7 critical actions to take from the FCA’s Consumer Duty Consultation and how speech analytics can help

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byHayfa Bukhari

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 following critical actions, and we addressed how speech analytics can be used to achieve each of them:


1. Compliance and consistency throughout the distribution chain –Firms need to ensure third parties or outsourced service providers maintain a high standard of service.

We can help firms monitor 100% of their customer interactions through speech analytics. This, in turn, helps them to keep tighter control over services provided by entities within its distribution network and maintain a high-quality service level.


2. Applying the Duty to existing products and services – FCA expects the Duty to apply to all existing products and services on a forward-looking basis.

With Aveni’s speech analytics, firms can monitor if the updated and compliant product and service information is communicated to customers, prompt call agents to mention specific information, and flag instances where the right information wasn’t provided.


3. Consumer Understanding –Firms will need to ensure that consumers achieve the best outcomes and have a better understanding throughout the journey. 

By monitoring all customer interactions, Aveni helps firms to overlay situational factors such as channels of communication or information provided with things like the characteristics of a customer, their vulnerability status, etc. This enables them to understand customers better and improve their experiences and outcomes.  


4. Senior managers and staff need to comply with stricter conduct rules – Staff at all levels of the firm need to act in good faith toward retail customers, avoid foreseeable harm, and support customers in pursuing their financial objectives. 

Machine monitoring of calls can help assessors ensure all managers and staff comply with stricter conduct and flag calls that aren’t compliant.


5. The concept of reasonableness – Firms need to exercise greater judgment to uncover the data to drive improvements in actions, behaviours, policies, and processes and deliver fair outcomes for consumers.

Machine analysis of all interactions would allow firms to efficiently monitor 100% of their interactions and uncover the data they need.


6. Monitoring customers’ outcomes – The FCA is clear that firms will need to demonstrate how they monitor the outcomes their customers receive and address any issues they identify.

Firms can evidence that they’re monitoring customers’ outcomes by showing governing bodies that they’re able to analyse all forms of consumer interaction.


7. Identify any sludge practices – Excessive friction that prevents consumers from making decisions in their interests should be identified and removed. 

We can identify and flag any incident, regardless of whether it’s pre or post-sale, that contains an expression of dissatisfaction, high levels of friction, and complaints.


Download the full report here: http://landing.aveni.ai/consumer-duty-of-care-2022

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