Aveni has been selected by equity release advisory firm Age Partnership to revolutionise its quality assurance systems.
Age Partnership has deployed Aveni Detect, an AI and Natural Language Processing (NLP)-based technology platform, to increase oversight of client interactions, maximise process efficiencies and ensure data-led evidence of compliance to meet Consumer Duty regulations from the FCA.
The adoption of the latest advances in generative AI, NLP and large language models will allow Age Partnership to provide an element of automated QA processes across all applications received, remove errors and increase speed and effectiveness of customer interaction monitoring. It will provide unparalleled risk management and oversight which will help the business to scale to support more customers and improve outcomes for them.
Aveni COO Jamie Hunter said, “The chance to work with an innovative business like Age Partnership is exciting for Aveni as we work to help enhance its service and maintain its leading position. The business has embraced our AI platform from the very beginning of the pilot and is committed to using it to push boundaries and genuinely deliver better customer outcomes.
“With oversight across 100% of its customer interactions, the emphasis placed on the Quality Assurance function is unparalleled for Age Partnership and will allow real scalability whilst delivering data-led Consumer Duty compliance. The power of generative AI presents the dawn of a new era for financial advice and will be a key determinant in future success when placed at the heart of business operating models.”
Aveni Detect has been established as a ‘Machine Line of Defence,’ to analyse all customer interactions, mitigating against a range of risks from conduct and complaints to customer vulnerability. It will meet the data-first requirements being introduced with the new Consumer Duty regulation which comes into effect in July 2023.
Aveni was recently selected by Schroders Personal Wealth to transform its compliance function through the deployment of the Aveni Detect platform.
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