IFA eService solution incorporates compliance module to avoid potential misselling

Transversal (www.transversal.com), the eService provider, has launched the latest version of IFA Answers, a specialist solution that will enable financial services providers to transform their online intermediary contact and service strategy. Through its intelligent understanding of both specialist financial terms and everyday language IFA Answers delivers instant, accurate online answers to questions asked by IFAs, enabling specialist staff to concentrate on more complex queries.

Transversal’s new compliance module will allow financial service providers to control the content of outbound email using automated quarantine and approval workflow. Messages sent via IFA Answers containing content from a set of banned words or phrases, such as, “we advise”, “we recommend”, and those containing unsuitable language, or reference to competitors, can be held back for appproval before being sent out. This reduces complaints and avoids potential cases of misselling.

Already used by organisations such as Standard Life, IFA Answers enables regulated organisations to improve the accuracy and quality of customer service information provided online. As well as providing full content audit trail, showing the history of changes made to a specific item of information, edits can be quickly and easily added to related content thus ensuring consistency across related topics within a centralised knowledgebase.

“The Internet is fast becoming the communication channel of choice for IFAs looking for fast, accurate answers from financial services providers,” commented Davin Yap, CEO, Transversal. “However too many have simply created static extranets that are quickly out of date and force advisers to call or email contact centres on even the most routine matters. By using IFA Answers with its new compliance module organisations can free specialist staff to focus on more complex queries and adding value to financial advisers, while guarding against potential misselling.”

Importantly IFA Answers enables financial services organisations to gain invaluable intelligence about the requirements of their intermediary sales channel. By analysing the questions asked through IFA Answers financial services companies can prequalify IFA requirements in order to deliver improved customer service and potentially cross-sell other products.

Research has revealed that although the majority of IFAs are now embracing the online channel (http://www.ifaonline.co.uk/public/showPage.html?page=312177), intermediary websites and extranets are creaking under the strain (http://www.ftadviser.com/dt_single.aspx?m=11289&amid=89226). A lack of centralised knowledge bases mean that it is difficult to ensure information is up to date or consistent, leading to ad hoc answering of routine queries which adds to costs and can open financial services providers to future litigation.

IFA Answers uses a dynamic knowledgebase that is populated organically, with replies to new questions becoming part of a constantly evolving information source available to both IFAs and contact centre agents. Advanced content management features ensure that information is always consistent, accurate and up to date.

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Dee Roche, Head of Marketing +44 (0)1223 723 388 dee.roche@transversal.com
Rainier PR
Chris Measures/Elke Panzner +44 (0)20 7494 6570 cmeasures@rainierpr.co.uk

About Transversal
Transversal, founded in 1998 by top researchers from Caltech and Cambridge universities, is a Cambridge-based developer of intelligent eCustomer service software that enables organisations to achieve key sales, customer service and efficiency goals. Transversal's flagship service, Metafaq, enables organisations to increase online sales and reduce the volume of call and email queries to contact centres by automatically answering customers' questions online. Transversal customers will typically see immediate and dramatic email reductions, by around 60%, and improvements in email response times, from days to minutes. Intrafaq, Transversal's knowledge management solution for contact centres, delivers information to agents in a unique way from a dynamic natural language knowledgebase. Simply by typing a question, in their own words, agents can access answers to customer questions; providing fast, accurate and consistent responses. Organisations benefit from increased first call resolution and efficiency by improving the knowledge and quality of service provided by customer service and help-desk agents. Transversal's Memory Engine™ is the result of research and development by top researchers in Information Theory and Machine Learning from Caltech and Cambridge universities. Transversal co-founder, Prof. David MacKay, is a world renowned expert in Artificial Intelligence. He pioneered Bayesian Neural Networks in the late 1980s and remains at the forefront of the field. Current customers include Sony, Direct Line, Thomsons, MFI, Barclays, Nissan, Fujifilm, Standard Life, Freemans, Grattans, Look Again, Kaleidoscope and the Metropolitan Police.

Published on: 12:00AM on 6th March 2006