NICE Enlighten AI for Vulnerable Customers is a full-featured, out-of-the-box solution that unbiasedly evaluates each interaction in light of complaints and the causes of vulnerability identified by the UK’s Financial Conduct Authority (FCA) and automates the remedial process. Traditionally, contact centers have depended on their agents to manually identify consumers who are vulnerable based on the training they have received. The majority of consumers are either unwilling to acknowledge or are not aware that they fall into the vulnerable category, making it difficult to spot the subtle signs of vulnerability. Utilizing Enlighten’s specifically designed model for Vulnerable consumers, which detects a vulnerable customer based on interactions with consumers, Enlighten AI for Vulnerable Customers enables contact centers to integrate the fair treatment of customers into their business processes. This provides front-line employees with the visibility and direction they need to recognize and react to a variety of traits of the perhaps susceptible.
According to the FCA, a vulnerable consumer is anyone who could suffer harm as a result of their own circumstances. The FCA’s Consumer Duty rule, which will take effect on July 31, 2023 (for current goods and solutions), mandates that businesses who offer financial services to consumers have a unique process in place for identifying and communicating with vulnerable clients.
“According to the FCA, it is estimated that 47% of UK adults have one or more vulnerability-related traits. Enlighten AI for Vulnerable Customers enables businesses to automate reporting and coaching procedures while streamlining compliance operations, according to Darren Rushworth, president of NICE International. “NICE has made a significant investment in developing a strong solution that combines the speed of AI with focused behavioral analytics to give UK-based contact centers the ability to proactively serve vulnerable customers,” the company said.
