NICE Launches Enlighten AI for Vulnerable Customers, Supporting the Delivery of Fair Treatment to Consumers and Driving Compliance with the FCA

 NICE today announced the launch of Enlighten AI for Vulnerable Customers to support UK businesses in providing fair treatment to vulnerable consumers and driving compliance with the Financial Conduct Authority (FCA) regulation. By analyzing every voice or digital interaction in real-time, contact centers can identify and respond to consumers susceptible to detriment.  The solution facilitates companies in embedding fair treatment of customers into their business processes by giving front-line staff the visibility and guidance needed to effectively respond to a range of characteristics of vulnerability.

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The FCA broadly defines a vulnerable customer as anyone who is susceptible to detriment due to personal circumstances. Organizations that provide financial services to consumers in the UK are required by law to have a special protocol for identifying and interacting with vulnerable customers; the failure of which will result in substantial penalties and reputational damage. According to the FCA, more consumers find themselves in vulnerable circumstances due to the pandemic, with 53% of adults displaying a characteristic of vulnerability. Contact centers rely on agents to identify these customers but the process is subjective and prone to errors. Consumers are also not always comfortable in sharing their vulnerabilities making it ever more difficult to identify them.

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NICE Enlighten AI for Vulnerable Customers deciphers consumer behaviors and transforms them into objective insights to consistently detect vulnerable customers in real-time. Based on NICE Enlighten AI, the first comprehensive AI framework for customer engagement, the solution comprises purpose-built compliance and advisor behavior models and is based on one of the most expansive interaction databases.  By precisely classifying every interaction based on the FCA drivers of vulnerability including in categories such as health, life events, resilience and capability, the solution allows organizations to take proactive action.

Organizations can also assess how front-line staff interacts with customers, including on soft skills such as active listening, demonstrating empathy and effective questioning, and if they are following procedures. Pre-built dashboards provide supervisors with immediate visibility into vulnerable customer compliance scores and advisor behaviors needing evaluation and coaching.

Barry Cooper, President, NICE Workforce & Customer Experience Group, said, “Fuelled by the pandemic, the need for organizations to treat vulnerable customers fairly is at an all-time high.  With Enlighten AI, organizations can leverage a pre-built AI model to objectively and automatically identify vulnerable customers and alter business processes in real-time.”

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