How to futureproof for long-term Consumer Duty success (Part 1 of 5)

Two months in to the FCA’s Consumer Duty and it’s a time of reflection for many firms as they consider, ‘are we doing enough?’ - but what does enough really look like?

One core component that the regulator has tipped its hat to many times is the power of RegTech and AI, with FCA Chief Executive, Nikhil Rathi, explaining: “at the FCA we are determined that, with the right guardrails in place, AI can offer opportunity.”

But what does this opportunity look like for firms, and how easy is it to implement? To discuss all this and more, Recordsure’s Chief Product and Commercial Officer Garry Evans is joined by Recordsure’s Senior Product Manager, Olivia Fahy.

Over the course of their five-part ‘How to futureproof for long-term Consumer Duty success’ series, Garry and Olivia will delve into the tangible benefits that Artificial Intelligence can bring to financial service firms when used in the right way.

Part 1: The role of RegTech to help monitor and evidence Consumer Duty outcomes

Garry Evans

Recordsure is a RegTech company, founded in 2012. It works with leading banks in the UK and Australia, as well as the UK government, to bring intelligent insight to customer conversations and interactions. We use Artificial Intelligence and machine learning to help organise and identify how well processes are being followed, flag risks to the business and help support compliance and consumer outcomes.

I'm joined by Olivia Fahy, who looks after our product ConversationReviewAI. And today, we're going to talk about how firms can ensure they're prepared for the realities of supervision under the Consumer Duty now that it's live and in force. We’ll cover the important role RegTech plays in supporting, monitoring and evidencing good consumer outcomes over the long term - specifically in the context of everyday monitoring undertaken by QA compliance teams.

So Olivia, what role does Regtech play in monitoring and evidencing outcomes under the Consumer Duty?

Olivia Fahy

RegTech - and specifically AI driven RegTech, which is obviously the space that we're in - can do more, more quickly and more consistently than humans.

And when it's trained with good data (which is very important for it to be trained with good data in the right way by the right people), it can achieve at least human parity in terms of the accuracy and output that is being produced - and actually, often better than humans.

The product that I look after you've already mentioned: ConversationReviewAI. It’s designed to provide enhanced QA and compliance monitoring to support organisations and increase the efficiency and effectiveness of their teams.

It does this by analysing verbal communications across the full customer lifecycle, and completing process adherence checks across 100% of these. The AI models that sit within our product are accurate on average over 96% of the time, which is incredibly high. I'm not sure we could say the same about the human level of accuracy. But AI also has (even if humans are that accurate) the added benefit of consistency. It never needs upskilling, it's never tired or ill, it's never got some annual leave it needs to take. It's consistently applying the organisation's processes and frameworks, which is really where the value lies.

But the really important thing to say is that it's not about replacing people for us. We’re about using AI to complement people and getting the most out of them, rather than replacing people with AI.

Make sure you check back here for part two of this series! ‘The power of tech-enabled process adherence checks to evidence Consumer Duty outcomes’.

Ready to learn more about the benefits ConversationReviewAI can bring to your firm? Book a no-strings demo with a member of the Recordsure team today.

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