Financial Services: Bridging the Gap Between Great Customer Experiences and Compliance


We’ve said it once and we’ll say it again: things rarely stay the same in CX. For the NOW Customer, speedy and authentic experiences remain a top priority when it comes to maintaining brand loyalty. From traditional and challenger banks, to trading, crypto and buy now, pay later platforms, you must stay nimble in all aspects of customer experience—the questions you ask when vetting customer service vendors are no exception. 

Across financial services and fintech, this is arguably one of the most critical components for future-proofing your CX strategy, staying compliant and giving customers a frictionless and secure experience.

Businesses need to show customers that their assets and financial moves are secure. For competitive banks and fintech brands, CX and security are competitive differentiators that will only intensify as competition grows. 

When vetting potential CX partners, it’s important to ensure they will keep your customer’s information private, while still providing 24/7 support to deliver exceptional customer experiences. Consider if and how partners will abide by your own internal privacy and security processes in such a highly regulated environment to reduce risks for your own business.

8 Questions to Ask Every Customer Service Supplier

Do you have a privacy compliance program?

A trusted CX partner will take every precaution to protect and honor your—and your customers’—privacy rights. This may come in the form of a privacy compliance program, modeled after the strictest regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

Are you SOC compliant?

Your CX partner should provide industry-leading security practices and qualify for the highest levels of certification and partner with international organizations to improve privacy standards globally. Across the finance sector, ensure you are working with businesses that are both SOC 1 Type II and SOC-2 compliant.

Will our information be secure on your platform?

The Advanced Encryption Standard, also known as AES, is the modern gold standard for data encryption. A top tier CX partner will leverage a 128-bit, 192-bit, or 256-bit AES encryption to keep your data secure, as well as multi-factor authentication to provide safe logins for admins and users.

What about our customer’s information?

Across the financial services industry, customer data should not be taken lightly. Personally Identifiable Information, or PII, should be kept secure. Simplr, for example, keeps all customer data behind a firewall, accessed only through secure API endpoints, and consistently monitored for intrusion (we don’t take this lightly, either).

Can you explain your incident response approach?

Speaking of intrusion, no one and no system is perfect. But any diligent CX partner should be able to respond and explain business impacts and outcomes if things go awry. Does the vendor have a webpage with explicit details on system availability, scheduled maintenance, incident history, and security events in real-time? If not, it’s time to look elsewhere.

What processes do you have in place for continuous monitoring?

Your future CX partner should continuously monitor trends and service volumes to ensure timely responses are available to your customers 24/7/365.

Do you employ gig workers?

This is an important differentiator between customer service providers. With any outsourced work, there is security risk, as you will be sharing sensitive company and customer data with that provider. When working with traditional BPOs, they typically outsource work to agents working in a single (often offshore) location. In the gig economy, individual agents are distributed, using their own laptops and collaboration tools. Operating outside of your company’s security parameters could pose a major risk.

Certain CX providers, like Simplr, provide access to a dispersed, fully remote and flexible live chat outsourced workforce, but they work out of a single, secure platform. By logging into a single system, our agents are able to provide a secure and efficient transfer of information, giving you and your customers peace of mind.

How do you ensure your gig workers are compliant?

Considering a partner that employs gig workers outside of your organization is not something that should be done lightly. It’s important to understand how they control access to and use of customer data. Common examples of Personally Identifiable Information (PII) in the financial services and fintech industries that your CX partner should be able to reduce include:

  • Credit card number
  • Drivers license
  • Bank account number
  • SSN
  • Passport number

Going the extra mile isn’t far enough

Finding a CX partner that keeps you safe, secure and running 24/7 is key. At Simplr, we take a security-by-design approach to protecting your data and have built our platform using best practices to provide highly available, scalable, and secure service. Our strictly defined change management policies, quality assurance practices, and data loss prevention procedures ensure we meet your security standards. Reach out to our team today to learn how we keep our walls up so you can keep your business running.

Fore more information, download our guide on Reimagining the Financial Services Contact Center RFP and get a detailed look into:

  • The top CX initiatives of today’s leading financial services brands
  • The eight new questions you must ask all potential vendors
  • A deeper look at why businesses are turning toward Gig 2.0 models to optimize CX quality and efficiency, generate revenue with customer engagement, and drive CX transformation