Research for re-imagining legal contracts.
Academic Partners: The University of Nottingham.
Industry Partners: Debt Managers Standards Association, Financial Conduct Authority (Innovate), StepChange, Equifax.
Research Lead: Professor Richard Hyde.
Objectives.
In collaboration with the University of Nottingham and the Debt Managers Standards Association (DEMSA) and with support from key industry partners, Amplifi is developing a new user-centric, AI approach to consumer protection and compliance.
The research will enhance our existing Artificial Intelligence and Machine Learning platform and enable companies within the financial services, legal, insurance and regulation sectors to:
Risk asses consumer vulnerability, identifying those most at risk
Create an audit trail to identify potential harms quicker, allowing companies to step in and create more positive outcomes
Adapt and simplify content to improve intelligibility and engagement
Introduce interactive online journeys to improve comprehension
Provide transparency and control to consumers about data usage, future proofing against FCA compliance
Methodology.
The program consists of three main aspects:
synthesis, involving the integration of law, linguistics, and computer science to model barriers to consumer understanding and action;
design and testing, which develops and tests three disclosure types aligned with the model;
and policy, which shares findings with regulators, consumer NGOs, and businesses.
Outcomes.
The results will contribute to a Machine Learning model developed by Amplified Global for automating document readability improvement, encompassing contracts and mandatory disclosures.