Enhancing Compliance and Customer Experience under Consumer Duty through Speech Analytics

Customer Experience Events

May 8, 2024

In our latest webinar, “Addressing the Evolving Needs of Consumer Duty” we explored the critical role of speech analytics in aligning financial services with the new Consumer Duty requirements. Drawing a significant audience, the session, highlighted the urgency for firms to not only comply with these evolving standards but to also enhance the overall customer experience.

The webinar featured in-depth discussions from Kevin Still, an expert regulatory consultant, and Luke Cuthbertson, Practice Lead for Speech Analytics at FourNet. Their insights provided a roadmap for leveraging technology to meet the demands of Consumer Duty effectively.

The Urgency of Consumer Duty Compliance

Kevin opened the session by outlining the Consumer Duty’s extension to closed products such as mortgages and life insurance. He stressed the necessity for firms to rigorously evaluate these legacy products to ensure they meet contemporary standards of fairness and transparency. Kevin emphasised, “We’re at a critical stage where the inclusion of closed products means revisiting old agreements that were previously unregulated under these standards.”

Detailed Insights on Consumer Duty Challenges

Kevin delved deeper into the operational implications of Consumer Duty, illustrating the need for a holistic approach that integrates data-driven compliance across all levels of operation. He pointed out that “firms need to adopt a risk-based approach to their consumer interactions, focusing on areas that have the most significant impact on consumer outcomes.”

He also highlighted the importance of cultural shifts within firms to genuinely embed Consumer Duty principles into their operations. “Achieving compliance is not solely about meeting regulatory standards but fundamentally about embedding a culture that prioritises fair consumer outcomes at every operational level,” said Kevin. He underscored the necessity of integrating operational and cyber resilience, noting that “the intertwined nature of operational systems with consumer trust mandates robust security measures to protect consumer data and ensure trust.”

Enhancing Agent and Customer Experiences with Speech Analytics

Luke Cuthbertson of FourNet, then detailed how speech analytics technology could directly support agents in real-time, making a significant impact on both compliance and the quality of customer interactions. This technology allows for immediate feedback and guidance during conversations, which is crucial for aligning with Consumer Duty requirements.

Supporting Vulnerable Customers and Streamlining Operations

Luke explained how speech analytics could identify signals of customer vulnerability during interactions. “By recognising signs of distress or confusion, the technology helps agents to adjust their approach, ensuring that all customers, particularly the vulnerable, are treated with understanding and empathy,” he noted.

Moreover, Luke discussed how this technology aids in streamlining documentation processes, reducing the likelihood of errors, and ensuring compliance with regulatory documentation requirements. “Automated summaries and real-time feedback not only enhance the efficiency of after-call work but also ensure that the recorded information is precise and compliant,” explained Luke.

Speech Analytics in Action: Supporting Consumer Duty Compliance

Luke provided practical examples of how speech analytics facilitates compliance with Consumer Duty, offering insights into how the technology provides agents with the tools and information needed to manage interactions effectively. “The system can prompt agents with compliance reminders or escalate calls that require additional oversight, ensuring that all interactions adhere to Consumer Duty standards,” Luke added.

Conclusion and Looking Forward

David Hutton, Chief Growth Officer at FourNet, concluded the webinar by emphasising the importance of embracing innovative solutions like speech analytics to meet the stringent requirements of Consumer Duty. Neil Reddin, Account Director, highlighted that “our solutions are designed not just for compliance but for enhancing customer engagement, providing firms with a competitive edge in a regulated environment.”

This webinar provided a comprehensive overview of how integrating advanced speech analytics into service delivery models is crucial for meeting Consumer Duty requirements and enhancing the customer experience. For more information on how to implement these technologies in your operations, catch up on the full webinar below or contact our team. Stay tuned for more insightful discussions on leveraging technology to meet regulatory challenges effectively.

Watch the webinar here