The number of customers that could be classed as 'vulnerable' now stands at 27.7 million according to the FCA. And that number is set to skyrocket. Indeed, 38% of us say the pandemic has made our financial situations worse, while 7% of adults claim they struggle to recover from negative experiences.
There are lots of companies already using AI in their everyday activities with customers, some in ways you never imagined. But as customers are increasingly interacting with financial services companies through digital channels, the reduced human agent interaction requires companies to use AI and data analytics to better understand and serve their customers’ needs better.
But when customers are using digital channels where there is no initial direct contact with agents who have been trained to deal with vulnerable customers, how can the business know whether the customer is vulnerable?
AI technology has risen to the challenge it is giving teams the skills and capabilities to engage with vulnerable customers and is playing its part to proactively identifying vulnerability, enhancing customer experiences and automating tasks to drive operational efficiencies while achieving regulatory compliance.
Without AI and data analytics, it is incredibly hard to detect patterns of vulnerable behaviour and therefore provide timely support.
In this 30-minute webinar you will learn: