Omnireach: Solving Data and Compliance Challenges in the Financial Industry
The FCA’s Consumer Duty is a significant change in the expectations of firms, marking a “paradigm shift” in the regulatory approach. With the introduction of a new Consumer Principle, firms are now required to act in the best interests of retail customers and deliver good outcomes for them. The FCA wants firms to provide better customer care and protection, as well as empower consumers to make informed decisions.
Final guidance on Consumer Duty was published by the FCA on July 27, 2022, following two consultation papers issued earlier that year.
The rules for open products and services must be implemented by the end of July 2023, with closed books of business following suit by the end of July 2024.
The Consumer Duty rules apply to all firms that manufacture or distribute products and services to retail customers and are a vital part of the FCA’s 2022-2025 strategy. Firms must review their product suite, communications, and end-to-end customer journey and make changes in governance and accountability, management information and reporting, product design, pricing, distribution, servicing, and staff training – all within a challenging implementation timeframe.
This is where Omnireach, the all-in-one conversational platform from Saascoms, comes in. Omnireach can help financial firms solve data and compliance challenges while also providing timely responses to customers.
Solving Data Challenges with Omnireach
Data is at the heart of the financial industry, but with so much customer data to manage, it can be a challenge to ensure compliance with data protection regulations. Omnireach helps financial firms manage their data challenges by providing a secure, cloud-based platform that can integrate with existing systems.
With Omnireach, financial firms can track customer interactions across multiple channels, including email, chat, SMS, WhatsApp, and social media. This means that all customer data is stored in a centralised location, making it easier to manage and protect.
Meeting Compliance Obligations with Omnireach
Omnireach is fully compliant with GDPR and other data protection regulations, meaning that financial firms can be confident that they are meeting their legal obligations. In addition, Omnireach provides audit trails and full transcript reporting making it easier to demonstrate compliance to regulators. With full search across all “chats”, Omnireach can easily identify areas for improved agent training and refining the customer experience, with the addition of outcome codes of each chat, CSAT on all or a random sample of resolved conversations.
Providing Timely Responses with Omnireach
The FCA’s proposed Consumer Duty emphasises the importance of providing timely responses to customers, but with so many channels of communication, this can be a challenge. Omnireach helps financial firms provide timely responses by consolidating all customer interactions into a single platform.
With Omnireach, financial firms can assign customer queries and complaints to the right agents, ensuring that responses are provided in a timely manner. Omnireach also provides automation features that can help to speed up response times, such as pre-written responses and high-priority queue routing based on customer sentiment and intent.
The financial industry is facing a regulatory shift, with the proposed Consumer Duty requiring firms to prioritise the interests of customers. With the help of Omnireach from Saascoms, financial firms can meet their data and compliance obligations while also providing timely responses to customers.
By consolidating customer interactions into a single platform, Omnireach helps financial firms manage their data challenges, meet their compliance obligations, and provide a better customer experience.
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