It has become apparent that customers interact with organisations in more ways than ever before - email, social media, instant messaging and mobile are just a few in a increasingly growing list. On average, almost six different channels are used during the lifecycle of each customer relationship. With evolving technologies, these channels are bound to increase even more.
The financial services industry is no different. Communications between traders and their clients inevitably span across multiple channels, with voice (fixed or mobile) remaining the most popular means of communication.
What does this mean for compliance?
With ever-tightening regulations such as MiFID II, financial organisations are duty bound to keep an accurate, up-to-date record of all trades and transactions. They need to be able to demonstrate compliance across multiple channels but also be able to identify and easily make accessible all relevant trade communications for a minimum of five years.
With huge amounts of calls being recorded daily across multiple platforms, meeting regulatory deadlines can become a difficult task for Financial Institutions who do not have the right systems in place. As a consequence, organisations have had to not only expand their compliance teams but also identify technologies that can help meet compliance, such as trade reconstruction technology and interaction/speech analytics.
Though speech analytics technology has been around for a while, its uptake within the financial industry has substantially increased since MiFID II, providing compliance officers with the necessary tools to meet tightening regulations and timeframes.
For example, with speech analytics, compliance officers can proactively search through recordings for ‘high risk’ keywords and phrases in order to deal with risky behaviours before they become a bigger problem. Moreover they can quickly and efficiently find and retrieve calls requested by regulatory bodies in order to demonstrate compliance.
In the past speech analytics has often been overlooked due to cost, however entry level speech analytics offers many of the benefits of a full speech analytics solution at a competitively priced license, which can be easily and effectively budgeted for.
Three reasons why you should consider entry level speech analytics
1. Compliance teams can search by key words and phrases, and flag calls that contain “risky behaviours” as well as quickly check whether or not compulsory statements are being read.
2. Intuitive functionality ensures organisations do not need to invest in a specialist resource to use and derive key insight from the technology – which is commonly the case with enterprise level solutions.
3. Raise quality and compliance levels within an organisation. The technology is able to demonstrate a proactive approach to managing risk and enable compliance officers to look for suspicious transactions that they were not aware were there to begin with.
Overall organisational benefits
a) The ability to react within specified timeframe from regulator
b) Reduces risk of regulatory fines
c) Protect and improve the organisation’s overall reputation