NICE has announced that the 2023 National Technology Awards, sponsored by National Technology News, named NICE Enlighten AI for Vulnerable Customers as its “Artificial Intelligence Solution of the Year” award winner.
In its sixth year, the awards program is a comprehensive celebration of leading technology across a range of industries and organized by National Technology News, part of Perspective Publishing, a leading publishing and events company.
The Artificial Intelligence category rewards companies making use of machine learning and algorithms to turn raw data into useful insights and value for customers.
NICE Enlighten AI for Vulnerable Customers is a complete out-of-the-box solution that objectively analyzes every interaction based on the UK’s Financial Conduct Authority (FCA) drivers of vulnerability, as well as complaints, and automates the remediation process. contact centres have traditionally relied on their agents to manually identify vulnerable customers based on training they have received.
But it is difficult to determine the subtle clues of vulnerability because most consumers are not willing to admit or are unaware that they classify as vulnerable.
Enlighten AI for Vulnerable Customers enables contact centres to embed the fair treatment of customers into their business processes by using Enlighten’s purpose-built model for Vulnerable Customers which automatically identifies a vulnerable customer based on customers’ interactions.
This gives front-line staff the visibility and guidance they need to identify and respond to a range of characteristics of the potentially vulnerable.
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 are required by the FCA’s Consumer Duty mandate – which will be enforced starting July 31, 2023 (for existing products and solutions) – to have a special protocol for identifying and interacting with vulnerable customers.
“According to the FCA, estimates are that approximately 47% of UK adults exhibit one or more characteristics of vulnerability.
Enlighten AI for Vulnerable Customers makes it possible for firms to streamline their compliance programs and automate their reporting and coaching processes, cost effectively and at scale,” said Darren Rushworth, President, NICE International.
“NICE has invested significantly in creating a powerful solution that combines the speed of AI with targeted behavioral analytics to provide UK-based contact centres the ability to proactively serve vulnerable customers.”This blog post has been re-published by kind permission of NICE – View the Original Article
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