Amplified Global (‘Amplifi’) uses AI and machine learning to enable firms to communicate legal and regulated information (i.e., T&Cs, contracts, regulatory notifications, policies, etc.) to their customers in a simpler, more personalised manner. This enables firms – banks, and other financial institutions to support – rather than confuse – their customers and protect them from future risk.
Amplifi hired MDRxTech to build the machine learning engines that would simplify complex legal text and make T&Cs more digestible for the general consumer.
Every day, millions around the world interact with dense legal material – often coming from banks and other financial institutions. These materials are typically quite complex; general consumers cannot reasonably be expected to comprehend them. In short:
Banks and financial institutions have recently come under fire because consumers were signing up (to the mysterious T&Cs) without remotely understanding what they were signing up to. This has led to growing interest by financial institutions to provide a greater duty of support and care to their customers.
The CEO of Amplifi came to MDRxTech with an idea of how to address this. They needed a full machine learning solution to address ongoing consumer risk, including to:
- Create a database with long-form legal text
- Develop a risk engine – including the design of machine learning algorithms
- Produce audit trails – aligned with legal agreements and T&Cs
MDRxTech launched two machine learning engines to address consumer risk and ensure all consumer terms are clear, fair and not misleading. This included:
- Intelligibility engine: Technology to ingest legal terms and quickly offer text simplification to improve accessibility This ultimately translated legal language into more market-appropriate reading levels to ensure this was easily understood
- Summarisation: The build of an alternative drafting technology to understand accessibility gaps, which produced clearer language and summaries of larger bodies of legal documentation.
- Team buy-in and immediate change: We built the tech, trained Amplifi’s team on how to leverage the machine learning engines, and transitioned these products into a full in-house tech program
- A more informed public: Access to simpler, more personalised legal text reduces risk and creates a more informed public
- Increased consumer trust: Huge benefits to banks and financial institutions through the adoption of Amplifi’s tech, helping to build customer knowledge and trust.