The link between AI, risk management and customer service
Greater automation can help staff improve clients’ experience, at a time when increasingly onerous regulations are turning staff into liabilities
In the financial services sector in particular, compliance is a complex issue. You can train people, and retrain them, but this is time consuming and costly. And even once trained, how do you ensure they act in accordance with the relevant legislation and regulation? And how do you prove they did so? In a court of law if necessary? Financial services companies are under pressure to reduce their cost structures, yet with more informed customers come more complex service requests. Product, policy and procedural complexity is increasing and, along with increasing legislative oversight, the pressure on service staff to become deep content specialists is mounting. This has cost implications because these companies are required to train and maintain a pool of deep specialists who cannot be deployed across multiple product lines. Further, expecting staff to be walking, talking, legislative and policy encyclopedias isn’t realistic and distracts them from their actual role of providing the c...
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