We’re delighted to announce a new collaboration with leading professional services provider Grant Thornton to support Consumer Duty implementation and compliance across the UK financial services industry. This strategic collaboration is set to transform customer conversation monitoring for FCA‘s Consumer Duty compliance.
Consumer Duty: transforming customer conversation monitoring
Leverage artificial intelligence and machine learning to achieve regulatory requirements
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 new regulations stipulate ongoing monitoring of retail customer outcomes. You must monitor key elements and set up continuous feedback loops into governance forums to ensure these standards are achieved, and that appropriate action is taken if not. Reliance on random sampling of customer conversations doesn’t provide sufficient oversight to be confident of Consumer Duty compliance.
To help you enable this monitoring, we’re collaborating with Recordsure on a new service that makes it easier to get the right quality assurance processes in place. This service brings together our own expertise in data, regtech, automation, and digital transformation with Recordsure’s market-leading artificial intelligence.
Oversight of all customer conversations
Random sampling of customer conversations throughout the customer journey isn’t a reliable quality indicator – and presents a significant hidden conduct risk, both at individual and systemic levels. It’s not an acceptable approach when there are viable solutions available for detecting harm.
Strategic data-driven AI and machine learning
Working together, we’ll 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 to identify possible systemic issues.