In July, the Financial Conduct Authority announced the launch of the consultation on proposed guidance for firms around the fair treatment of vulnerable customers. As a leading provider of Customer Experience Management (CEM) solutions, Clarabridge, Inc., is stressing the ability of dedicated technology to maintain compliance and ensure fair treatment of all customers. Without them, the firm says, banks and financial services information mill in danger of failing customers and breaching regulations.
The Clarabridge solution is widely used in the finance sector, which is already helping companies to develop interactive dashboards to assist contact centre and customer support staff in monitoring the experiences of vulnerable customers.
“Any time customers get in touch, it is not always easy for customer service agents to quickly understand their challenges,” said Jagrit Malhotra, Md EMEA at Clarabridge. “Vulnerable customers may face a variety of difficulties and obstacles affecting their interactions. Our technology allows banks and financial institutions to analyse these interactions in great detail, thereby uncovering the sentiments that customers are expressing, the effort that they are making to gain access to services, and how this can be improved to enhance the overall journey.”
The FCA has stated that whilst many firms make significant progress in the way they treat vulnerable customers, there should be more consistency. It says that in some cases, a failure to understand their demands is leading to harm.
In the final six months, Clarabridge has designed tailored dashboards for any prominent UK bank along with a leading insurance company to help them analyse data from sources such as phone calls, web chats, email and social media posts. By identifying and addressing negative feedback, including that from vulnerable customers, financial organisations can prioritise improvements to assist these customers while also addressing regions of compliance or regulatory risks.
“Financial services companies can ensure fair and consistent management of customers by proactively identifying the root causes of problems,” continued Malhotra. “The news features reports of banks discriminating from the disabled in overdraft charges, for example, or failing to indemnify vulnerable customers against fraud. We can use highly advanced analytics to help organisations quickly tackle issues, consistently meet FCA guidelines, and obtain a deeper understanding of the very real needs of the customers.”
Clarabridge's AI-powered solution also meets the banking industry's need for fast-turnaround implementations. Its modules are customised to the unique workflow of the industry and can include Complaints & Compliance Analysis, Digital Experience (Mobile App & Website), Branch & ATM Experience and Contact Centre Experience.
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