" class="no-js "lang="en-US"> Wolters Kluwer Compliance Solutions Wins Excellence in Customer Service Accolade - Fintech Finance
Thursday, March 28, 2024

Wolters Kluwer Compliance Solutions Wins Excellence in Customer Service Accolade

 Wolters Kluwer’s Compliance Solutions business has earned a 2020 BIG Award for Excellence in Customer Service from the highly regarded Business Intelligence Group. The company’s SupportLine, which handles a wide range of financial services client inquiries from how to optimize use of Wolters Kluwer technology solutions to navigating  complex regulatory compliance processes, was named a winner in the Transformation of the Year category. The recognition “reflects an award submission demonstrating marked improvements in the firm’s SupportLine program, which led to notable reductions in client repeat calls and escalations and, accordingly, significantly higher client satisfaction scores”, the company said in a statement.

Wolters Kluwer advanced its SupportLine program “by placing laser focus on enhancing the overall customer experience—rather than solely on individual team member/customer interactions—in recognition that boosting team member product knowledge, training and available resources were essential to that goal. “ The company adds that it implemented an experiential training approach centered on perpetual learning for its entire SupportLine team, partnering each SupportLine team member with an “experience coach” and a resource manager to foster better, deeper engagement and understanding in customer interactions that led to better customer outcomes.

“By utilizing a coaching-centric, perpetual learning framework, we transformed the SupportLine experience for our clients and team members alike,” said Steve Meirink, General Manager and Executive Vice President for Compliance Solutions, Wolters Kluwer. “Our team underwent an incredible transition over the past 18 months, and that success is demonstrated in a consistent reduction in the number of repeat calls, increased customer satisfaction, and heightened team member confidence and knowledge in delivering the level of superior support that our clients deserve and demand.”

This marks the first excellence in customer service award for Wolters Kluwer Compliance Solutions. The BIG (Business Intelligence Group) Excellence in Customer Service Award program annually recognizes those who are helping companies better communicate with their customers and “thereby provide a differentiated, improved level of customer service.”

COVID-19 Industry Leadership

The news follows a particularly busy time for Wolters Kluwer Compliance Solutions. In immediate response to the U.S. CARES Act (Coronavirus Aid, Relief and Economic Security Act) it launched a dedicated solution, Paycheck Protection Program (PPP) supported by TSoftPlus™, utilizing its SaaS-based TSoftPlus™ software. The solution is designed to help banks and credit unions support small businesses with payroll funding during the COVID-19 crisis.

The solution “enables banks and credit unions to process loans for small businesses with greater speed, confidence and compliance. local lender customers praise the technology, compliance expertise, and client support capabilities for ensuring that they deliver vital aid for their small business client base.”

The first round of funding saw $349 billion committed to job retention, with Wolters Kluwer assisting in PPP loan approvals supporting approximately 500,000 jobs in all 50 states. Notably, 80 percent of the loans Wolters Kluwer processed were for small businesses with 20 or fewer employees. The second round of funding, worth an additional $310 billion, is now underway, with Wolters Kluwer continuing to assist its bank and credit union customers secure vital aid for small businesses.

Customer feedback

As previously reported, many such customers are reporting as much as a 20-fold productivity gain through using the TSoftPlus functionality compared to securing PPP loans direct via the Small Business Administration (SBA) website.

The impact of Wolters Kluwer’s effort is clearly being felt by local lenders nationally in helping small businesses retain employees and keep their businesses afloat during the COVID-19 pandemic. North Star Community Credit Union, of Maddock, North Dakota, for example, processed nearly 70 PPP loans using TSoftPlus software for the first round of funding.

“The Wolters Kluwer TSoftPlus solution allowed us to continue our very deliberate, strategic and proactive approach to help regional small businesses tap the CARES Act funds.,” said Bob Herrington, CEO for North Star Community Credit Union. “These funds are really making a difference and making a huge impact for our members.”

Community banks, meanwhile, have also noted the impact the Wolters Kluwer solution has had. “Previously we didn’t have much experience in applying for SBA loans – maybe one or two loans a year,” says John Stellner, President of Hometown Community Bank in Cyrus, Minnesota. “But the opportunity to help small businesses get this payroll funding was critical so we used Wolters Kluwer’s TSoftPlus technology to help speed the PPP loan applications.”

“This is a unique moment in our nation’s history to help leverage expert technology to expedite a speedy, efficient and compliant process in accessing emergency funds for small businesses,” Meirink said in a recent company announcement. “Local lenders rely on our technology and compliance expertise to get this support to tens of thousands of small businesses. It is making a real difference in people’s lives and in supporting the nation’s economy during these unprecedented times.”

Wolters Kluwer Compliance Solutions, part of the company’s Governance, Risk & Compliance division, is a provider of risk management and regulatory compliance solutions and services to global financial institutions including banks and credit unions, insurers and securities firms. The business helps these financial institutions “efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.”

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