Heavy lifting upfront
The phased Duty deadline is on track and the FCA is keen to encourage openness and embrace a pragmatic approach as things develop. The hard work firms are committing to now should mean fewer reactive rules form the FCA in the future.
Industry innovation
Nikhil continued that “the Consumer Duty can help shape a framework for use of Artificial Intelligence (AI) and other new technologies”.
But how can AI help shape your Duty strategy? By embracing RegTech solutions to monitor and evidence consumer outcomes, firms can switch to a more efficient, more sustainable way of working. Spotting the signs of vulnerability and tailoring products to individual needs are all high on the Duty checklist. Couple this with receiving and reviewing accurate customer feedback and data, it’s clear to see how AI will be an integral cog in the Duty machine.
Invest in AI
As Olivia Fahy, Recordsure’s Senior Product Manager recently put it “Firms can either invest in more people or invest in tech to create efficiencies that enable their people to spend their time more productively on what matters.”
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 reviews. Businesses can now futureproof their approach by embracing the actionable insights that AI tools provide to increase the efficiency and effectiveness of their QA teams and ensure consistency of QA reviews. And get Duty ready to monitor for compliance and evidence customer outcomes.
Download our whitepaper to explore how AI-enhanced RegTech can make relying on a random sampling approach to compliance reviews a thing of the past – and introduce simplified audit trails with 100% oversight of all client interactions.
