How did a retail banking disruptor excel in risk management and compliance?
The goal
To enhance customer service while ensuring robust security and strict compliance measures. This involves consolidating a consistent strategy across these areas to exceed client expectations and promote a trusted partnership built on reliability and excellence.
The outcome
93%
risk management and compliance index (goal 80%)
98%
performance score (goal 90%)
100%
certification index
12%
decrease in AHT
50
NPS, 25% above expectation
The challenge
Throughout more than 21 years of partnership, Foundever® and the client have built a strong relationship characterized by a shared commitment to driving innovation, delivering high-quality services, and prioritizing technology, employee experience and customer satisfaction. The collaboration has led to continuous improvement and a successful partnership in the financial services industry.
Our services encompass fraud detection, customer service, collections and back-office support for multiple lines of business across North America, Central America (Costa Rica, Panama, Nicaragua) and the Philippines. We deliver comprehensive support through voice, chat, email and web, always maintaining high levels of quality and performance.
Our client relies on a trusted partnership that depends on our ability to be at the forefront of security, compliance and regulatory changes within the banking and financial services industry. Evolving cybersecurity threats and potential vulnerabilities in data management in the industry prompted proactive measures to address these challenges.
Amid changes in operational strategies to improve cost efficiency, Foundever focused on optimizing processes and leveraging technology to maintain service quality.
The solution
International support delivered from 8 sites across the world, located in Costa Rica, Nicaragua, Panama, the Philippines and the U.S.
Industry
Banking & financial services
Channels
Voice, chat, email, web
Languages
English, Spanish
Foundever prioritizes a comprehensive approach to security, including understanding client needs, adhering to global standards, leveraging advanced technology for risk mitigation, and investing in ongoing associate training and awareness.
Business protection
Our comprehensive approach to security and trust begins with a thorough understanding of our partner’s unique needs and risks. Our global Business Information Security Office (BISO) team collaborates closely to provide consultation and advice and deploy security expertise, ensuring robust data protection measures are in place globally. This proactive engagement is fundamental to reinforcing trust and confidentiality between partners.
Consistent global approach
Maintaining a consistent global approach is key to our strategy. We adhere strictly to global operating standards, consistently implementing stringent policies and business continuity practices across all our sites. This ensures that data and operations remain secure irrespective of geographic boundaries, bolstering confidence in our security protocols.
Technology to mitigate risks
To mitigate risks effectively, Foundever leverages advanced technology solutions. We use software and token-based multifactor authentication, along with geolocation technology, to detect and prevent unauthorized access. Our remote agent login system is synchronized with work schedules, flagging any suspicious logins outside expected timeframes, thereby enhancing overall security.
Training and awareness
Recognizing the crucial role of human factors in cybersecurity, we place a significant emphasis on associate training and awareness. Our associates undergo annual digital and interactive security training sessions, equipping them with knowledge of security protocols and best practices. Additionally, we conduct random fake phishing email tests to gauge associate awareness and adherence to security protocols, building a culture of vigilance and accountability within our organization.
Results
93%
risk management and compliance index (goal 80%)
98%
performance score (goal 90%)
100%
certification index
12%
decrease in AHT
50
NPS, 25% above expectation
The team’s exceptional performance across various metrics underscores our commitment to excellence and trustworthiness in the partnership. With a remarkable 93% risk management and compliance index, consistently above the required 90% threshold, we demonstrate a dedication to the highest standards of risk management and regulatory compliance.
The client’s perfect score of 100% in certification and compliance further cements our reputation as a reliable and meticulous partner adhering to industry best practices. These achievements not only reinforce trust and safety but also set a benchmark for excellence in the BPO industry.