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3 Ways to Ensure Credit Union Regulatory Compliance

January 10, 2022 by Morgan Pulitzer

agents in a call center for credit union regulatory compliance blog post
We live in a world full of information available at our fingertips. Unfortunately, this information is also available to people with less than honorable intentions. For this reason, many industries have strict regulations to protect both businesses and consumers.

Perhaps the most regulated industry in that regard is the financial industry, which includes banks, lending companies, and credit unions. And these organizations must follow the laws and regulations governing deposits, mortgages, and consumer credit, which are set by the Bureau of Consumer Financial Protection and other federal agencies. That’s why credit union regulatory compliance is impossible to ensure without a proper call quality monitoring system in place.

Credit Union Regulatory Compliance in Contact Centers

Many credit unions operate through a contact center where calls are monitored for quality assurance. However, regulatory compliance adds a complicated layer to this. Because credit unions possess valuable customer data, both personal and financial, they are at higher risk for illicit activities. To avoid this, here are a few ways credit unions can ensure they meet regulatory requirements on each call.

Advanced Speech-to-Text Technology

Without a way to mitigate compliance risk, credit unions could face steep fines and penalties. This can also result in litigious action from customers. Credit unions need assurance that their contact center agents remain 100% compliant. Nothing can slip through the cracks.

But this can be challenging for contact centers with high call volumes. Utilizing speech-to-text transcriptions is a fast and accurate way to monitor every phone conversation. This can help credit unions protect themselves against accusations of misconduct, and prove their compliance.

Automated Agent Scorecards

In addition to ensuring script compliance, accurate agent monitoring is crucial to guaranteeing that all agent-customer interactions are accounted for. Automated agent scorecards give supervisors a reliable agent evaluation system using an unbiased scoring method. Scorecards can help with ongoing training to help agents remain compliant and keep pace with ever-changing compliance rules. Compliance audits can also use scorecards to ensure agents understand all necessary measures and precautions.

Managed Client Services

Since industry regulations are constantly evolving, credit unions must constantly review their call monitoring processes. A good automated quality monitoring (AQM) solution offers many of the features listed above. However, a great AQM solution will ensure compliance through the proper use of those features.

An AQM solution with Managed Client Services offers ongoing support to credit union managers, from more precise script searches to better-constructed scorecards. As regulations change, credit unions never have to worry about missing important details or issues that could lead to non-compliance.

Credit union regulatory compliance officers regularly face a lot of pressure, from maintaining their company’s reputation to the potential of losing customers. These three tips can alleviate some of that stress by ensuring 100% agent compliance, whether the agents are in-house, remote, or outsourced. And that can bring credit unions – and their customers – peace of mind.

For more ways an automated quality monitoring solution can help your credit union mitigate compliance risk, schedule a quick demo with one of our Speech Analytics experts today!

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