Brands are utilizing voice technology for call transcription to identify compliance-related issues and mitigate regulatory compliance risk.
It takes 20 years to build a reputation, and five minutes to ruin it. This observation from American business tycoon and investor Warren Buffett highlights why it’s vital for organizations to guard against regulatory compliance breaches.
This is echoed by a recent study of C-Level Executives and Board Directors by Deloitte and Forbes Insight which revealed that the highest strategic risk area for companies is brand reputation.
Brand reputation is one of a company’s most precious assets. Although consumers often appear to make their purchasing decisions based on the merits of different products and services, there is a growing realization that brand recognition and brand loyalty also have a powerful impact on consumer motivation.
A breach of regulatory compliance can do irreparable damage to a brand and its corporate governance. Organizations risk distancing potential new customers, encouraging churn of their existing customer base and further ongoing scrutiny by regulators.
Brand reputation is paramount to year-on-year business growth. This makes protecting a brand one of the most important challenges that businesses face when presented with compliance fines. Consumers need trust, but negative publicity can undo a brand’s reputation in minutes – ultimately affecting company revenues.
After the financial crisis in 2008, there was a flurry of new compliance-related policies brought into effect to govern a range of industries. Savvy end users are now even more involved when it comes to the protection of their data and have forced organizations to take things more seriously.
Public opinion can be uncompromising for organizations that comply but have previously had a bad reputation. Brands find themselves tarnished by their mistakes – making it hard for end users to rebuild the trust they once had.
Effective and accurate capturing of data across all communication channels is essential for risk management and ensuring compliance with changing regulations. But voice data is notoriously difficult to transcribe and analyze accurately. However, developments in automatic speech recognition technology are enabling organizations to include it as a core part of their workflow and RegTech (regulatory technology) stack.
Voice technology provides the ability to identify and manage regulatory compliance risks or breaches before they happen. It enables businesses to transform all voice data into text, which can be combined with data obtained from other channels to create a 360-degree view for effective risk management and brand protection.
Unstructured voice data can contain many breaches without a brand knowing they exist – only for them to be uncovered by an auditor or regulator. Accurately transcribing call data into text enables organizations to analyze or monitor calls in real-time or post-review. This means organizations can protect their brand at source before negative publicity puts their brand reputation at risk.
A breach of regulatory compliance can harm brand reputation. Voice technology is a core component to enable effective risk management and brand protection – making compliance-related issues visible so that breaches can be avoided/mitigated or identified at an early stage to reduce the resulting impact. You only get one brand reputation – so it makes sense to protect it.
Tom Rimmer, Speechmatics