Scottish Widows deploys AI compliance tool

Scottish Widows is launching a six-month pilot of AI compliance software, helping it to launch compliant communications at scale.

The pension provider will deploy Adclear’s financial promotions review engine to analyse its written, image and video content, ensuring it is compliant with FCA regulations. The platform reduces content review times while providing an audit trail.

If successful, the technology may be extended to other parts of Scottish Widows’ parent company, Lloyds Banking Group.

Maria Carmen Herrero, Chief Customer & Digital Officer at Lloyds, said: “This new AI technology will support our drive to move at pace and provide clear and relevant communications to our customers, ensuring they have access to all the products and services we have to offer them.

“Our customers can increasingly manage their pensions and other financial products through our app and other digital services, so now more than ever it’s crucial that we communicate with them in a way which is transparent and timely.”

The technology is already used by financial services firms including Plum, Yonder and FreeTrade. Other tools include Red Marker and PerformLine.