, you should also think about which stakeholders from across the business from leadership to IT will need to be involved in the process and how.

Once that’s covered, you can start putting together a skilled team and assigning responsibilities to kick-off the creation and management of a comprehensive data platform that spans all relevant departments. This process also helps spot any gaps early on, so you can focus on targeted initiatives.

Identifying the problem you will solve

Now let’s move on to the next step in our data product strategy. Here we need to identify a specific problem or challenge that is commonly faced in your organisation. It’s likely that leaders in different departments, like R&D or procurement, encounter obstacles that hinder their objectives that could be overcome with better insight and information. By defining a clear use case, you will build a real solution to a challenge they are facing rather than a data product for the sake of having data. This will be an impactful case study for your entire organisation to understand the potential benefits of data products and increase appetite for future projects.

Getting buy-in from the business

Once you have identified the problem you want to solve, you need to secure the funding, support, and resources to move the project ahead. To do that, you must present a practical roadmap that shows how you will quickly deliver value. You should also showcase how to improve it over time once the initial use case is proven.

The plan should map how you will measure success effectively with specific indicators (such as KPIs) that are closely tied to business goals. These indicators will give you a benchmark of what success looks like so you can clearly show when you’ve delivered it.

Getting the most out of your data product

Once you’ve got the green light – and the funds – it’s time to put your plan into action by creating a basic version of your data product, also known as a minimum viable data product (MVDP). By starting small and gradually enhancing with each new release you are putting yourself in the best stead to encourage adoption and also (coming back to our iterative approach) help you secure more resources and funding down the line.

To make the most of your data product, it’s essential to tap into the knowledge and experience of business partners as they know how to make the most of the data product and integrate it into existing workflows. Additionally, collecting feedback and using it to improve future releases will bring even more value to end users in the business and, in turn, your customers.

Unlocking the power of data (products)

It’s crucial for companies in FS to make the most of the huge amount of data they have at their disposal. It simply doesn’t make sense to leave this data tapped and not use it to solve real challenges for end users in the business and, in turn, improve the customer experience! By adopting effective strategies for data products, FS organisations can start to maximise the incredible value of their data.

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Making the Maths Work: Addressing Inflation Challenges through Measuring and Managing Risk




Matt Clementson, Head of Enterprise UK&I

Persistent inflation is highly troublesome for every business – with or without a recession. In addition to causing unexpected expenses, it complicates decision-making around stabilising wages, setting product prices, and investing in new areas for growth. Meanwhile, stock and bond prices plummet when alarming inflation data arrives and interest rates increase. It’s time to run leaner, making the reassessment of the strategic objectives highly urgent.

With a seat in the boardroom, CFOs can guide thoughtful discussions covering everything from procurement, resource allocation, and manufacturing to the alignment of business purpose with operational tactics and goals. CFOs must also rethink how their business measure and mitigate risk. Understanding the business’ vulnerability, they can add considerable value to their business by identifying risks early and making organisations accountable for mitigating them.

When the economy becomes uncomfortable, the mathematics behind business operations no longer work seamlessly. During more comfortable times businesses have the luxury to accept some degree of inefficiency and low productivity – but in times like these that’s no longer the case.

So now it’s more important that ever for CFOs to use the right tools and technology to manage and mitigate risk and build business resilience.

Enhancing visibility to measure and manage risk:

To navigate through periods of high inflation, CFOs need technologies that provide comprehensive visibility, and enable informed decision-making, in order to optimising cash flow, minimise     costs and manage risk in a transparent and efficient way.

1. Simplify confusing processes to gain moments of clarity

Effective risk management starts with integrating data from various sources within the organisation. By consolidating data from finance, operations, procurement, and sales, CFOs can gain a holistic view of the business landscape. This integration enables them to identify potential risks associated with inflation, such as rising costs, supply chain disruptions, or changes in customer demand patterns. With access to comprehensive and real-time data, CFOs can make informed decisions that mitigate the impact of inflation on the organisation.

A good first step is to unify travel, expense, and invoice solutions, so that finance teams can integrate and streamline operations and scale spend processes without adding additional resources.

2. Make spending decisions with data-driven accuracy

Once data is integrated, CFOs can leverage advanced analytics techniques to identify patterns, trends, and potential risks. Predictive analytics can help identify inflationary pressures, allowing businesses to proactively adjust pricing strategies or negotiate favourable terms with suppliers. Additionally, scenario modelling can simulate the impact of different inflation rates on the organisation’s financials, enabling CFOs to devise appropriate strategies for managing risk. By harnessing the power of analytics, CFOs can navigate inflation challenges with greater confidence and precision.

3.Driving business agility through automation

Facing a myriad of disruptors, companies in every industry are making strategic decisions aimed at remaining competitive in the market and with their people. Digitisation, standardisation, and automation will be critical as businesses focus on solving problems for their customers in innovative, lasting ways

AI technologies, such as machine learning algorithms, can analyse vast amounts of data to uncover hidden insights and patterns. And with automated, customisable controls, CFOs can keep their firm agile – re-adjusting spend controls to match the corporate travel and expense (T&E) policy whenever their business needs to adapt or pivot. Only then will spending insights allow them to review how policies impact business performance and continue to optimise cash management.

Making the maths work

In a business environment plagued by persistent inflation, CFOs play a crucial role in addressing the associated challenges. By rethinking how their organisations measure and manage risk, CFOs can enhance their decision-making capabilities and add significant value. The integration of data, advanced analytics, and AI technologies enables CFOs to build resilience, standardise processes, ensure compliance, and deliver insights to the entire enterprise. By making the maths work in the face of inflation, businesses can navigate uncertain economic times with confidence and stay on the path of sustainable growth.

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