UK Regtech company Aveni.ai has promised to help financial services firms meet new Consumer Duty regulation with the development of its game-changing Aveni Detect product.
Its 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,’ the Aveni Detect platform analyses all customer interactions and mitigates against a range of risks from conduct and complaints to customer vulnerability. This elevated level of risk insight will become 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 and 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 by using feedback to inform product and service development, and enhance staff coaching experiences. The 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.
Joseph Twigg, CEO, Aveni 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 but that’s where technology must be applied well.
He continues, “Consumer Duty is a game-changer as the FCA moves to data-first supervision and the expectations of quality and risk assurance are fundamentally shifting. 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 Aveni announced funding investment of £2.75 million pounds 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.