Understand who the vulnerable customers are in your business, and maximise your ability to treat them ALL fairly.
As now reinforced in the new Consumer Duty, every firm should take all reasonable steps to predict and define the likely characteristics of customer vulnerability within their business.
Ensure FCA compliance by learning how to better identify and respond to vulnerable customers.
Voyc monitors 100% of your customer interactions and delivers alerts for immediate action.
According to the UK’s FCA, a vulnerable customer is “someone who, due to their personal circumstances, is especially susceptible to harm - particularly when a firm is not acting with appropriate levels of care”.
Why download the White paper?
The need to care for vulnerable customers receives even more attention due to recent important developments:- Update from the FCA on areas requiring further improvement in the treatment of vulnerable customers.
- The growing cost-of-living crisis.
- The FCA’s new Consumer Duty.
- Understand why treating vulnerable customers fairly is now a major regulatory and moral focus for financial services providers. How can you massively improve the chances of noticing and responding to signs of customer vulnerability?
- Learn more about the 4 key drivers influencing vulnerable customers and how you can predict likely vulnerability categories in your own business, using the FCA’s definition of a vulnerable customer.
- Learn how a compliance monitoring AI solution can support you in identifying interactions where a customer needs additional attention due to a vulnerability, and ensure you remain compliant, while reducing stress amongst your agents.
- Learn how Voyc can help you monitor 100% of your customer interactions to maximise your ability to treat vulnerable customers fairly, and improve the effectiveness of your vulnerable customers policy.
What are the 4 key drivers influencing the risk of a customer becoming vulnerable?
Health
Conditions or illnesses that affect one's ability
to carry out day-to-day tasks.
Life events
Such as bereavement, job loss or
relationship breakdown.
Resilience
Low ability to withstand financial or
emotional shocks.
Capability
Low knowledge of financial matters or low confidence in managing money (financial capability). Low capability in other relevant areas such as literacy or digital skills.
A recent study published by Capital One, underpinned by the 4 key drivers, identified 10 core behaviours linked to more than 69 potential vulnerabilities to look out for in contact centre conversations.
Understanding how an individual's vulnerability can affect their financial credit journey, we can prevent poor outcomes. By doing this, we also help customers who might not have mentioned, or even known, that they have a vulnerability. Below are the 10 associated behaviours:
Comprehension difficulty
Information processing
Difficulty concentrating / Lack of attention to detail
Self deception
Low confidence / Fear of new things
Difficulty planning
Memory issues
Highly charged emotional response
Lack of access / Inability to engage
Low trust
What’s more, Voyc provides detailed analytics on topics and phrases that occur frequently in calls with customers. It can report on the tone of conversations and highlight any mandatory phrases that an agent might fail to mention.
Voyc uses accurate models to detect the 70+ potential vulnerabilities in customers and correlate these to the appropriate behaviours.
Maximise your ability to treat vulnerable customers fairly
Voyc has already compiled a comprehensive database of keywords and phrases that could indicate that the customer displays signs of vulnerability
- With Voyc, you can monitor 100% of customer interactions.
- Be instantly alerted of high-risk compliance breaches, customer complaints or when a customer displays signs of vulnerability.
- This not only saves time-related costs. It also allows users to take any required action without delay. This leads to better, more satisfying outcomes for the customer. And everything is recorded in a way that can also readily demonstrate (if needed) the firm’s compliance with the requirements of the Consumer Duty.
- Voyc provides users with detailed analytics covering topics, words and phrases that are used frequently in conversations. Analytics helps firms identify and remove customer detriment – measurably boosting good outcomes.
Clicking on any alert instantly replays that part of the call containing the keyword or phrase
What Our Customers Say
“Voyc has allowed us to have greater control over our recording and caring for clients that identify as having vulnerable characteristics. The alerts are easy to use and mean our compliance team can in real time identify clients that our agents may miss as requiring extra care, and adapt our services accordingly. The alerts help us improve our client experience, recording for regulatory purposes and our business processes.” — Poppy Kelly, Compliance Manager, Hilltop Finance
“Voyc was fast and painless to set up, configure, assess risks, and ultimately resulted in happy business users.” — Paul Steyn, Head of Systems Architecture at Momentum Metropolitan
“Managing risk and being able to offer exceptional customer service is critical to any insurance business. The support of Voyc is a competitive advantage for the healthy growth of the company.” — Anton Keet, Head of Risk Services at 1Life
“I have seen nothing like this. Most digital QA solutions are only measuring the tone of the conversation - I have seen nothing that checks for compliance phrases like Voyc does.” — Wynand Olivier, Partner Legal & PR at King Price
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What Do We Do?
Voyc helps you succeed in the face of changing consumer needs and increasing regulatory expectations - by monitoring 100% of your customer conversations. It’s easy to configure Voyc to send alerts whenever certain words or sentiments occur - or mandatory phrases are omitted. Managers can then respond instantly and effectively. And you receive detailed reports – to improve your business and provide evidence of good customer outcomes to data-led regulators.
In addition to vulnerability, you may also wish to monitor:
Complaints
Including escalation requests (“Put me through to a manager”) and
intention to report an issue on social media.
Call Guide adherence
Ensuring that calls are fully compliant for content, risk warnings and
mandatory disclosure.
Sales Completion
Highlighting cases where, for example, the customer might
not have firmly agreed to the contract.
Lapse Prevention
Spotting and acting on calls that suggest the imminent
defection of a valuable customer.
From the moment you choose to implement Voyc, you could be monitoring 100% of your customer interactions in as little as one day.
Need A Proof Case?
Client: Momentum Life
How Voyc helped an insurance company spot a valuable idea from a vulnerable customer…
The Context
Momentum Life is a leading life and pensions company in South Africa. They’ve been enjoying the support of Voyc since 2020.
- An elderly customer had a sudden need to access her pension fund with Momentum and had received various forms to complete, which she needed to take to her bank. This was a potentially stressful situation that could make her vulnerable.
- Voyc alerted the Momentum team to this lady’s call, in which she said: “.. for elderly people, I advise that you make the font on your forms bigger and simplify it, because insurance is taken out when you are younger but the benefits are only taken out when you’re older”.
- Esther Nkosi, Momentum Life’s Head of Client Care and Client Experience said: “The Momentum team were so happy to receive that feedback of something to look at potentially improving in the future, as well as an opportunity to meaningfully bond with that client over her experience”.
- Voyc’s CEO, Matthew Westaway, sums it up: “It’s been an incredibly enriching experience to add value to a sector as important as financial services”.
Voyc is a proud member of the CCMA, Protect Association and other industry associations
In the face of increasing regulatory pressure and consumer distrust, it becomes imperative for financial services companies to monitor 100% of customer interactions.
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Identify various types of customer vulnerabilities that can be spotted in contact centre calls.
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Maximise your ability to treat vulnerable customers fairly to offer the ideal customer experience and increase loyalty sentiment.
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Avoid customer dissatisfaction and the expense of repeated callbacks.
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Improve efficiency of your support team & reduce stress on agents.
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Learn how a speech analytics AI solution can support your managers and QA team in identifying calls where a customer needs additional attention due to a vulnerability, and ensure you remain compliant.
