As regulations continue to drive more compliance efforts from financial institutions, evaluating software solutions has become even more time-consuming.

Fines, legal actions, and reputational damage from non-compliance can have a far-reaching impact on an institution’s bottom line. 

Enter agent assist software.

A technology that not only supports compliance but also enhances efficiency. 

However, vendor research can easily become conflated. Selecting the right vendor who understands the level of severity compliance risks can cause becomes a top priority.

While this post isn’t necessarily about that, we have a great risk assessment tool that you can use.

This article however will explore how agent assist software is reducing compliance risks while addressing potential challenges, like change management, in implementing these systems.

What is Agent Assist Software?

Agent assist software uses artificial intelligence and machine learning to provide real-time guidance to agents during customer interactions.

These tools can monitor conversations and offer prompts or suggestions to agents to ensure their responses comply with regulatory standards.

For instance, during a customer call, if an agent begins discussing a topic that requires legal disclosures or compliance-driven statements, agent assist software can immediately tell the agent how to respond.

Beyond that, these tools can automatically capture interactions and generate post-call summaries, which streamlines documentation and reporting requirements.

By leveraging these real-time insights, financial institutions can effectively mitigate compliance risks as they happen, minimizing the need for after-the-fact corrections and reducing the likelihood of non-compliance altogether.

Proactive Risk Reduction

One of the most significant advantages of agent assist software is its ability to provide real-time compliance support. 

Like in the example above, when agents interact with clients sometimes there is no room for errors in the statements that need to be made.

A simple misstep could result in a violation, which could in turn lead to hefty fines or legal scrutiny.

Agent assist software not only helps agents in real-time but can also flag any potential calls where a compliance issue may have occurred.  

Here is how some of our customers at Abstrakt use the software:

• Automated Disclosures: The software can prompt agents to provide necessary legal disclosures or terms when discussing specific financial products.
• Flagging Sensitive Topics: If a customer asks about specific advice or guarantees, the software can immediately alert the agent to avoid making statements that fall outside the institution’s regulatory guidelines while also notifying a supervisor if the response is not correct.
• PCI compliance: Abstrakt can automatically redact sensitive information before it hits the database so no information is kept on record. This also includes audio recordings.

These real-time interventions reduce the risk of errors while empowering agents to remain compliant without slowing down the conversation. 

By preventing compliance issues during interactions, institutions avoid the costly and time-consuming process of addressing these problems post-facto.

Post-Interaction Auditing and Analysis

In addition to real-time support, agent assist software plays a critical role in post-interaction compliance management. 

After a customer interaction concludes, the software can:

• Automatically log and archive conversations for future reference and audits.
• Analyze interactions for any missed compliance steps, offering insights into where the agent might need further training or guidance.
• Generate compliance reports that track adherence to regulatory standards across all interactions, helping managers identify patterns that could pose risks in the future.

This level of oversight helps institutions stay prepared for regulatory audits by maintaining thorough records of customer interactions. 

Importantly, because this logging and analysis process is automated, it doesn’t create additional burdens for compliance teams or agents.

Reducing Human Error with Automation

One of the primary compliance risks in financial institutions is human error. Even the most well-trained and experienced agents can make mistakes, particularly in high-pressure situations. 

With multiple regulations to juggle, agents may inadvertently overlook critical steps or use language that could be construed as misleading.

Agent assist software mitigates this risk by automating many of the most error-prone aspects of compliance. Whether it’s ensuring that required disclosures are delivered or flagging language that could raise concerns, these systems use AI-driven insights to reduce the impact of human error.

Moreover, by integrating these systems directly into customer service platforms, agents don’t need to switch between multiple screens or applications. 

They receive the guidance they need within the workflow, reducing the mental load and allowing them to focus on delivering an excellent customer experience.

Implementing Agent Assist Software

While the benefits of agent assist software are clear, implementing this technology does require thoughtful change management, especially in large institutions with established processes. 

Leaders should be aware of several key factors when considering agent assist software:

1. Training and Adoption: Agents will need training to understand how the software works and how it integrates into their daily operations. The software shouldn’t distract agents, but be there as guidance for them.
2. Integration with Existing Systems: For agent assist software to be effective, it needs to integrate seamlessly with your existing telephony system and CRM. When evaluating different solutions, leaders should ensure compatibility with their current tech stack to avoid disruptions.
3. Balancing Automation and Human Judgment: While agent assist software can significantly reduce compliance risks, it should not replace human oversight entirely. There will still be scenarios where the nuance of human judgment is required. 

The Long-Term Benefits

Investing in agent assist software offers financial service institutions a range of long-term benefits beyond compliance risk reduction:

• Increased Efficiency: By automating repetitive or error-prone compliance tasks, agents can focus on higher-value interactions with customers, improving overall efficiency.
• Enhanced Customer Experience: Customers benefit from smoother interactions where agents can provide accurate information without delays or the need for follow-up corrections.
• Reduced Training Time: New agents can ramp up faster since the software provides in-the-moment guidance, shortening the learning curve.

Moreover, institutions that proactively address compliance with tools like agent assist software are likely to foster stronger relationships with regulators, auditors, and clients. 

This enhanced reputation can ultimately translate into better customer retention and growth opportunities.

Conclusion

Agent assist software is revolutionizing the way financial service institutions manage compliance risks. By providing real-time guidance, reducing human error, and automating post-interaction auditing, this technology not only helps institutions avoid costly compliance violations but also enhances operational efficiency. 

For leaders evaluating software solutions, agent assist systems offer a proactive, scalable approach to compliance that can grow with your institution’s needs.

While implementing these tools requires thoughtful change management and integration planning, the benefits make agent assist software a compelling choice for forward-thinking financial institutions.