DataEQ is proud to announce the launch of a first-of-its-kind social media Market Conduct solution for financial services. Launching today, the Market Conduct solution is designed to help financial services institutions comply with Treating Customers Fairly (TCF) regulatory requirements.
The solution maps banks and insurers’ online social media conversation to the market conduct framework set out by financial regulators operating in a Twin Peaks framework. The market conduct view provides an early warning of possible conduct issues and provides accurate data to advance regulatory and internal reporting.
The development of this new solution follows the massive growth of social media as a preferred channel for customer complaints and the adoption of outcomes-focused market conduct regulations. In South Africa, and other markets following a Twin Peaks framework, regulators have adopted an approach that places fairness at the heart of conduct regulations.
DataEQ uses its trusted and unique combination of AI and human intelligence to deliver comprehensive social media complaint reporting. With the help of our trained Crowd of human verifiers, the Market Conduct solution identifies every TCF-related mention contained in an organisation’s online conversation.
Commenting on the new solution, DataEQ’s chief executive, Nic Ray said:
“We are seeing tremendous growth in digital channels, particularly social media, for consumer interactions and complaints with their financial service providers. Until now, banks and insurers haven’t been able to identify all of the relevant complaints that they receive on social media. This was due, in part, to the lack of capability and part due to the lack of regulatory impetus.
With the introduction of new TCF-focused market conduct regulations, financial services providers are going to have to report on these complaints or face significant fines. Moreover, if they are set on improving customer satisfaction, they will not only need to identify and analyse complaints but rapidly address and resolve them. This is where our existing Customer Service solution complements the reporting capabilities of the new Market Conduct solution.”
DataEQ is already working with leading financial services clients to help them identify conduct-related issues in their social media conversation. We structure and categorise this conversation per the categories set out by the Financial Sector Conduct Authority. This process improves comprehensive and automated reporting that enables our clients to demonstrate to the regulator that fair outcomes are proactively and consistently delivered. In some instances, we also help these clients report on their internal conduct standards and risk categories, including mapping internal standards to TCF outcomes.
The Market Conduct solution alongside the DataEQ Engage platform will help banks and insurers significantly improve reporting standards and optimise social customer service, in turn, mitigating risk and improving outcomes for customers.