720623Innovative Compliance Software Platform for Sales Agents in Stores & Call CentresClosedGRD Development of PrototypeInnovate UKThis project addresses the major problem of mis-selling to consumers by call centres (CCs) & in store sales agents. Mis-selling occurs due to high sales targets & lack of product knowledge/poor diagnosis of customer needs. Prevalent across many sectors, in particular financial services & energy/utilities, mis-selling has led to a lack of trust, competition to maintain mkt share & increased overheads due to non-compliance compensation. 6% of UK calls & 5% of US calls received by CCs are complaints, with 80% & 77% of these respectively being about mis-sold or mis-advised products. Solutions exist that attempt to help sales agents comply with regs in order to avoid mis-selling (e.g. guided selling techs & behavioural analytics), however they have significant drawbacks: ltd application, expensive, lack of integration, no regulatory checks, inability to configure expensive legacy systems. To address mis-selling & trust issues & to take advantage of the significant business opportunity that exists, Cinergy plans to develop a versatile, highly configurable software platform ‘S+’, which allows agents to give guided choice in a prescribed manner, is transparent& driven by compliance at every step of the customer journey. The value of the tech is recognised by major players who demand new solutions to meet growing consumer & compliance expectations. The project builds on a PoC prototype developed in 2014 – trials demonstrated a 90% improvement in compliance & reduction in mis-selling. Cinergy will develop a suite of structured software tools which help the sales agents to avoid mis-selling, comply with company regs & transform the customer buying experience. The tech will initially be targeted at the energy/utilities & financial sectors, the 2 major industries mis-selling affects & Cinergy have an existing route to mkt. A wider roll out to other industries (including telecoms & retail durable goods) is envisaged in the medium term. Mkt entry in 2016.