Skip to main content

Knowledge helps banks deliver service and compliance

The banking sector faces specific challenges in transforming its business for the digital age. Banks must give their customers precise, consistent information about a range of financial products. If they give inaccurate information, they can be hit with regulatory penalties. Many banks have a decentralized structure, with multiple brands, regional offices, and/or offshored customer service teams. Some of their representatives are accredited financial advisers; others are not, but still need to provide customers the same level of service and quality of information as their accredited colleagues.

While banks currently have less fear of customers switching than other financial services providers, such as insurers, the arrival of open banking and decentralized financial technology could change this. When customer loyalty becomes less entrenched, the quality of compliance and customer experience become key differentiators between a bank and its competitors.

Knowledge automation technology can help meet these challenges. Knowledge is crucial to any large-scale business transformation. It is the glue that holds distributed enterprises together. It binds different teams, offices and countries in a single understanding of the bank’s products and procedures, while enabling information to be tailored for specific audiences and different regional practices. In banking, an automated knowledge solution keeps information consistent across the business, helping to comply with legal regulations as well as providing a higher-quality customer experience.

Let’s take a closer look at the benefits knowledge brings to banks, their agents and their customers.

Customer experience

With changes in technology likely to make customer loyalty less entrenched in the future, quality of experience becomes a more important factor in attracting and retaining customers. Banks that differentiate themselves through customer service can inspire loyalty even in an environment where switching is easy. They can also attract customers from competitors who invest less in service and rely on sheer inertia to retain loyalty.

Knowledge automation benefits customer service by handling enquiries more efficiently and accurately. An intelligent knowledge solution:


Accurate information is critical in finance. Both legally and as a matter of good business practice, banks must give correct and up-to-date answers in response to customer enquiries. The answers given must also be consistent across the business, regardless of the channel used or whether the interaction is handled by an accredited or a non-accredited agent.

By adopting knowledge automation, banks can simplify providing accurate and consistent information to their customers. Knowledge solutions like Transversal’s Prescience™ centralize the information customers need in a single source of truth This knowledgebase populates all customer touchpoints: customer self-service, CRM, agents’ intranets and in-branch kiosks. All touchpoints therefore give consistent answers.


Accuracy of information is not simply good service. In finance, it’s a regulatory requirement. Under the rules of the UK Financial Conduct Authority (FCA), companies must ensure their advisers give clear information and quality advice. FCA members must also train their advisers appropriately and provide ongoing learning to keep knowledge up to date. Giving customers wrong or incomplete information can lead to legal penalties.

By ensuring all staff and customers draw their information from the same source, an automated knowledge solution avoids the inaccuracies that result from having multiple sources of different age and quality. Agents also rely less on memory and its inevitable mistakes. With an authoritative knowledgebase readily available at all contact points, staff trust that any information not held in memory can quickly be found. This also helps non-accredited agents perform to the same standard as accredited agents.

An automated knowledge solution simplifies training and ongoing learning. New agents can be onboarded more efficiently when they have the support of a knowledgebase and less need to memorize information. One of our recent clients (in another sector) reduced training times by a third while giving agents competency across a greater range of products. Curated knowledge also provides a resource for ongoing learning. Agents have ready access to material on a range of topics, with a statistics trail to see what has been read.

Banking on knowledge

Transversal has worked with a host of financial services providers, including AXA PPP, Barclays, Co-operative Insurance, Experian, Royal Sun Alliance and Standard Life. We build low-effort, high-security knowledge solutions that improve customer experience, meet the regulatory challenges of the sector and enable both customers and agents to find the answers they need. If your organization wants to transform its digital knowledge, why not get in touch?