Customer Vulnerability

Dare to Digitise Webinar – How can technology transform customer vulnerability?

2 min read

During our very first webinar, we discussed practical ways in which companies can better identify customer vulnerability, understand how it changes over time and what tools businesses can use to leverage insights and data to better service those who are in vulnerable situations to achieve the best outcomes. 

 

We give you a roundup on what was discussed and why technology is the way forward. Below are our 4 top takeaways…

 

The importance of technology to help train staff to better deal with vulnerable customers

Technologies like speech analytics, not only help customer service representatives more accurately identify vulnerable customers but it frees them up from distracting tasks such as trying to determine what particular vulnerability category their customer might fall into.  By allowing technology to do these tasks, it allows agents to be more present on calls to do the things that only a human can do: listen, understand, be empathetic and, as a result, provide better service.

Re-humanising the customer service experience

There has been a trend especially in large organisations to reduce customer service to a very functional, transactional process that is replicable, highly efficient and manageable.  This has resulted in a ‘dehumanising’ of a lot of processes.  We need to re-humanise the process and get businesses to re-articulate, from a board level, what their social purpose is.  Which is to provide a service to individuals.  Technology should be there to help agents provide effective service to customers, not just hit call volume KPIs. 

 

Digitisation success will rely on collaboration

Companies need to look at how digital solutions best fit things like communications channels, methods of identifying vulnerable customers and staff training.  All of these aspects need to work together if companies are to achieve better service.  There is not one piece of technology or one simple solution that will be the silver bullet, but there are now clear ways of addressing challenges and gradually improving situations. 

 

Addressing vulnerability is not a one size fits all approach

Vulnerability is changing.  New vulnerabilities are emerging. The key is in how organisations are communicating these trends and changes back to the people that deal with customers. Currently organisations might roll out a new training programme after they’ve felt the impact of an emerging vulnerability trend.  What digitisation and technologies such as speech analytics can do is identify trends and pick up on indicators and get in front of a new vulnerability trend before it emerges in full. This will allow companies to respond faster and in a more informed way, supporting contact centre agents with this information and additional training and resources.

 

If you would like to watch the webinar, then take a look at our video 

https://www.youtube.com/watch?v=8MGts2JUCLw&t=168s

To learn more about what we do and what we are up to visit our website

Related posts

AI & NLP
Like us, you’ve probably noticed that generative AI is causing a productivity revolution. In order for this to be successful, your business needs to adopt domain specific solutions built for...
Customer Vulnerability
As the financial services industry continues to evolve, risk and compliance functions are facing unique challenges. At the forefront of this evolution, Chief Risk Officers (CROs) are working tirelessly to...
AI & NLP
As the year comes to an end, it’s a good time to reflect on the events of the past 12 months, both the good and the not-so-good. For both the...
Consumer Duty
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...
Consumer Duty
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...
Consumer Duty
With the cost of living crisis pushing more and more people into financial vulnerability, the FCA is putting renewed pressure on lenders to provide the best possible service and support...
Consumer Duty
The rising cost of living has led to lending firms facing an increasing number of vulnerable customers, as more borrowers struggle with their personal finance. Consumers are experiencing growing financial...
Consumer Duty
Financial Service firms need to rely on more than just human resources to implement the new FCA’s Customer Duty of Care rules and guidelines by April 2023. Deloitte recommended the...
Consumer Duty
If you’re struggling to understand how to show regulators that your business is compliant following the FCA’s recent Consumer Duty proposals, you’re absolutely not the only one.    Aimed at...
Customer Vulnerability
In this digital age, technology is making our lives easier in many ways, from asking Alexa to add milk to your shopping list, Netflix suggesting a new show it thinks...
Customer Vulnerability
During our very first webinar, we discussed practical ways in which companies can better identify customer vulnerability, understand how it changes over time and what tools businesses can use to...
Customer Vulnerability
We partnered with the CCA to explore the impact Fair Treatment of Vulnerable Customers guidance is having on companies’ customer operations, quality assurance processes and staff training. We discussed how...

Aveni’s platform uses the latest in NLP to transform productivity and risk oversight.

Scale compliance at a fraction of the cost

Cut financial advice admin from hours to minutes with Aveni’s AI assisitant

Aveni Assist

Get up and running with Aveni Assist and how it can help transform productivity and compliance. 


Aveni Detect

Get up and running with Aveni Detect and how it can help transform productivity and compliance. 


Read the latest articles from Aveni

Access our latest whitepapers, webinars, brochures and more

Jargon-bust your way to a better understanding of all things AI