Cloud solutions

Customer vulnerability is growing: can AI help to overcome it?

The study found that only 17% of British consumers consider themselves to be a vulnerable group according to the Financial Conduct Authority (FCA) criteria, although around 67% of them could potentially belong to this group.

This knowledge gap can result in dangerous effects for both consumers and companies. Vulnerable customers may be left without proper support at a time when they need it most, especially in the face of increasing regulatory requirements. Such situations can lead to problems for consumers and can negatively affect the reputation of a business among consumers and regulators.

Richard Bassett, VP of Digital & Analytics at NICE, says, “Offering personalized, empathetic customer service in today’s digital world can be challenging. Promisingly, AI delivers a solution. Harnessing the power of your customer service data, AI can help to accurately detect signs of vulnerability during every interaction – be that stress, financial woes, or even a breakup – and offer real-time guidance for agents to ensure they can provide an exceptional experience every time.”