Power Consumer Duty Compliance and Customer Experience

Don’t delay. You need to be compliant with Consumer Duty by July 2023.

As the Financial Conduct Authority (FCA) moves towards data and advanced analytics to enhance regulatory compliance and consumer outcomes, Red Box helps you Identify risk, surface insights from customer conversations, and highlight coaching opportunities to uncover insights that can improve the consumer’s experience. We do this by working with a broad spectrum of speech analytics partners to combine captured voice data with Natural Language Processing to analyse conversational data and help you evidence that you are delivering good outcomes for your customers.

Put your customers first with automated conversational intelligence

Red Box has joined forces with multiple voice-AI partners to support you with the scope of your Consumer Duty obligations. Leveraging high-quality voice and metadata captured by Red Box, analyse entire conversations across the enterprise to instantly understand and augment the entire customer journey.

Uncover performance improvements in the consumer journey with AI-driven conversational intelligence.

Meet Consumer Duty requirements across several key areas:

Understand vulnerable customers

Ensure the fair treatment of vulnerable customers by capturing, monitoring and addressing issues as they emerge. This provides you with a better understanding of how vulnerable customer requirements change over time to drive service and product improvements.

Support your agents

Nurture and coach agents with targeted insights. Score each agent and team based on the agent’s impact and on the call difficulty, and provide succinct, actionable information that tells you what your call center team is doing right – and what support is needed to fix it.

Demonstrate compliance

Moving from person-centric supervision to data-first evidence, use dashboards to demonstrate an improved understanding of customer outcomes, the factors that affect them over time, and what remedial action has been taken so you are ready for the regulator.

Improve complaints handling

Understand the cause of customer complaints by using voice data to measure customer satisfaction, risk, agent behaviours, and identify areas of friction in the customer journey. These insights can drive business outcomes such as improved customer loyalty.

Listen to every interaction

Get a score on 100% of customer conversations. By monitoring all interactions - regardless of channel - firms will be able to see which form of communication is most effective and make better decisions on the way they interact with customers and in doing so, meet Duty expectations.

Boost your QA processes

Utilising Red Box’s rich captured audio and metadata, configure chosen sets of conversational data, playback audio for accurate analysis, and track how your quality assurance efforts are positively impacting your Consumer Duty obligations to significantly improve QA efficiencies.

Solving the Consumer Duty Conundrum

It’s being hailed as the biggest regulatory evolution in a decade.

Yet despite the July 2023 deadline, a recent survey from Moneyhub worryingly confirms that 56% of decision makers at FCA regulated firms are not prepared and do not currently have projects in place to become compliant ahead of new Consumer Duty regulations.

3 key steps to Consumer Duty compliance

The Financial Conduct Authority’s Consumer Duty is leaving organisations scrambling to ensure timely compliance as they head towards the July 2023 deadline.

Despite the 31st of October deadline for approving implementation plans now past, a staggering two thirds of banks and building societies are confident that they are not yet compliant. 

Adaptive Call Recording Management

Countdown to Consumer Duty

As the Financial Conduct Authority  issues further clarification on how to meet Consumer Duty requirements, firms are reminded that this “significant regulatory initiative” is to be taken seriously ahead of the impending July deadline.

What does this mean and where should firms be now?

Learn what Uniphore can do for your business.

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