Age Partnership partners with Scottish fintech Aveni

Scottish fintech, the AI fintech business, has been chosen by Age Partnership, one of the leading Equity Release Advisory firms in the UK, to transform its Quality Assurance systems and set new standards for customer service and outcomes.

After a successful pilot scheme, Age Partnership has implemented Aveni Detect, an AI and Natural Language Processing (NLP)-based technology platform, to increase oversight of client interactions, maximize process efficiencies, and ensure data-led evidence of compliance to meet Consumer Duty regulations from the FCA.

The adoption of the latest advancements in generative AI, NLP, and large language models will enable Age Partnership to offer an automated element to Quality Assurance (QA) processes across all applications received. This will eliminate errors and increase the speed and effectiveness of customer interaction monitoring. It will provide unparalleled risk management and oversight, which will assist the business in expanding its operations to support more customers and enhance outcomes for them.

Aveni Detect has been established as a "Machine Line of Defense" to analyze all customer interactions, mitigating against a variety of risks, from conduct and complaints to customer vulnerability. It will comply with the data-first requirements of the new Consumer Duty regulation, which takes effect in July 2023.

David Wing, Director of Risk & Compliance at Age Partnership said,

“The pilot with Aveni was a real success. It demonstrated that by using their call transcription service to provide machine-based monitoring across our equity release customer journey, we were able to speedily identify key areas such as potentially vulnerable customers and subsequently then support advisers further through training.

“Ultimately, the technology provided by Aveni Detect helps us at Age Partnership to build upon the high level of service and advice that we provide to every individual client.”

Jamie Hunter, COO, Aveni explains,

“The chance to work with an innovative business like Age Partnership is exciting for Aveni as we work to help enhance its service and maintain its leading position. The business has embraced our AI platform from the very beginning of the pilot and is committed to using it to push boundaries and genuinely deliver better customer outcomes.  With oversight across 100 percent of its customer interactions, the emphasis placed on the Quality Assurance function is unparalleled for Age Partnership and will allow real scalability whilst delivering data-led Consumer Duty compliance. The power of generative AI presents the dawn of a new era for financial advice and will be a key determinant in future success when placed at the heart of business operating models.”