We are excited to announce our membership of the Consumer Duty Alliance. Since our inception in 2018, we have been developing solutions utilising AI technology and incorporating the latest advances in Natural Language Processing (NLP) to help the financial services market better meet regulatory requirements.
With the introduction of Consumer Duty and the data-first approach being sought by the FCA, the demand for technology solutions has increased considerably. We are committed to supporting our existing and future customers at this time and our membership of the Consumer Duty Alliance demonstrates a commitment to maintaining full visibility of all regulatory developments in this area.
The requirements of Consumer Duty demand far greater oversight at executive board level, as regulatory accountability and the impact on bottom line increases. The technology is now available to deliver scalable solutions to provide the board level reporting, insights and monitoring so that firms can guarantee quality assurance and future proof their businesses.
Our core current product –Aveni Detect – has been established as a ‘Machine Line of Defence,’ is increasingly being adopted by financial advice, brokerage, private banks, consultancies and equity release businesses. It enables firms to analyse all customer interactions, mitigating against a range of risks from conduct and complaints to customer vulnerability. It allows companies to meet the data-first requirements being introduced with the new Consumer Duty regulation.
Joseph Twigg, CEO, Aveni explains, “We set up Aveni with the vision to deliver the technology solutions that really could transform the financial services sector and make it more transparent, whilst enhancing productivity. It will also allow a greater level of data-driven assurance which offers better insights into decision making, Consumer Duty alignment and a material reduction in ongoing costs.
“Regulation is central to that as it continues to drive greater effort from businesses to fulfil their obligations and responsibilities to customers, and rightly so. It is important that the sector can collaborate and show willingness to cooperate from the largest to the smallest businesses and that is why an organisation like the Consumer Duty Alliance is so important. We are proud to be part of it and look forward to working with customers and peer firms alike to help deliver these regulatory requirements.”