Hoboken, N.J., October 28, 2021 – NICE today announced the launch of Enlighten AI for Vulnerable Customers to support UK businesses in providing fair treatment to vulnerable consumers and driving compliance with the Financial Conduct Authority (FCA) regulation. By analyzing every voice or digital interaction in real-time, contact centers can identify and respond to consumers susceptible to detriment. The solution facilitates companies in embedding fair treatment of customers into their business processes by giving front-line staff the visibility and guidance needed to effectively respond to a range of characteristics of vulnerability.
The FCA broadly defines a vulnerable customer as anyone who is susceptible to detriment due to personal circumstances. Organizations that provide financial services to consumers in the UK are required by law to have a special protocol for identifying and interacting with vulnerable customers; the failure of which will result in substantial penalties and reputational damage. According to the FCA, more consumers find themselves in vulnerable circumstances due to the pandemic, with 53% of adults displaying a characteristic of vulnerability. Contact centers rely on agents to identify these customers but the process is subjective and prone to errors. Consumers are also not always comfortable in sharing their vulnerabilities making it ever more difficult to identify them.
NICE Enlighten AI for Vulnerable Customers deciphers consumer behaviors and transforms them into objective insights to consistently detect vulnerable customers in real-time. Based on NICE Enlighten AI, the first comprehensive AI framework for customer engagement, the solution comprises purpose-built compliance and advisor behavior models and is based on one of the most expansive interaction databases. By precisely classifying every interaction based on the FCA drivers of vulnerability including in categories such as health, life events, resilience and capability, the solution allows organizations to take proactive action.
Organizations can also assess how front-line staff interacts with customers, including on soft skills such as active listening, demonstrating empathy and effective questioning, and if they are following procedures. Pre-built dashboards provide supervisors with immediate visibility into vulnerable customer compliance scores and advisor behaviors needing evaluation and coaching.
Barry Cooper, President, NICE Workforce & Customer Experience Group, said, “Fuelled by the pandemic, the need for organizations to treat vulnerable customers fairly is at an all-time high. With Enlighten AI, organizations can leverage a pre-built AI model to objectively and automatically identify vulnerable customers and alter business processes in real-time.”
About NICE
With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com.
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Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Cooper, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.
Author Information
As a detail-oriented researcher, Sherril is expert at discovering, gathering and compiling industry and market data to create clear, actionable market and competitive intelligence. With deep experience in market analysis and segmentation she is a consummate collaborator with strong communication skills adept at supporting and forming relationships with cross-functional teams in all levels of organizations.
Sherril holds a Master of Business Administration in Marketing from University of Colorado, Boulder and a Bachelor of Arts in Psychology from Rutgers University.
