Contact Centre Consultant | Transforming Customer & Employee Experiences with an insights and data led approach | Operations | Technology | Sales & Process Optimisation | Training | Outsourcing | NED @Cloudax Voice AI
Are you correctly identifying customer vulnerability and then importantly taking appropriate action? The FCA are conducting a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances and will be sharing their findings by the end of 2024 The review will look at firms’ understanding of consumer needs, the skills and capability of staff, product and service design, communications and customer service, and whether these support the fair treatment of customers in vulnerable circumstances. So how effective is your process for identifying vulnerability and what tools can you employ to support agents and a customers? Check out the video and if it sounds like something you might need help with drop me a comment or shoot me a message
Jane Slater I was going to tag you to get your thoughts!! Elaine Lee FCIM I thought you might have views on this too especially with the FCA’s recent announcement. Jimmy Hosang you talked about this at the last event what’s your view!?
Thanks for the question and tag Garry. With the FCA set ot look at "firms' understanding of consumer needs, the skills and capabilites of staff, product and service design, communications and customer service and whether these support the fair treatment of customers in vulnerable circumstances", there is a LOT to unpack! In our work with our clients over the last 14 years, that initial detection of the potential for vulnerability is a crucial step. If you don't recognise early enough, you can create further vulnerability and harm. Whilst we are often asked to train frontline teams to do this, we also look at how we can those teams can identify vulnerability quickly and in real time. Speech analytics is one of many tools. We should also use text analytics for written comms and AI is showing some real potential here (I'm involved in a really exciting project just now!) For me the best solutions come from a combination of well trained staff (initial and ongoing) and tools to work as co-pilots and aid (not replace) the staff. Once you have recognised the potential or actual vulnerability you can put reasonable adjustments in place. They also need work and consideration. Always happy to chat on this
Ensuring customer vulnerability is properly addressed is key for customer-centric businesses.
Garry, your focus on understanding and responding to customer vulnerability is spot on. In the fintech world, we're constantly innovating to ensure our tools and services are accessible and fair. It's crucial to keep refining our processes, and I'm eager to see the FCA's findings.
Contact Centre Consultant | Transforming Customer & Employee Experiences with an insights and data led approach | Operations | Technology | Sales & Process Optimisation | Training | Outsourcing | NED @Cloudax Voice AI
11moElaine your experience shines through as usual with Awesome points, the point around AI I thinks a fascinating one and wholeheartedly agree around text analytics and using AI here is game changing, I wonder how and what risk AI poses in generating more vulnerability especially in the privacy and fraud and security space, as it becomes more sophisticated how do you think firms will have to safeguard for this to protect customer vulnerability groups?