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.
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
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