How AI is Transforming Contact Centres to Serve Vulnerable Customers

Published 19/09/24 under:

It’s never been more important to look after customers susceptible to detriment or harm. They could be struggling with health issues such as cognitive impairment, stressful life events like job loss or family caring responsibilities, emotional distress, or poor literacy. 

To take care of Consumer Duty regulations customer service leaders are increasingly looking to technology to do the heavy lifting – improving how customer information is recorded, analysed, and used – ultimately enabling more effective agent interventions and decision-making. 

Treating Vulnerable Customers with More Care

The Financial Conduct Authority (FCA) introduced new Consumer Duty rules in July 2023, aiming to transform the financial services landscape and better serve the best interests of customers. When it comes to managing vulnerable contacts FCA guidance highlights three key areas:

Image 1. Overview of FCA good practice guidance

Artificial intelligence (AI) and machine learning (ML) solutions can undoubtedly help. And in our experience the best results come when Kerv specialists blend these technologies with the human touch.  

Sensitive person-to-person contact remains the cornerstone of caring for vulnerable customers. Well-trained people will also be needed to manage data inputs and outputs from AI and ML-based models. 

Driving Adoption of Good Policies and Procedures

Contact centre and compliance teams can effectively collaborate and work towards FCA best practice in several ways: developing new data and metrics; improving analysis and how information is captured and applied; and equipping staff with better tools and scripts. 

Genesys Cloud offers a comprehensive, unified platform designed to help organisations achieve their goals and meet Consumer Duty requirements. By enhancing system interconnectivity and data integration through open APIs and extensive out-of-the-box integrations, Kerv clients can effectively leverage the full potential of their data (see step 1 below) to identify potentially at-risk customers from the very beginning of their customer journey. 

Crucially, forming a more rounded customer view by aggregating data sources such as socioeconomical demographics, CRM and billing systems, vulnerability registers, credit histories, online surveys, and conversation and journey analytics – processed with customer consent as appropriate. 

Image 2. Technology touchpoints for vulnerable customer journey management

That AI-powered approach continues with guided agent triage and the surfacing of helpful articles and next best actions (step 2); releasing agents to listen rather than concentrating on note-taking (3); uncovering key topics and vulnerability trends (4); and embedding KPIs such as sentiment analysis and empathy scores into quality evaluations and personal development plans (5). 

Help is at Hand

Kerv consultants and solution architects are adept at customising Genesys and Microsoft solutions (such as Microsoft Teams, Dynamics 365, and Power BI apps) to meet the specific needs of our clients across all vulnerable customer journeys. In the process, automating workflows and taking full advantage of the latest advances in AI, ML, and data science.  

Join our ‘Navigating Consumer Duty in Finance’ webinar on 26th September and:  

• Learn how to retain and grow your clients whilst delivering a positive outcome through new consumer duty legislation. 

• Hear how Just Group have streamlined CX to ensure vulnerable consumers receive the right support and assistance. 

• Watch live demonstrations using AI and data, linking Genesys Cloud and Microsoft Dynamics 365 CRM. 

As the longest standing Genesys Cloud partner in EMEA, with the most successful deployments, Kerv Experience continues to help clients simplify regulatory requirements and boost the customer and employee experience.  

To learn more, please get in touch.