Podcast ¦ CX Files: Owen Campbell – Kura – How BPOs Can Work With Regulated Industries

Key Takeaways

1. Kura is a BPO that focuses on culture and people development, believing that excellent internal staff leads to better customer outcomes.

2. Owen Campbell, Operations Director at Kura, emphasizes the critical nature of compliance in regulated industries, highlighting that customer experience and compliance should not be seen as opposing forces.

3. Recruits for BPO roles in regulated sectors need strong communication skills, empathy, and the ability to handle pressure and complex situations, underscoring the high skill requirement for advisors.

4. The importance of thorough training for advisors in regulated industries is paramount, as they must navigate complex regulations while maintaining a positive customer experience.

5. Kura employs an outcome-based compensation model which aligns advisor incentives with client goals, encouraging agents to focus on delivering high-quality service.

6. Effective partnerships with clients involve both parties actively monitoring and adapting to regulatory shifts that may impact service delivery.

7. Data security is a primary concern in regulated environments; Kura follows stringent compliance processes and regularly audits its systems to prevent data breaches.

8. The implementation of innovative technologies, such as AI and automation, is slower in regulated industries due to necessary compliance checks, but they can greatly enhance customer experience in the long run.

9. The relationship-based approach is fundamental for outsourcing in regulated sectors; established trust enables mixing delivery channels (onshore and offshore) with greater confidence.

10. Trends toward increased automation and AI are expected to reshape customer service in regulated sectors by reducing volume and enhancing compliance processes.

11. Kura’s average advisor tenure is five years, demonstrating a commitment to employee development and retention, which contributes to service quality.

12. Owen advocates for continuous learning and adaptation, urging that both management and advisors maintain openness to changes and improvements in regulatory environments.

Key Statistics

• Average advisor tenure at Kura is five years, which is considered high for the industry.

• Kura audits its data security processes every two months to ensure compliance and security robustness.

Key Discussion Points

1. Differentiation between customer service and customer experience in regulated industries.

2. The complexities of managing customer interactions in highly regulated environments.

3. The impact of regulatory changes on communication and service delivery strategies.

4. Approaches to training and retaining high-quality advisors in challenging roles.

5. The role of empathy in achieving compliance and positive customer interactions.

6. The value of establishing trusted relationships with clients to facilitate outsourcing in regulated environments.

7. Changes in industry norms toward outcome-based compensation for service delivery.

8. The importance of data security and compliance frameworks in sensitive industries.

9. The future impact of AI and automation on customer service dynamics in regulated sectors.

10. The significance of a proactive governance approach to regulatory compliance.

11. Challenges faced in delivering customer experience amid strict compliance requirements.

12. Anticipated shifts in operational and customer engagement strategies in the next three to five years.

Podcast Description

In this episode of the CX Files, Mark Hillary and Peter Ryan delve into the complexities of customer experience in regulated industries with Owen Campbell, Operations Director at Kura. They discuss the inherent challenges of compliance, the need for skilled advisors, and the balance between customer satisfaction and regulatory adherence. Owen shares insights into Kura’s commitment to employee development, innovative technology implementation, and data security protocols, as well as trends in the future of customer service within these sectors. This episode offers valuable perspectives for senior managers in financial services looking to navigate the intricacies of customer experience in a regulated landscape.