Scottish AI company Aveni.ai has secured an investment of £2.75 million to deliver the expansion of its Aveni Detect platform across the financial services and utility markets across the UK.
It says its conversational intelligence technology is set to lead the way in a new era of speech automation for regulated industries.
Aveni Detect uses the latest advances in AI and natural language processing to draw intelligence and automate processes directly from the customer voice and other communications channels. This allows companies to achieve greater efficiencies in quality assurance while significantly improving client experience, sales performance, staff training, and the ability to identify vulnerable customers.
The funding round was led by The TRICAPITAL Syndicate LLP and Par Equity supported by Scottish Enterprise.
There are significant moves from the Financial Conduct Authority to considerably increase its regulatory control over companies’ actions as it relates to consumer duty of care.
“Consumer duty will fundamentally change the regulatory landscape across the financial services,” said Joseph Twigg, CEO.
“The FCA is shifting from human-centric supervision to an emphasis on data-first evidentiary requirements. As executive teams are asked to supply increasingly large datasets to the regulator, with growing frequency, Boards will be asking themselves ‘do we know exactly what’s in that data?’ The answer to that will be a resounding ‘no’.
“Monitoring and assurance teams today typically assess 1-2% of customer interactions through highly manual processes. This will have to fundamentally change. Aveni uses cutting edge machine learning to introduce a paradigm shift in Risk Assurance.
“Our ‘Machine Line of Defence’ allows companies to monitor 100% of customer interactions, triaging high risk cases for human review and transforming the management of regulatory and reputational risk.”