UK RegTech firm Aveni.ai has promised to help financial services companies meet new consumer duty regulation with the development of its Aveni Detect product.
Aveni claims its AI platform uses the latest advances in NLP to monitor every customer interaction to produce data-led evidence of compliance with new FCA legislation.
The Aveni Detect platform – developed as a ‘machine line of defence ‘ – analyses all customer interactions and mitigates against a range of risks from conduct and complaints to customer vulnerability.
Aveni said this elevated level of risk insight ‘will become essential in meeting data-intensive demands of consumer duty’. The technology gives firms an improved level of understanding of their customers and outcomes and puts data-driven tech at the heart of their operating model.
Aveni CEO Joseph Twigg said, “The FCA is making a marked shift to the fabric of good business management by prioritising positive customer outcomes. For many Boards this shift beyond measurement of purely operating profits, growth and margins might be outside their comfort zones but that’s where technology must be applied well.
“Consumer Duty is a game-changer as the FCA moves to data-first supervision and the expectations of quality and risk assurance are fundamentally shifting. Firms will ultimately have to adapt their approach and processes to meet these requirements. Doing nothing or deploying indefinite human resource are not feasible. The future of compliance will need to involve the adoption of advanced technology solutions such as Aveni Detect.
“Our platform uses state-of-the-art machine learning and NLP techniques to enable rapid customisation for specific company requirements. We have made highly sophisticated machine learning outputs available to firms who previously wouldn’t have had the time, resources or expertise to use. Now firms can achieve 100% Quality Assurance coverage, triaging high risk cases for human review, and transform their management of regulatory and reputational risk.”
Aveni.ai, a Scottish AI FinTech firm, has raised £2.75m in a funding round headed by The TRICAPITAL Syndicate and Par Equity.
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