Aveni Detect platform to revolutionise approach to Risk Assurance as Consumer Duty rules launched

Written on
byChisimdi Nzotta

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 Detect analyses all customer interactions and mitigates against a range of risks from conduct and complaints to customer vulnerability. This elevated level of risk insight is essential in meeting data-intensive demands of Consumer Duty. The AI-enabled technology gives businesses an improved level of understanding of their customers and outcomes. It puts data-driven technology at the heart of their operating model.

 

In addition to Consumer Duty compliance, Aveni Detect helps companies transform efficiency and automation of their customer operations, while improving customer experience. This is done by using feedback to inform product and service development, and enhance staff coaching experiences.  Our platform also provides actionable Consumer Duty outcomes for training effectiveness, outcome testing, complaints handling all the way to data-driven thematic reviews and enhanced management information.

 

Aveni CEO, Joseph Twigg, explains, “The FCA is making a marked shift to the fabric of good business management by prioritising positive customer outcomes. For many boards, this shift beyond measurement of purely operating profits, growth and margins might be outside their comfort zones. However, that’s where technology must be applied well.”

 

He continues, “Consumer Duty is a game-changer and marks a shift by the FCA to data-first supervision. The expectations of quality and risk assurance are fundamentally changing. Firms will ultimately have to adapt their approach and processes to meet these requirements. Doing nothing or deploying indefinite human resource are not feasible. The future of compliance will need to involve the adoption of advanced technology solutions such as Aveni Detect.”

“Our platform uses state-of-the-art machine learning and NLP techniques to enable rapid customisation for specific company requirements. We have made highly sophisticated machine learning outputs available to firms who previously wouldn’t have had the time, resources or expertise to use. Now firms can achieve 100% Quality Assurance coverage,  triaging high risk cases for human review, and transform their management of regulatory and reputational risk.”

 

In June, we announced funding investment of £2.75 million to expand the Aveni Detect platform across the financial services and utility markets in the UK, as well as grow its team.  The funding round was led by The TRICAPITAL Syndicate LLP and Par Equity supported by Scottish Enterprise.

Learn more.

 

Other recent posts

Is Consumer Duty just another TCF thing?

Is Consumer Duty just another TCF thing?

As the industry and analysts continue to pick apart the FCA’s final guidance on Consumer Duty, there are some skeptics wondering whether the new rules genuinely mark a shift in the regulator’s approach to...

Image by rawpixel.com on Freepik

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...

[Cybernews Interview]: Enhancing business operations with AI solutions

[Cybernews Interview]: Enhancing business operations with AI solutions

Natural Language Processing (NLP) is a field in artificial intelligence that enables machines to understand, process and analyse natural language in a similar way that humans do. As NLP becomes one of the most...

How low-resource Natural Language Processing is making Speech Analytics accessible to industry

How low-resource Natural Language Processing is making Speech Analytics accessible to industry

Natural Language Processing (NLP) is a subset of artificial intelligence that enables machines to understand, process and analyse natural language in the way that humans will. The machine analyses data, interprets, measures sentiment and...

How your business can reduce costs in a high inflation environment

How your business can reduce costs in a high inflation environment

Global inflation rates have been consistently on the rise over the past year. The high inflation is driven by high energy prices, issues in supply chains and an increase in consumer demand. While focus...

A woman sitting cross-legged thinking about her credit score which an indicator shows to be poor

5 crucial areas to improve to be Consumer Duty compliant

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 for their customers. Their...

Why a ‘Machine Line of Defence’ is critical to meeting the FCA’s Consumer Duty

Why a 'Machine Line of Defence' is critical to meeting the FCA's Consumer Duty

The FCA is constantly reminding lenders of the standards of the consumer duty of care as the cost of living keeps rising. Over the past six months, the rising cost of living has rarely been...

How Consumer Duty has made Speech Analytics Essential

How Consumer Duty has made Speech Analytics Essential

Speech analytics has been commonly used for a number of years, evolving from a novelty add-on to a powerful solution for businesses to improve their processes. With the Financial Conduct Authority’s Consumer Duty of...

Forging a fairer way forward after the FCA’s ‘Dear CEO’ letter to Retail Lenders

Forging a fairer way forward after the FCA’s ‘Dear CEO’ letter to Retail Lenders

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 pressure leading to a...