This week we’ve been reflecting on how the financial service industry is personified following the ‘From Zeroes to Heroes’ speech delivered by FCA Chief Operating Officer and Executive Director of Authorisations, Emily Shepperd.
Obviously not a complimentary or trustworthy industry portrayal. And the list goes on of examples where the industry is depicted as either risky and reckless… or the polar opposite – dull and dreary.
And between these two profiles, the sector is often painted in a not-so-positive light.
But let’s cut to the chase, how does big screen portrayal impact on industry culture?
Culture shapes conduct – and it’s conduct that the FCA is keen to overhaul in the new Consumer Duty era. It’s a trickle-down approach. Those at the top shape company ethos and so need to be leading from the front to embrace this change.
And what should those leaders be banging the drum about? It all comes down to good outcomes. This is what Duty champions and boards have been signposted to as the nub of the Duty. And here lies the crux: spotting and supporting customers in need, those that are most vulnerable.
AI is repeatedly highlighted as a tool that can help firms embrace this new culture.
By having holistic oversight of customer data, spotting, and supporting customers when they’re in need becomes a more manageable and evidencable feat for QA teams. Firms that embrace this tac will be able to demonstrate how the Duty’s ethos is at the heart of its customer and business life cycle, as they quickly, succinctly, and concisely analyse customer interactions.
Advance with AI
Using AI-powered tools such as Recordsure’s unique platform for QA compliance reviews means firms can move away from the more traditional random sampling form of quality assurance. Businesses can now futureproof their approach by embracing the actionable insights that AI tools provide. Increase the efficiency and effectiveness of your QA teams and ensure consistency of QA reviews.
Want to learn more about how AI can help review customer communications and the wider cultural shift? Get in touch today.