4 Keys to Building Compliance into CX Design
In today’s competitive environment, financial services and insurance companies are looking for ways to enhance the overall customer experience by offering greater convenience through intuitive interfaces that make doing business with the company as easy as possible.
However, compliance risk has become unnervingly high. These firms often struggle to keep up with changing regulatory requirements to avoid the growing financial penalties for noncompliance.
With customer experience becoming such an important differentiator for many financial services and insurance companies, firms that are able to build nimble and effective customer communications compliance teams and processes will have an edge. Those firms will move more quickly to market with less risk and potentially lower compliance costs than their competitors. This is every marketing executive's dream.
Leveraging modern customer communications management (CCM) solutions to streamline customer communications compliance not only saves time and money and reduces risk; it also becomes a source of competitive advantage. After all, the people responsible for customer experience are not experts on how or when regulations will change. Companies only develop a way to execute and approve those changes as quickly and efficiently as possible.
A new whitepaper, “Integrating Compliance into Innovation: Taking Control over Customer Communications” argues that the key is to find ways to involve the compliance function in communications design and development from the very beginning.
Speeding up development.
Companies that wait until communications design and development are completed to ask for compliance support and final sign offs are simply going to slow down project completion and increase complexity. Early compliance input helps organizations avoid unnecessary rework and speeds up final compliance approvals to days instead of the weeks of delay many financial services and insurance companies experience now.
Addressing compliance concerns early.
Early involvement in design and development provides compliance professionals with opportunities to identify and offer suggestions to address any issues that impede customer communications compliance approval later on. Collaborative content and design tools with social commenting enable a more collaborative process in which compliance, legal, and line of business teams share drafts from the beginning of the process.
Getting the compliance function involved in design and development helps them become part of the team. As such, this approach represents a unique opportunity to turn the frequently adversarial process of gaining compliance approval into a more collaborative team exercise.
Ensuring a holistic view.
By providing compliance with the full view of an entire communications package in every form in which that material is going to appear—paper, web pages, mobile applications and so on—compliance is be able to fully review and analyze not only what customers will see but how they will see it.
A smoother and more effective process.
With content creators fully in control of customer communications design and development, as well as compliance maintenance and updates, all of these processes are easier to streamline. This approach also minimizes or eliminates any role IT must play in customer communications compliance. Finally, by breaking down and minimizing the complexity of the process, financial services and insurance companies increase the time available to respond to compliance-related changes and reduce the risk of problems occurring in the process.
How should your organization integrate compliance into your customer experience strategy? This whitepaper is jam-packed with actionable tactics and real-world examples. Click here to read the full piece.