What is SQM: Information & Transaction Accuracy? SQM Information & Transaction Accuracy will be offered as an additional option within the SQM Programs beginning in 2011. It provides firms with an objective, third party verification of information provided by call center representatives and/or the accuracy of transactions processed. The information that is provided by a call center representative or a transaction associated with each customer interaction is evaluated to ensure it was accurately completed.
The calls that are evaluated for the quality of service in the SQM Programs are also evaluated for:
- Processing Accuracy – evaluates the representatives’ ability to correctly process financial and non-financial transactions on the account, based on the firm’s policies.
- Security – monitors the representatives’ adherence to the firm’s internal security standards.
- Information Accuracy – verifies the accuracy of information based on adherence to the firm’s procedural policies. Reports on whether all required information was provided to the caller (e.g. the correct trade date was quoted for the transaction).
Also notes whether the representative failed to discuss important information in the course of the call (e.g. the rep did not offer to access the caller’s account and missed the opportunity to inform the caller of potential alerts on their account).
What does SQM: Information & Transaction Accuracy Include?Monthly Reporting includes the following elements for each criterion:
- Proactive notification of errors in need of immediate attention
- Accuracy/performance overview
- Month-to-month trending
- Break down by type of inquiry/transaction
- Individual transaction summary reports
What are the Benefits of SQM: Information & Transaction Accuracy?
- Reports on the total client experience (both the quality of service and the accuracy of the transaction and/or information provided by the representative)
- An independent, expert third-party evaluation of processing accuracy
- Identifies strengths and weaknesses and outlines details for corrective action
- Reports processing breakdowns to reduce costly errors
- Provides a framework for establishing and monitoring internal service levels
- Supports the training and coaching of staff
- Provides a basis for incentive compensation based on performance accuracy
What are the Prerequisites?Firms provide Dalbar with training on:
- The firm’s overall procedural policies
- The system(s) and procedures used to process transactions
- A dedicated contact within the firm
What is the Cost to Subscribe?Typical cost for this add-on to traditional SQM or Call Center Evaluation Programs is $2,000 per month.