Data and automation strategies for better outcomes

The new Consumer Duty places great emphasis on firms’ obligations to be proactive in safeguarding their customers from making unwise decisions. Companies will need to approach customer interactions with genuine concern and awareness of any current or even potential vulnerabilities. Understanding every customer’s situation and “avoiding causing foreseeable harm” will require analysis aided by technology to support process redesign, communications improvements, data capture and iterative refinement.

In this webinar, CGI will explain how to enable a data-driven approach for better customer insight and customisation while improving the reporting of outcomes.

Firms are working to comply with the duty by July and should consider leveraging this regulatory driver towards digital transformation. The use of automated technologies such as conversational AI and machine learning will enable improved data analysis and management while helping organisations to better understand their customers and spot any potential vulnerabilities.

Showing evidence of good customer outcomes will require firms to have access to stable and trusted data. This will help firms build a clear set of metrics that precisely capture how well their products and services are meeting the needs of customers. Access to the right data at the right time will be crucial for assessments of compliance, as there is an expectation that the service provider is able to provide that data to the FCA when required.

Key learning objectives:

• Why data-driven insights are so important
• Collecting and managing data to show outcomes
• Understand how AI technologies help identify vulnerable customers
• Understand how machine learning can help forecast outcomes.