Compliance and RegTech solutions are helping organizations improve operational efficiency, agility, financial transparency and information governance.
Why regulatory compliance is a key aspect of doing business
Organizations that deal with personal or sensitive information are facing a growing number of regulations – creating large barriers to the delivery of their products or services. They have to conform to standards and continue to implement new systems and solutions to manage the risk to their customers’ personal data.
For most organizations, one of the largest areas for concern when it comes to regulatory compliance is the direct impact of non-compliance on revenues. In 2019, for example, the Financial Conduct Authority (FCA) issued almost £400 million worth of fines in the UK for compliance, legal and governance-related issues.
Fines, however, are just the tip of the iceberg for companies operating non-compliant businesses. The effect of fines on brand reputation and share price can be devastating.
How RegTech is key for information culling to improve regulatory compliance
The adoption of compliance and RegTech solutions is helping organizations improve operational efficiency, agility, financial transparency and information management. RegTech generally includes any technology or software created to address regulatory challenges and help companies understand regulatory requirements and stay compliant. It helps reduce the overall cost of delivering compliance.
Voice technology is a key component of RegTech software, as voice is an extensively used channel. Transcribing voice data provides a rich and nuanced view of interactions and enables organizations to identify duplicate content. Further automation technologies such as sentiment, intent, and inflexion can help shed light on the key themes of a discussion and better infer state of mind – and are key to managing risk and deriving insight.
With each interaction, key information representing a business transaction, sale or trade are often discussed. This creates potential risk that extends beyond compliance and affects privacy and security. Transcription is required to transform unstructured voice data into text which can be used alongside other text-based information to reduce the volume of data that organizations need to cull. It can then be triaged by analytics and other purpose-built RegTech solutions.
The crucial role of information governance in ensuring regulatory compliance
Financial institutions and many other enterprise organizations deal with huge amounts of data from multiple channels. Tools exist to help natural language processing (NLP) spot keywords, check for compliance and carry out other monitoring. However, it is essential to have accurate speech recognition to turn speech data into text so that these tools can be used for information management.
Irrespective of the number of channels that consumers use to interact with a brand, phone calls are still the most popular – even more so when there is a problem. Organizations need to ensure they have the right solutions to monitor customer communications effectively. Voice technology offers immense value in helping companies extract insights from voice data and ensure effective information management. Once accurate speech recognition technology is integrated into a workflow, information culling can improve and progress rapidly.
From trading floors and corporate and retail banks to insurance and customer service, all organizations looking to conform to compliance regulations within their industry need the essential task of transforming audio data to text. Speech recognition makes the analysis, monitoring and supervision of calls a reality at scale.
Conclusion: Voice technology improves information governance to ensure regulatory compliance
Information culling of voice data can be a difficult and time-consuming task. Voice technology enables voice data to be analyzed and searched to extract the necessary information.
Speech recognition technology delivers supervision and monitoring at scale to improve information governance and ensure regulatory compliance while delivering a better service and protecting the customer. Organizations can get a better understanding of their customers and the businesses they are engaged with, helping to minimize fines while protecting their customers and their business reputation.