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Operational Areas Transforming Under the New Consumer Duty

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LONDON, Aug. 22, 2023 /PRNewswire/ — The Financial Conduct Authority’s (FCA’s) New Consumer Duty went into full effect on the 31st of July 2023. Auriemma UK Industry Roundtable members have been eager to collaborate with one another on how the regulation could affect each operational area and on what changes they are prioritising. At each meeting this year, roundtable members shared department-specific plans for tackling Consumer Duty as well as greater, overall objectives.
Collections and Recoveries Roundtable members are aligned in their focus on ensuring their forbearance toolkits are fit for purpose – with 23% of members introducing new forbearance options for struggling customers. Additionally, 54% of members indicated an intent to make changes to their supplier-oversight strategies—another focus area of the regulation.
“Our Customer Service members are hyper focused on communication structure and readability,” says Louis Stevens, Auriemma Industry Roundtables Director, “They are reviewing their entire communications catalogue and leveraging external partners to ensure verbiage meets the average UK reading and numerology levels.” To further ensure comprehension, many are also utilising customer research groups.
Complaints and Disputes departments alike are improving the customer experience around submitting a complaint/claim. They have increased the number of touchpoints to keep customers updated on the progress of their claim, with 15% of roundtable members intending to introduce text message updates as part of their journeys. As with Customer Service teams, 46% also intends to change their communication content, especially with complaints.
Fraud Control Roundtable members are pivoting to track more outcomes-based metrics and building new reporting structures around them. Many members have also recognised the need for Fraud Departments to become more involved in the vulnerable customer journey given that vulnerable customers are often targeted victims of fraud.
When looking at Operations as a whole, roundtable members have common themes within their plans. At the recent Auriemma Consumer Duty Workshop, 92% of members indicated they intend to run new training plans under Consumer Duty with the goal of building awareness amongst the department and delivering pinpointed training on how the regulation will affect individual roles. Outcome testing is a primary focus for many with 70% of firms already having had outcome testing frameworks in place, and the remaining 30% having planned to implement it in the months leading up to the deadline.
“Although it is crucial that the industry makes specific changes to comply with the New Consumer Duty, we must not forget that the intention of this regulation is to trigger a cultural change not just act as a tick-box exercise,” says Stevens. “This is not just a cultural change at the company level either, but rather across the industry as a whole. Collaboration amongst firms is crucial not only to comply with the regulation but to ensure the best possible outcomes for customers.”
To assist in this change, Auriemma is excited to announce its newly launched Regulatory Compliance Roundtable, with the pilot meeting specifically covering Consumer Duty. The agenda will be participant-led but will likely cover early learnings post the go-live date, planned future changes, internal governance structures, third-party oversight models, MI & reporting usage and more.
“We’re really excited for this new group and the enthusiasm we’re already seeing behind it,” says Stevens. “We hope that the group can become an extension of firms’ Consumer Duty teams and help shape the future of how this regulation is successfully implemented within the industry.”
The meeting is scheduled for the 18th of October at the St. Pancras Renaissance Hotel in London. If you or any of your colleagues are interested in attending as our guests, please contact us via [email protected].
About Auriemma Group
For more than 35 years, Auriemma’s mission has been to empower clients with authoritative data and actionable insights. Our team comprises recognised experts in four primary areas: operational effectiveness, consumer research, co-brand partnerships and corporate finance. Our business intelligence and advisory services give clients access to the data, expertise and tools they need to navigate an increasingly complex environment and maximise their performance. Auriemma serves the consumer financial services ecosystem from our offices in London and New York City. For more information, visit us at www.auriemma.group.
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How Artificial Intelligence Can Help Give Your Business a Boost

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ISLAMABAD, July 16, 2024 /PRNewswire/ — Mid-year is often a good time to review the status of your business and consider making changes to help your business grow during the second half of the year. It is also an opportunity to assess the level of support your business is getting from digital solution tools, what is available in the market, and what to consider helping propel your business and customer engagement.

While enterprise businesses may have large technology budgets and can assemble a team of specialists, it can be different for small and microbusiness owners. They grapple with a variety of unique challenges running their business to compete in crowded marketplaces, yet this is starting to change.
Generative AI (AI) has taken significant strides over the past year and introducing new tools and strategies does not have to become a major investment or require expertise. With AI by your side, it’s use can help create a marketing strategy to not only stand out, but also help to drive increased engagement and fuel growth. With the increasing use of AI tools, Generative AI is on a path to become the next equalizer for small businesses.
Putting AI to work for content creation
AI becomes a companion in crafting both creative and easy to use content calendars. With AI tools, it can be easy to determine which themes and topics will resonate with desired audiences. From there, content can be created to be distributed across channels, establishing deeper connections with customers while boosting an online presence.
Generative AI steps in to assist in crafting content that captures attention and keeps readers engaged. It provides suggestions and enhancements to existing content and suggests professional images giving small businesses an edge in refining their messaging. And it saves time by tailoring integrated content across various channels. AI’s ability to tweak copy based on real-time feedback and analytics, can also help to fine-tune a rich content strategy delivering strong results.
Unveiling the benefits for targeted marketing
AI tools can also be used to delve deeper into competitor research. Using sophisticated algorithms and data, AI tools can swiftly gather information on competitors’ activity. And that is not all – AI can also serve up invaluable customer insights by analysing data from various sources. By discerning customer preferences, behaviours, and demographics, small businesses can more precisely pinpoint the right audience for their products and services. Once locked onto the right targets, AI helps discover the most effective channels to reach potential customers, helping to ensure marketing efforts are reaching the right audiences.
Evaluate, Adjust, and Shine
AI powered tools are not just here to make businesses look good, they excel at measuring customer performance. By tracking metrics like website engagement rates, conversion rates and customer satisfaction, AI provides insights into what is working and what needs a tweak. This allows small businesses to gauge the effectiveness of marketing campaigns and make informed decisions for improvement.
With access to this variety of insights, along with knowledge of their own business plans, businesses can take advantage of the benefits of using AI tools to streamline processes, consider new ideas and gain customer insights. Working along with human intervention, these insights can be essential to refine the outcomes. Knowing the business well can add the human evaluation element to the AI produced insights, which presents a more well-rounded view when considering opportunities for improvement.
With business owners using AI responsibly, the use of AI tools can be a significant technology enhancement for small businesses looking to go up against their competition and successfully grow their business. With these tools easily available to small business owners and entrepreneurs, AI offers the ability to both save time and money while elevating brand presence and resonating with target audiences more effectively than ever before.
For more information getting started with AI:AI guide for web design — How to create a website with AIAI logo design — A hands-on guideFind out more about how GoDaddy can help your business 
About GoDaddy
GoDaddy helps millions of entrepreneurs around the world start, grow and expand their businesses. People turn to GoDaddy to name their idea, create a professional Web site, attract customers, sell their products and services, and accept online payments. GoDaddy’s easy-to-use tools help micro-entrepreneurs manage everything in one place, and its experts are available to provide 24/7 assistance. For more information about the company, visit www.GoDaddy.com.
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SmartRecruiters Announces SmartAnalytics Pro: Taking Data-Driven Decisions to the Next Level

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LONDON, July 16, 2024 /PRNewswire/ — SmartRecruiters has today announced the launch of SmartAnalytics Pro, a new product designed to revolutionize the way organizations use data. This advanced analytics solution enables customers to create personalized reporting hubs within SmartRecruiters, significantly boosting their team’s analytical capabilities.

SmartAnalytics Pro builds upon the foundational features of SmartAnalytics, offering enhanced capabilities and a more comprehensive analytics experience.
Key highlights include:
Custom Dashboards and Reports: Design reports that fit your team’s unique needs.Deep Data Comparisons: Dive deep into various data sets to make well-informed decisions.Scheduled Data Deliveries: Automate sending data visualizations to key stakeholders.Key Insights: Get ahead with advanced insights into your data for better planning and strategy.”SmartAnalytics Pro is a real game-changer for businesses looking to harness the power of their data,” said Michal Nowak, SVP of Engineering at SmartRecruiters. “Our partnership with Visier brings unmatched expertise in analytics, allowing our users to seamlessly integrate advanced data solutions into their workflows.”
The collaboration with Visier has been crucial in developing SmartAnalytics Pro. This partnership enhances the product by embedding Visier’s top-tier analytics solution inside our product, ensuring users get a comprehensive and scalable reporting solution.
“Enterprise-grade analytics, like those that SmartRecruiters offers its customers, streamline hiring processes, increase efficiencies and diagnose issues within the hiring funnel,” said Zack Johnson, GM, Embedded at Visier. “We know access to data ultimately drives businesses forward; our partnership with SmartRecruiters ensures analytics are accessible and easy to understand so TA leaders can focus on recruiting rather than analysis.”
SmartRecruiters is about breaking barriers and helping companies succeed in hiring. With flexible technology, top-notch support, and a unique Hiring Success Methodology, SmartRecruiters empowers companies to attract the best talent from around the globe. With SmartAnalytics Pro, organizations can harness the power of data, driving smarter decisions and achieving even greater hiring success. SmartAnalytics Pro will be widely available starting July 25th.
About SmartRecruiters
SmartRecruiters enables Hiring Without Boundaries™ by freeing talent acquisition teams from legacy applicant tracking software. SmartRecruiters’ next-generation platform serves as the hiring operating system for 4,000 customers like Bosch, LinkedIn, Skechers, and Visa. Companies with business-critical hiring needs turn to SmartRecruiters for best-of-breed functionality, world-class support, and a robust ecosystem of third-party applications and service providers. For more information visit www.smartrecruiters.com or www.linkedin.com/company/smartrecruiters.
About Visier
Visier is the recognized global leader in people analytics, providing on-demand answers to people-powered businesses. At the core of Visier’s innovations is a simple premise: People impact is business impact and that’s why Visier provides the tools and insights organizations need to drive productivity, performance, and business outcomes through their people. Founded in 2010 by the pioneers of business intelligence, Visier has over 50,000 customers in 75 countries—including enterprises like BASF, Panasonic, Experian, Amgen, eBay, Ford Motor Company, and more. Visier is headquartered in Vancouver, BC with offices and team members worldwide. To learn more about Visier, visit https://www.visier.com/
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Secureworks Elevates State of Cybersecurity for Mid-Market Customers with new Tailored Managed Detection and Response Offering

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Taegis ManagedXDR Plus delivers bespoke security at scale to solve mid-market resource challenges that traditional MDR solutions can’t
ATLANTA, July 16, 2024 /PRNewswire/ — Secureworks® (NASDAQ: SCWX), a global leader in cybersecurity, today announced the launch of Taegis™ ManagedXDR Plus, a new Managed Detection and Response (MDR) offering that liberates the mid-market from indistinct, cookie cutter security solutions that don’t meet their unique security requirements. Today’s announcement means that this market sector will no longer be forced to use homogenous cybersecurity solutions that don’t align to unique environments or the AI-fueled attacks that target them. Taegis ManagedXDR Plus empowers companies with the tailored use cases, compliance reports, and alerting they need to tackle the rising tide of cyberattacks and regulations with limited budget and people.

Nearly one in three (30%) mid-market companies experienced at least one ransomware attack in 20231 highlighting the need for organizations to strengthen their cyber resiliency with a proactive approach, tailored to their environment. Taegis ManagedXDR Plus addresses the evolving needs of this market sector with greater customization and flexibility on alerting, workflows, and reports to address their specific environment, industry regulations, and risk profile. These personalized configurations are supported by expanded threat hunting and access to proactive services to further increase their vigilance against threats. Organizations can see more, detect better, and respond faster by leveraging Secureworks security operations expertise and threat intelligence to fortify their cyber resiliency and exposure management.
“Until today, the mid-market has had to make do with security solutions that do little to bolster their cyber posture. Yet as the economic driving force for countries around the world, the butterfly effect of a cyberattack on organizations in this sector can often be felt far and wide, testing the digital resilience of the wider global economy. It is imperative for our collective defense that organizations of all sizes have access to cybersecurity that improves their security posture within the reality of their budget,” said Kyle Falkenhagen, Chief Product Officer, Secureworks. “The cost of building a SOC in-house quickly escalates when you consider the breadth and depth of expertise required for these advanced challenges, let alone the costs of hiring, training and retaining a robust staff for 24/7 coverage. Taegis ManagedXDR Plus enables mid-market customers to take full advantage of the Taegis platform and our in-house experts to up-level their security to an enterprise level without breaking their budget.”
Delivered using the Secureworks Taegis XDR platform, Taegis ManagedXDR Plus expands upon the capabilities of Secureworks Taegis ManagedXDR solution in several areas:
Tailored AI Enriched Use Cases: Taegis ManagedXDR Plus customers can leverage customization options tailored to their specific needs.Expanded Threat Hunting: This new tier quadruples the number of AI assisted threat hunts available as part of Taegis ManagedXDR, and allows for customized requests to more rapidly uncover emerging and undiscovered threat actors targeting their environments.Premium Support with Named Experts: Customers can also tap into the knowledge of Secureworks experts to further optimize Taegis in their environment, including 1×1 guidance to help efficiently build their security posture over time.Proactive Security Services: Customers can select from a range of proactive security services to further raise their resiliency, identify gaps in posture, and deepen Taegis knowledge.Secureworks now offers three tiers within its Taegis ManagedXDR portfolio – Taegis ManagedXDR, Taegis ManagedXDR Plus and Taegis ManagedXDR Enhanced – delivering on the company’s commitment to meet customers wherever they are on their security journey. Regardless of the tier, Taegis ManagedXDR customers enjoy transparent pricing in an inclusive model which includes direct access to security experts within 90 seconds, one year of log retention to assist in threat hunting and compliance needs, hundreds of integrations to unify their existing ecosystem, and more to provide mid-market customers peace of mind and predictability in their cybersecurity budget.
“In an increasingly sophisticated cybersecurity landscape, enterprises find it challenging to handle security operations by themselves. These organizations have distinct needs. Secureworks acknowledges this and provides increased flexibility with Taegis ManagedXDR Plus,” said Lucas Ferreyra, cybersecurity industry analyst, Frost & Sullivan. “This new MDR service tier delivers additional capabilities that multiply the value of Secureworks MDR service, further enhancing prevention, detection and response, and showing why Secureworks is one of the leaders in the MDR space.”
For more information, please visit the Taegis ManagedXDR Plus web page.
About Secureworks
Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.
1 RSM US Middle Market Business Index Special Report: Cybersecurity 2024
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