The Financial Conduct Authority’s (FCA) review of the first annual Consumer Duty board reports highlighted a focus on outcomes and better data quality as emerging priorities.
Consumer Duty requires businesses to identify, support, and protect vulnerable customers while ensuring fair outcomes. However, manual processes make it challenging to detect vulnerabilities at scale.
Identifying vulnerable customers can be handled at scale with AI and sophisticated analytics. The right technology can also operationalise these insights, turning them into automated next best actions and triggering highly personalised customer journeys, helping businesses reduce risk and improve customer trust.
How AI is Transforming Consumer Duty Compliance
- AI-Driven Vulnerability Detection – Identify and classify customer vulnerabilities in real time based on FCA criteria.
- Upskill Frontline Staff – Provide agents with AI-driven coaching, insights, and real-time guidance for better customer interactions.
- Reduce Compliance Risks – Automatically capture and document interactions, ensuring audit-ready compliance records.
- Uncover the Drivers of Vulnerability - Combine vulnerable customer data with wider operational reporting to understand how vulnerability is addressed throughout the organisation.
- Enhance Customer Experience – Deliver personalized, empathetic, and efficient support for vulnerable customers.
Stay compliant and build customer trust with AI-powered automation.