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Power Consumer Duty Compliance and Customer Experience

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Don't delay. You need to be compliant with Consumer Duty by July 2023.

As the Financial Conduct Authority (FCA) moves towards data and advanced analytics to enhance regulatory compliance and consumer outcomes, Red Box helps you evidence that you are delivering good outcomes for your customers by combining captured voice data with Tethr’s Natural Language Processing to identify risk, surface insights from customer conversations, and highlight coaching opportunities to improve the consumer’s experience.

Put your customers first with automated conversational intelligence

Red Box has joined forces with Tethr - a leading AI-based conversational intelligence platform – to help support your Consumer Duty regulation obligations. Leveraging high-quality voice and metadata captured by Red Box, analyse entire conversations to instantly understand and augment the entire customer journey.

Uncover performance improvements in the consumer journey with AI-driven conversational intelligence.

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Meet Consumer Duty requirements across several key areas:

 

Consumer duty vulnerable customers

Understand vulnerable customers

Ensure the fair treatment of vulnerable customers by capturing, monitoring and addressing issues as they emerge. This provides you with a better understanding of how vulnerable customer requirements change over time to drive service and product improvements.

 

Consumer duty agent support

Support your agents

Nurture and coach agents with targeted insights. Score each agent and team based on the agent’s impact and on the call difficulty, and provide succinct, actionable information that tells you what your call center team is doing right – and what support is needed to fix it.

 

Consumer duty compliance

Demonstrate compliance

Moving from person-centric supervision to data-first evidence, use dashboards to demonstrate an improved understanding of customer outcomes, the factors that affect them over time, and what remedial action has been taken so you are ready for the regulator.

 

Consumer duty customer complaints

Improve complaints handling

Understand the cause of customer complaints by using voice data to measure customer satisfaction, risk, agent behaviours, and identify areas of friction in the customer journey. These insights can drive business outcomes such as improved customer loyalty.

Consumer duty communication channels

Listen to every interaction

Get a score on 100% of customer conversations. By monitoring all interactions - regardless of channel - firms will be able to see which form of communication is most effective and make better decisions on the way they interact with customers and in doing so, meet Duty expectations.

Consumer duty quality assurance

Boost your QA processes

Utilising Red Box’s rich captured audio and metadata, configure chosen sets of conversational data, playback audio for accurate analysis, and track how your quality assurance efforts are positively impacting your Consumer Duty obligations to significantly improve QA efficiencies.

Speech Analytics: The key to compliance

The Consumer Duty presents a paradigm shift, not only in acting to deliver good outcomes for financial retail customers, but also by propelling speech analytics into the spotlight as an essential tool for to demonstrating compliance.

It will be of critical importance for firms to demonstrate data-driven record keeping with the reasons behind making key decisions referenced to obligations under Consumer Duty to avoid non-compliant penalties.

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Solving the Consumer Duty Conundrum

It’s being hailed as the biggest regulatory evolution in a decade.

Yet despite the July 2023 deadline, a recent survey from Moneyhub worryingly confirms that 56% of decision makers at FCA regulated firms are not prepared and do not currently have projects in place to become compliant ahead of new Consumer Duty regulations.

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Take the next step to Consumer Duty Compliance