While attending the Credit Summit in London on April 4th, I listened to a presentation by Tracy McDermott who is the Acting CEO of the Financial Conduct Authority in the UK. Tracey made a fascinating analogy between drink-driving and how the credit industry is handling customer service. Sound implausible? Let me explain.
In her parent’s time, the concern for someone who was drink-driving was that they would get caught/penalised where with her generation nobody drinks and drives because it is perceived as a moral issue. Tracey made the point that the credit industry needs to change how it handles customer interactions from a stance of ‘let’s not get caught’ to one ‘let’s do the right things’, in other words a new moral culture for the industry.
An example of this might be a son/daughter calling a healthcare provider on behalf of an ill parent only to be advised that they will only speak with the account holder. This represents the ‘let’s not get caught’ approach. The pragmatic approach would be to ask a few pertinent questions of the caller to validate their identity and service the request.
Adhering to regulation does not mean that we need to be rigid in our approach to customer service.
That said, this does not remove the need to remain vigilant when it comes to compliance. The service provider needs to track that staff are meeting the regulatory requirements but in tandem that processes and behaviors truly reflect the interest of the customer. A bit of moral obligation if you like.
Here at Scorebuddy we are familiar with this dual requirement so our tool allows you track the compliance items but also focus on the soft skills elements to deliver a rounded service. Why not try us out?
Says Dick Bourke, Director
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