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Key partners with AI firm to support ‘vulnerable’ borrowers

  • 11/01/2022
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Key partners with AI firm to support ‘vulnerable’ borrowers
Key has entered a partnership with speech analytics platform, which will see conversations with borrowers monitored by artificial intelligence in order to identify and support vulnerable borrowers.

Key said the first phase of the rollout of has taken place, and is already making a difference. The lender said its quality assessors have been able to conduct call assessments in less than half the time it would usually take as a result of the platform’s intuitive search options.

The lender said it was also working with to support improved training for advisers, as well as beef up the oversight processes.

Key noted that in the past identifying vulnerable customers has been down to agents, relying on them to flag potential issues for further investigation. However, the partnership with means that specific keywords and phrases can be automatically flagged and sent to the Key compliance team to review, the lender explained.

Topics like bereavement and illness may be indications that a potential borrower is vulnerable and requires additional support, according to Key.

The Financial Conduct Authority (FCA) has previously made clear its focus on providing more protection to vulnerable people, having previously held sandbox pilots to support businesses with ideas on how to better identify and support such customers.

Will Hale (pictured), CEO at Key, said the lender “embraced innovation” and was determined to utilise the right technology to support its customers.

He continued: “Beyond efficiency, this partnership will allow us to drive greater transparency and oversight, and help us to better identify vulnerable and other high risk customers, all of which contribute towards ensuring the best possible outcomes for our customers.”

Joseph Twigg, CEO of Aveni, added: “It’s great to work with a company like Key that truly cares about its clients and recognises that innovative solutions can help improve customer service and ultimately unlock a wealth of new intelligence and insight.”


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