By Nic Ray, CEO BrandsEye
I am delighted to share the details of our new Market Conduct solution for financial services. We have developed a first-of-its-kind solution that helps financial services institutions accurately identify complaints from social media and comply with Treating Customers Fairly (TCF) regulatory requirements.
The solution was developed in close consultation with South Africa’s Financial Sector Conduct Authority (FSCA). Working with the regulatory body we’ve been able to map organisations’ online social media conversation to the market conduct framework. As a result, users will have early warning of possible conduct issues and accurate data to advance regulatory and internal reporting. Thanks to our trusted combination of AI and Crowd of trained human verifiers, we’re able to identify every TCF-related mention contained in an organisation’s online conversation.
Over the last year, we have seen tremendous growth in digital channels, particularly social media, for consumer interactions with and complaints to their financial service providers. Until now, banks and insurers haven’t been able to identify all of the relevant complaints that they receive on social media. This was due, in part, to the lack of technical capability and part due to the lack of regulatory impetus.
With the introduction of new TCF-focused market conduct regulations, the regulatory impetus is here - financial services providers must report on these complaints or face significant fines. Moreover, if banks and insurers are serious about improving customer satisfaction, they will not only need to identify and analyse complaints but rapidly address and resolve them. This is where our existing Customer Service solution complements the reporting capabilities of the new Market Conduct solution
BrandsEye is already working with leading financial services clients to help them identify conduct-related issues in their social media conversation. We structure and categorise this conversation per the categories set out by the FSCA. This process enables comprehensive and automated reporting that allows our clients to demonstrate to the regulator that fair outcomes are proactively and consistently delivered. In some instances, we also help these clients report on their internal conduct standards and risk categories, including mapping internal standards to TCF outcomes.
The Market Conduct solution alongside the BrandsEye Engage platform will help banks and insurers significantly improve reporting standards and optimise social customer service, in turn, mitigating risk and improving outcomes for customers.
We would love to set up a meeting with your conduct and risk teams to talk through our capabilities in relation to the new Conduct Standard.