How AI is Transforming the UK Finance Sector:

The latest whitepaper: AI in UK Contact Centre Verticals – Financial Services by ContactBabel highlights how AI technology is not just reshaping customer interactions but also tackling critical operational challenges in contact centres.

As financial services interactions grow increasingly complex, the pressure on customer service agents is reaching new heights.

ContactBabel’s whitepaper stresses that the goal for the industry must be to support agents with AI-driven tools that:

• Reduce cognitive load
• Surface relevant insights in real-time
• Improve compliance
• Empower agents to handle complexity with empathy and precision

AI technologies are seen not just as automation tools, but as essential enablers of human performance — helping agents better serve customers while protecting sensitive information

1. Rising Complexity, Longer Call Durations

Between 2004 and 2024, the average service call duration in finance has steadily increased, outpacing industry averages. This trend underlines the need for smarter routing, real-time assistance, and AI-augmented agent support.

2. Compliance and Security Challenges

Poor audio quality is a growing vulnerability in financial contact centres. Sensitive data disclosed over calls risks violating GDPR, DPA, and FCA regulations, particularly the FCA's Consumer Duty Act.

Solutions like IRIS Clarity — an advanced bi-directional noise cancellation tool — are crucial for:

• Protecting confidential conversations
• Improving transcription accuracy
• Delivering compliance-ready audit trails
• Safeguarding employees from acoustic shocks

3. The Push for Omnichannel and Automation

Customers expect seamless experiences across voice, webchat, email, and social media channels. The report shows a major uptick in financial services using AI-driven chatbots to handle web chats, enabling faster service and freeing up human agents for complex issues.

4. AI Adoption Trends

While AI adoption in finance continues to grow, the pace varies:

• A significant proportion already use AI for customer service and compliance.
• Many organisations are planning to implement AI solutions within the next 12 months.
• AI is seen as critical for improving first contact resolution, reducing abandonment rates, and optimising call handling times.

The message from the whitepaper is clear: the future belongs to financial services providers that blend human empathy with AI precision.

By investing in intelligent contact centre technologies, organisations can better protect customer data, enhance operational efficiency, and deliver the exceptional experiences today’s consumers demand.

We’re proud to sponsor ContactBabel’s report, which explores the rapidly changing world of contact centres across industries. Their research highlights how distinct commercial and operational challenges influence each sector—and how AI is helping to shape the future

To learn how IRIS is helping businesses within the finance industry stay secure, compliant and competitive with solutions such as IRIS Clarity, visit iris.audio/clarity.