As the cornerstone of the FCA’s future regulatory agenda, the Consumer Duty will have a profound impact on both boards’ (or equivalent governing bodies) governance responsibilities and their safeguarding obligations towards consumers.
From 31st July, business leaders will no longer simply be tasked with carrying out periodic suitability checks. Under this new framework, their regulatory remit will also hold them directly accountable for ensuring consistently high standards in the way customers are informed and supported throughout the entire advice lifecycle.
So, it’s clear the bar for sufficient process oversight is set to rise significantly in the coming months.
And as such, the ability for firms to increase the scope, frequency and reliability of their file and communications reviews is going to be central to satisfying FCA requirements in a post-Consumer Duty world.
But how can leaders manage this inflated workload without greatly expanding the size of their compliance teams or budget allocation?
Introducing ReviewAI: Automated RegTech for next-generation oversight
Recordsure’s ReviewAI suite of Machine Learning-enabled analytics platforms have been specifically designed to improve both the efficiency and quality of call and meeting reviews, whilst also enabling streamlined compliance checks of text-based documents.
As Kit Ruparel, Recordsure’s Chief Technology Officer, explains:
“Traditionally, file reviews have been entirely manual – whilst, at-most, simple ‘keyword spotting’ based speech analytics has been used to assist in reviewing recorded conversations. And up until now, this has left firms little option but to scale their QA teams in line with the volume of business transacted.
“Recordsure has addressed this challenge with a suite of AI tools that have been proven to automatically route cases and calls that are most at risk from poor conduct to the QA teams, as well as to make comprehensive reviews over 50% more efficient.”
Why are ReviewAI’s Machine Learning abilities so critical?
What sets our ReviewAI suite apart from the crowd is the use of Machine Learning technology.
Where many legacy systems simply score cases or trigger business rules based on matching key words or phrases, our platforms take the principle of automating high-volume file reviews to the next level.
Using sophisticated neural network techniques trained on hundreds-of-thousands of real-word financial documents and audio conversations, ReviewAI has been trained to emulate the activities of real QA and file review staff – enabling it to assess your documents and meeting recordings in the very same way a human would.
Traditionally, file reviews have been entirely manual – whilst, at-most, simple ‘keyword spotting’ based speech analytics has been used to assist in reviewing recorded conversations. And up until now, this has left firms little option but to scale their QA teams in line with the volume of business transacted.
This next-generation intelligence means that high-risk cases are flagged with an accuracy rate greater than 90% – an order of magnitude higher than traditional techniques – whilst bringing ‘false positive’ alerts down to the bare minimum.
And not only that: our products are purpose-trained by SMEs, as opposed to being configured by engineers who may be less familiar with the particulars of regulation and best practice – which has the advantage of further reducing inaccuracies and instances of human error.
In fact, our Machine Learning platforms learn as they go by learning lessons from real reviewers simply doing their day job!
ReviewAI: Tech-driven efficiencies for Consumer Duty and beyond
Aside from the obvious pre- and post-sale review benefits, ReviewAI’s proven benefits and adaptable nature have also seen it used to automatically triage in-or-out cases and calls in past business reviews.
And beyond that: our platforms have been approved for use in compliance exercises by regulatory bodies in both the UK and Australia, enabling remediation exercises to be achieved at five times the speed of wholly manual reviews, while retaining the same attention to detail afforded by human input.
With the Consumer Duty now just around the corner, there’s never been a better time to move away from random sampling towards a targeted, risk-based approach to oversight.
Are you ready to discover how 100% oversight of your customer interactions can maximise your team’s productivity – and help you reach your long-term compliance goals?
Learn more about how ReviewAI can transform your Consumer Duty QA reviews –
book a free demo or speak to one of our RegTech experts today.
