15% to 100% Coverage: How Octopus Money Achieved Complete Team Oversight

Opting for AI - Octopus Money

Octopus Money makes financial advice simple, practical and accessible to everyone. Its model offers highly personalised 1-to-1 coaching and advice, underpinned by a powerful technology platform. Octopus Money implemented Aveni Detect and Aveni Assist in 2024 and has rolled out both solutions across its customer-facing teams. The decision to consider AI-driven solutions was two-fold: to enable customers to receive the best support possible, whilst ensuring the requirements of Consumer Duty compliance are being fully met. 

From 15% to 100% coverage
reduction in call review times
0

financial advisers and financial coaches using Aveni Detect

Implementation: Rolling out Aveni Detect across frontline teams

The Octopus money team is used to working innovatively to get the best results and using the  right technology to help achieve this. While AI tools had been used at a micro-level previously, Aveni Detect was the first AI-based solution to be rolled out across the entire client-facing teams, through a phased pilot, including both regulated advice and non-regulated coaching teams.

 

financial advisor compliance software

Impact and Outcomes: from 15% to 100% call coverage

Aveni Detect is now used regularly by approximately 60 people across the coaching and financial advice teams, including mortgage advisers. Considered the ‘first line of defence’, it provides robust assurance that all calls and cases are being validated, flagging any issues that may arise. This is a significant result for the Octopus Money team to support compliance and quality assurance for its growing coaching and advisory population at an affordable scale. Aveni provides the baseline of assurance needed, allowing more investment of resources in the right quality of human recruitment.

With close to 100% of calls now being transcribed and checked through Aveni Detect, this highlights a significant increase from the 10-15% previously possible through human checking alone. The quick transcription and note summaries have reduced the time spent reviewing calls by 50%, leaving valuable human analysis time on cases requiring more attention. 

AI tools leading to increased team satisfaction

Recent coaching team satisfaction levels highlight that 80% are happy with the consistency of the technology and notes provided, ensuring a more secure and efficient operation.

AI ultimately is helping to improve the human experience - for staff and customers alike.

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