COVID-19 UPDATE. Essential Reading - Coronavirus articles - Setting up a Contact Centre - Dealing with Increased Contact Volumes. Find suppliers of Cloud Solutions, or Homeworking.

Using Entry Level Speech Analytics for MiFID II Compliance

In an effort to comply with ever-tightening regulations, such as MiFID II, Financial Institutions have re-focused their efforts on expanding their compliance teams as well as investigating already established technologies, such as Speech and Text Analytics.

This technology has proven to be extremely useful in:

  • Preventing issues from escalating by providing the necessary means to search proactively through recordings for ‘high risk’ keywords and phrases
  • Supporting compliance by quickly finding and retrieving calls requested by regulatory bodies

In light of MiFID II, entry level analytics solutions have gained popularity, with packages now available on a competitively priced license, which can be easily and effectively budgeted for.

What Exactly is Entry Level Speech Analytics?

In a nutshell, entry level speech analytics removes the complexity of enterprise level solutions, with keyword search functionality capable of isolating specific trade-related calls for compliance checks and fact verification.

This allows compliance teams to search calls much in the same way you search your emails for a specific communication. Or in this case, that specific trade.

The Benefits

Using Boolean operators (e.g. and, or, and not), users can also include multiple search terms in a single search query. This is also useful for compliance teams checking whether compulsory statements are being read.

The availability of entry level analytic solutions also rules out the necessity of having to invest in specialist resource to use and derive key insight from the technology – which is most commonly the case with enterprise level solutions.

One of the main benefits of entry level analytics is that is helps 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.

Although compliance teams monitor and check for these, the reality is they are only covering a small percentage, whereas analytics is able to monitor 100% of relevant conversations, highlighting and flagging conversations that may be a cause for concern.

A Healthy Contribution to the Marketplace

In a bid to move forward effectively, it is important Financial Institutions view impending regulations such as MiFID II as a way to:

  • Improve standards within their organisation
  • Build confidence in systems and processes which are already in place
  • Add credibility to the organisations overall reputation

The driving force behind many of these aims, is using accessible technologies such as entry level analytics which will help you do so.

This blog post has been re-published by kind permission of Business Systems – View the original post

To find out more about Business Systems, visit their website.

About the author

Business Systems UK Ltd At Business Systems we have been specialising in Workforce Optimisation and customer insight technologies for over thirty years. Call Recording and Analytics of Customer Interactions and Feedback, Cloud Contact Centre, Quality Monitoring, Workforce Management, Back Office Workforce Optimisation, Robotic Process Automation We represent some of the most recognised global innovators in the industry (including NICE, Teleopti and Red Box) adding value to every project by ensuring streamlined integration and deployment with one of the largest Workforce Optimisation consultant teams in the UK. We also pride ourselves on our large Professional Services teams who support our customers from our UK offices in the City, Greater London and Scotland, with a proven track record of meeting 99.999% of all Service Level Agreements.

Read other posts by Business Systems UK Ltd

Call Centre Helper is not responsible for the content of these guest blog posts. The opinions expressed in this article are those of the author, and do not necessarily reflect those of Call Centre Helper.

Published On: 19th Dec 2017 - Last modified: 20th Dec 2017
Read more about - Industry Insights,

Get the latest exciting call centre reports, specialist whitepapers, interesting case-studies and industry events straight to your inbox.