Sentient Protect: Consumer Duty Outcomes Analytics Platform

AI-Assisted Machine Level Compliance Tool with an easy-to-use interface

On July 31st 2023 the Financial Conduct Authority’s Consumer Duty became mandatory for all UK financial institutions. With July 2024’s expansion of the Consumer Duty to include closed products fast approaching, you need to be able to securely check 100% of your calls, chats, emails and digital experiences for your customers if you want to protect your organisation.

Instead of the traditional method of 'hit and hope' random sampling, with our cutting-edge AI platform you will be using tech to complete 100% monitoring of all your customer interactions in real time.

Sentient Protect is an Enhanced AI Compliance Analysis Tool delivering Machine Line Defence capability that checks every event in every interaction in all channels tuned to detect and act upon compliance risks.

Benefits of using Sentient Protect for meeting Customer Duty:

Automated analysis and alerts for Behaviours, Events, Outcomes, and Performance.
Analysis can be done in real-time, post event or as part of a thematic review or investigation.
Prioritised for urgency for human intervention by the appropriate Line of Defence and stored for later audit and presentation to regulator if required in specific cases.
User-friendly decision support tools enhancing more focused work by team members that delivers more efficient outcomes through reduction of manual work and increased value creation
Easily accessible to all users
Collaborative training tools providing personalised training ensuring consistent performance
Identify specific situations where customers sound more stressed over the course of their journey, and adapt training and processes to mitigate stress for both customer and agent
Identify potentially or actual vulnerable customers and flag to appropriate individuals, teams or functions
Gain an enriched understanding of product and service feedback

How Can Sentient Protect help with delivering Consumer Duty Outcomes?

Your team will be empowered with Advanced AI based Experience and Interaction Analytics Tools to enable you to deliver on the 4 Key Outcomes required by the Consumer Duty Principle.

Here is how easy-to-use and plug-and-play Sentient Machines platform can help you address the four outcomes of Consumer Duty. Scroll down for our new Quick Dip Programme that will allow you to quickly experience our platform in action:

Outcome 1: Consumer Understanding

Ongoing customer feedback is very important and old ways of sending surveys and ask your customers to essentially invest a lot of their time in telling you what they think, is not only ineffective, it’s also not objective. Analysing all your customer interactions in real time gives you all you need to know about customer feedback, and more. Plus, with AI, you could grasp the nuances that you will never be able to grasp by using alternative methods:

Clarity of Communication. Our platform can identify if your customers are confused, or if they are simply asking for clarification.
Misunderstanding. Our platform can highlight if there was a misunderstanding between an advisor and a customer.
Specific discussion points. You can easily check if your advisors have informed your customers of specifics such as exit price or minimum terms.
Emotional state and its impact on communication. We scan for more than 50 different advisor and customer behaviours and we can cross-check whether any of those have impact on clear customer communication.

Outcome 2: Products and Services

Focus on the Customer Needs. Our platform can identify whether or not you’ve discussed their needs in sufficient detail, as well as customer likes and dislikes. It will measure and quantify your customer preferences, and monitor emerging trends.
Products fit for purpose/Terms matching customer needs. If you’ve identified customer needs correctly, you could also scan whether or not the offered terms are inline with those needs. Otherwise you can get an alert in order to resolve it.
Track Customer Objectives. Similar to understanding customer needs, our AI can easily scan whether or not you’ve discussed customer financial objectives, and raise red flags otherwise. It could also provide cues as to whether or not those objectives are met and raise red flags for outliers that humans would then have to verify. This can be complementary to the Suitability and Appropriateness analysis, as well as Attitude to Risk.
Identify mis-selling and sales that hasn’t got customer benefit in mind. Be alerted of aggressive sales methods that don’t give priority to customer needs.

Outcome 3: Customer Service

Our customer experience index along with other measures will allow you to track the standard of your customer service and whether it’s helpful and responsive. It will also allow you to dig deeper and understand why certain aspects are highlighted as red flags. You will also be able to track if different procedures need to be applied depending on different circumstances, for example, for vulnerable customers:

Identification of Vulnerable Customers. Our platform scans all your interactions to identify those early signs of vulnerability so you can reach out in a more personalised ways to really help nurture your relationship with them. How is their health? How is their family situation? How is their stress level?
Treatment of Vulnerable Customers. Depending on your vulnerable customer situation, you might want to set up different frameworks to help support them. AI can not only help you identify vulnerabilities, but also, once the vulnerability is detected, it can scan and help advisors understand if they have followed required procedures, or if they could benefit from further training.

Outcome 4: Price and Value

While this outcome might be among more challenging ones to be solved exclusively by looking into customer interactions, we can connect you with top-level experts to help you further dig into it. However, customer interactions you already have hold an immense amount of useful information that can help you understand the perceived value. And this perceived value will be derived in real time.

Get customer feedback in real time. By the time your customers responded to surveys, they might have forgotten or moved from an issue and can only provide insights about the questions asked and not the overall experience. Insights to the value of customer service can be easily derived from analysing 100% of customer interactions, rather than collecting survey responses.

Quick Dip Programme

We want to allow you to quickly understand the benefits of using Sentient Protect for satisfying Consumer Duty and beyond. This is why we created our Quick Dip Programme:

Quick Dip