Financial Services Regulatory Compliance: 5 Things to Ask Your OPI Provider

The over-the-phone interpretation (OPI) service provider your organization uses may be a blind spot for compliance risk.

Everyone knows financial services is one of the most highly scrutinized industries in the world. The need to meet regulatory requirements is an ever-present motivator for companies in this space. Whether you’re a consumer bank offering over-the-phone servicing to non-English-speaking consumers, an insurance company offering claims support, or a fintech organization investigating fraudulent activity, being able to effectively—and accurately—communicate with customers is crucial to avoid miscommunication and remain compliant.

On the surface, OPI may seem like a commodity service. When you look a little deeper, you'll find that not all providers are the same. Many organizations have not critically assessed their OPI service in years. Only after doing so do they find that the providers are at risk of not fully supporting compliance expectations.

Here are five key questions we recommend asking your OPI provider:

1.) Are your calls being handled by fully trained, quality-assessed employees or by multiple independent contractors?

Whatever the reason for calling, your customers want to talk to someone who has the industry experience to help them. Financial services is specialty subject matter, and it is crucial interpreters demonstrate experience in the field, are rigorously tested, and are continuously trained. This provider is an extension of your company—it’s important you’re well-represented.

Consider the risk if an interpreter omits elements of a required disclosure, or in a sympathetic moment they provide improvised instruction to a customer that results in an additional issue or complaint. Interpreters familiar with the industry understand the stringent governance and can support well-managed practices and expectations.

2.) Do you have real-time online access to your call metrics, and do you have performance and actionable analytics data?

Having real-time visibility into your OPI call activity is extremely important. It allows you to easily track performance and usage. It also provides the opportunity to identify and investigate any potential compliance issues quickly and efficiently. The more granular this data is, the better.

3.) Are your calls being handled in call centers, or in the interpreter’s personal home?

Remote working is the new norm for many and, as a result, some call centers have interpreters working from home. However, when sensitive information is being discussed, it is imperative to require secure brick-and-mortar facilities.

4.) What physical and information security practices and protocols do you have in place?

Interpreters participate in every step of the over-the-phone servicing experience—from customer verification to issue resolution. Inevitably, the interpreter will have access to customers’ personally identifiable information (PII), account information, and transaction details. Ensuring customer confidence around the handling of their sensitive data is crucial.

5.) Which externally verifiable certifications or standards support your training and operations process?

Accountability is essential. If, and more likely when, remediation of an event is required, standards provide the framework for issue identification and root cause analysis. When the OPI provider ascribes to strictly administered standards, your organization will start the relationship with clearly defined quality expectations. Your company will also be able to monitor fulfillment against established criteria and ensure any provider-partnership is being fulfilled to industry expectations.

TransPerfect provides OPI services in over 170 languages, allowing you to overcome any language barrier in seconds. While many leading OPI companies use networks of overseas or at-home interpreters, the vast majority of calls that TransPerfect handles are routed to our US-based call centers. These facilities are fully secure and access-controlled, and no effort is spared to ensure the highest standards of professionalism and the most productive work environment.

If you’ve recently completed an audit of your current vendor and would like to discuss why TransPerfect Connect is the right partner for your business, contact us today to start discussing your interpretation needs.