CRO Consumer Duty survey findings: Customers at the heart of your business? Now is the time to prove it.
We surveyed +80 Senior Compliance and Risk Officers from across the UK’s Financial Services sector to find out their top priorities and investment plans for Consumer Duty and how they’ll meet the tightening data-driven expectations of the FCA. See full results here. Survey says 3 out of 4 (67%) financial services executives do not […]
The FCA emphasises the importance of recording customer calls to meet Consumer Duty requirements
In the FCA’s recent Consumer Duty Retail Lending webinar, Jonathan Phelan, Head of Department, Consumer Finance at the FCA urged firms to record customer interactions as a critical step in being able to monitor and evidence customer understanding – a key part of the Consumer Duty measures. He explains, “…I’d put the next one […]
5 technologies to help firms comply with Consumer Duty
The Consumer Duty final guidance comes with big requirements for evidence. Firms will need to deploy advanced data-driven technology solutions to meet the regulator’s data-focused demands, ultimately adapting their approach and processes in order to comply. As well as regulatory compliance, applying the right technology has the additional benefit of making business processes more […]
Aveni Detect platform to revolutionise approach to Risk Assurance as Consumer Duty rules launched
We’re helping financial services firms meet new Consumer Duty regulations with our game-changing Aveni Detect product. Our AI platform uses the latest advances in Natural Language Processing (NLP) to monitor every customer interaction to produce data-led evidence of compliance with new Financial Conduct Authority (FCA) legislation. Developed as a ‘Machine Line of Defence,’ Aveni […]
5 ways financial firms can improve consumer understanding
Ensuring consumers are provided with the information they need, in a way they understand to make informed decisions about financial products and services is no longer optional. The FCA has made this clear in their Customer Duty of Care Proposals (CDC). Financial services providers have a serious responsibility to improve consumer understanding that they don’t […]
How firms can apply Consumer Duty to Existing Services
It’s no longer news that the FCA announced the new Consumer Duty of Care (CDC) proposal to help provide a higher standard of service and fairer outcomes for customers. While it may be easier for advice firms to make new services compliant with the regulations, there’s still a question mark over existing services. Does the […]
Why Board Members Should Prepare for the Consumer Duty Changes
The FCA’s new Consumer Duty of Care proposals have been causing a bit of controversy since they were first announced in December last year. Although the aim is to help provide a higher standard of service for customers, which is absolutely something we should be aiming for, the short deadline and lack of clarity around […]
10 ways Natural Language Processing (NLP) will change Financial Services
Artificial Intelligence (AI) and Machine Learning (ML) have made a notable impact on many industries in the last decade. Leveraging advances in computing power has enabled industries such as retail, e-commerce, education and healthcare to improve effectiveness and efficiency in reducing customer churn, improving learning and development and bettering the understanding of customers’ needs. Despite […]
Financial Services: The future of work after a pandemic
Firms are shifting towards a new way of working, what will this mean for businesses and employees? Let us tell you more about these predicted changes and how they’ll shift over the next few years as well as how they may potentially impact your business… The COVID-19 pandemic has changed our lives and the way […]