Since the great recession of 2008 and the newly created government agencies that have been created, new challenges have been brought upon the financial institutions and the way they operate. During 2010, when President Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act into law in July, the financial institutions were forced to begin reviewing their business strategies and determining what changes were being required to comply with the new regulations and guidelines. The passage of the Dodd–Frank Act addresses several areas within the financial institutions, containing a total of sixteen revisions.
In this series, I will be addressing some of these revisions, such as the Bureau of Consumer Financial Protection (CFPB), Payment, Clearing and Settlement, Mortgage Reform and Anti-Predatory Lending, as well as other provisions and current changes impacting current business strategies and how revised and/or new strategies are implemented and operationalized both effectively and efficiently. Additionally, once new strategies have been implemented into production, proper monitoring and reporting will insure that you are proactive in the refining and ongoing development of new effective and efficient strategies while meeting the regulatory requirements.
Many organizations have quickly recognized the value of the mobility channel in communicating with consumers. When leveraging this channel into your customer servicing strategies, you need to navigate carefully the “regulatory waters” of the Telecommunications Consumers Protection Act (TCPA). The FCC rules govern the delivery methods of telemarketing and advertisements. Telemarketing refers to the initiation of a telephone call or message for the purpose of encouraging the purchase or rental of, or investment in, property, goods, or services, which is transmitted to any person. Beginning October 16, 2013, prior express written consent was required for all autodialed calls, pre-recorded calls or texts sent or made to a wireless number and pre-recorded calls made to wired numbers for advertising or telemarketing purposes. Most businesses were relying on the “Prior Business Relationship Exemption”, which has now been eliminated. This forced businesses to work with the vendors, service providers, aggregators and telecommunication organizations in developing new process and procedures based on the interpretations of the new rulings. This also brought on new challenges in the FFC rule on wired numbers vs. wireless numbers for segmenting out wireless numbers and directing to proper strategies that have been designed to meet the new guidelines.
Many customer servicing centers today are migrating an increasing percentage of their daily call volume to the mobility channel, based on positive results, both with increased customer satisfaction, as well as, reduced operational cost with increased percentages in RPC’s (Right Party Contact).
If you have questions and/or concerns in how your business’ customer servicing operations is utilizing the mobility channel and associated technology, please contact us and we can discuss and provide our insights.