British consumers have spent the past 18 months being barraged by a compounding host of cost-of-living challenges and rampant inflation, causing the cost of everyday essentials and bill repayments to skyrocket.
And with the Bank of England’s latest decision to raise interest rates to an eyewatering 5% in an attempt to curb rising prices – up from just 0.1% in December 2021 – it seems like these financial difficulties won’t be going away anytime soon. It’s therefore all but inevitable that more and more financial services customers will be turning to their providers for support.
So, what can Collections & Recoveries teams do to manage the increased volume of calls, and consumers displaying signs of vulnerability, as the cost-of-living crisis wears on? And how can firms evidence they’re meeting their Consumer Duty obligations towards these at-risk individuals?
Between increased regulatory scrutiny, more stringent compliance standards and a sharp rise in customers seeking financial assistance, Collections & Recoveries have rarely been faced with such Herculean demands on their time and resources.
That’s why we’ve put together our exclusive guide to better, faster, smarter Compliance Analytics for Collections & Recoveries teams.
In it, we explore the mounting challenges facing Collections & Recoveries teams in today’s uniquely volatile economic climate – and discuss how embracing AI-powered RegTech, such as Recordsure’s ConversationReviewAI, can solve the oversight and efficiency obstacles that often plague manual, random sampling-based QA strategies.
Maximise your reach with ConversationReviewAI
ConversationReviewAI accurately records and transcribes your calls using best-in-class AI and Machine Learning – giving you 100% oversight of all customer interactions for the first time.
And with automatic topic segmentation and accurate risk scoring – trained on your own customisable criteria – giving you a clear picture of each call’s risk profile, your human team can focus their attention on the cases most in need of review. And what’s more, they’ll never have to listen to the same part of a recording twice.
With vulnerability on the rise and a looming influx of calls set to stretch their resources, reviewers can no longer afford to spend their time looking for a ‘needle in a haystack’ when it comes to mitigating conduct risk or finding bad outcomes.
The solution? Let ReviewAI RegTech futureproof your compliance and QA review processes.
Download our guide to learn
- How 100% oversight of customer calls provides a vital extra line of defence for customers displaying emerging signs vulnerability
- How next-generation AI, trained on use-case specific conversations, is key to achieving previously unthinkable operational efficiencies – and optimising the efficiency of human reviewers
- How post-call review analytics empowers firms to create a robust, Consumer Duty-ready approach to outcomes monitoring and evidencing