Recordsure and Grant Thornton strategic collaboration to transform customer conversation monitoring

Recordsure announced a new collaboration with leading professional services provider Grant Thornton to support Consumer Duty implementation and compliance across the UK financial services industry. The strategic collaboration is intended to transform customer conversation monitoring for FCA Consumer Duty compliance.

Consumer Duty: transforming customer conversation monitoring

Financial services businesses need to focus on ensuring positive consumer outcomes. Increasing pressure on consumer finances is adding to the higher standards required by the FCA’s Consumer Duty.

The regulations stipulate ongoing monitoring of retail customer outcomes. Firms must monitor key elements and set up continuous feedback loops into governance forums to ensure standards are achieved and appropriate action is taken if they are not. Reliance on random sampling of customer conversations does not provide sufficient oversight for Consumer Duty compliance.

To support this monitoring, Grant Thornton and Recordsure are collaborating on a service designed to make it easier to put the right quality assurance processes in place. The service brings together Grant Thornton’s expertise in data, RegTech, automation and digital transformation with Recordsure’s artificial intelligence.

Using artificial intelligence and machine learning

Random sampling of customer conversations across the customer journey is not presented as a reliable quality indicator. It creates hidden conduct risk at individual and systemic levels and is not acceptable where viable solutions are available to detect harm.

Working together, the organisations will enable regulated financial services organisations to automate oversight of all customer conversations and support subject matter experts to review identified risks. Implementing compliance analytics to highlight and better understand non-compliant conversations directly feeds into individual and team coaching, and improves customer outcomes by helping identify possible systemic issues.

Niresh Rajah, Head of Data, RegTech and Digital Advisory Practice at Grant Thornton UK LLP, said discharging consumer duty obligations is complex and requires a data-driven approach underpinned by machine learning and artificial intelligence tools and techniques. He said the collaboration combines Grant Thornton’s data management, data analytics, regulatory change and RegTech expertise with Recordsure’s machine-learning platform.

Recordsure and TCC perspective

Adrian Crean, Partnership Director at Recordsure and TCC Group, said both Grant Thornton and Recordsure share a belief in fair customer treatment and in helping clients power regulatory and consumer oversight obligations with technology and data to deliver better customer outcomes.

Compliance Analytics AI solutions can bring efficiencies to quality assurance teams.