Organizations throughout the world face new and existing complex regulations. With an increasing amount of regulations to adhere to, the burden to understand, manage and protect customers’ voice data is more important than ever.
Businesses are using Speechmatics’ any-context speech recognition engine to help them with:
The value of adopting voice technology is no longer a question of choice for brands. Using speech recognition technology for regulatory compliance is delivering monitoring at scale while protecting businesses and customers.
Organizations are getting a better understanding of their customers and businesses – helping to minimize fines while protecting customers and business reputation. For companies looking to remain compliant and mitigate risk, automatic speech recognition should represent a core component of their RegTech stack.
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Speech and sentiment analytics software that automates risk and quality management is essential for protecting your business. Analytics of voice data enables businesses to understand the intent, context and empathy of a conversation, quickly identify compliance issues and mitigate risk at scale.
The volume of voice data within contact centers is vast. Transcribing voice data into text is the first step in understanding the content and context of a conversation. Contact centers can transform voice data into text to gain new and valuable insights to reduce the risk of regulation and compliance breaches. Businesses can improve process efficiency, streamline workflows, reduce customer churn, deliver better customer experiences and ultimately reduce costs and protect their brand.
Using any-context speech recognition by Speechmatics, businesses can utilize the most accurate transcription functionality on the market within their workflow. The Speechmatics engine is designed to be used at scale for large volumes of voice data regardless of dialect, accent or location.
The rise in machine learning and artificial intelligence takes monitoring to the next level. Organizations have the flexibility to apply industry or channel-specific vocabulary to a voice technology system. Keywords can be captured and analyzed to understand context around the use of a word for potential mis-selling scenarios.
Unlike text, it is extremely challenging and time-consuming to extract useful information from audio recordings. By transforming audio data from calls into text data, businesses can locate and replay stored recordings, ranked by relevance and displayed as text summaries with search words highlighted automatically. Organizations can evaluate and then categorize every customer interaction into groups that are relevant to specific compliance regulations.
Speechmatics transcribes voice data into accurate, contextual understanding for analysis. This allows businesses to identify and address risks, as well as pinpoint missing sales opportunities. The product can also identify cases of fraud and mis-selling, while the legal industry can identify risks with the data, and aid with event reconstruction for regulatory compliance.
Next-generation tools powered by machine learning and artificial intelligence are becoming expected components of a brand’s technology stack. Regulators expect companies to invest in solutions like ASR to empower their workflows and ensure the protection of their customers. Financial institutions are being held to high standards when it comes to data protection and their ability to meet increasingly stringent regulations.
Organizations need to look to implement tools and strategies to ensure that when they are impacted by new regulations and compliance, they have strategies in place to absorb the change with a business as usual approach.
By transcribing calls into text using Speechmatics’ any-context speech recognition engine, the heavy lifting is automated leaving just the review process left to be actioned by human members of the team. This streamlined approach to compliance monitoring means organizations can become more compliant while reducing manual time spent on case reviews.
New and existing compliance regulation means that organizations must ensure the data security of call recordings. Companies are adopting automated systems to provide audio recordings of customer calls for compliance purposes.
Once calls have been captured, companies are using Speechmatics’ automatic speech recognition (ASR) to transform recordings into text. This can be used for analytics, business intelligence, performance improvements, QA and compliance monitoring.
By using ASR, organizations can identify compliance and risk issues in real-time. Real-time call analytics are used to flag compliance issues and monitor standards in real-time using keywords to trigger automated workflows. These workflows could provide hints to agent dashboards or route the call to a supervisor before it escalates. Real-time monitoring enables organizations to inform regulators of potential issues to avoid additional punishments.
Brand reputation protection is a challenge that businesses face when presented with compliance fines. Breaches in compliance damages consumer trust which is difficult to rebuild. Public opinion is uncompromising, and brands find themselves tarnished by their mistakes. The result? An inability to generate new business and increased customer churn.
Companies are using Speechmatics’ speech-to-text technology to identify and manage risk or compliance breaches before they happen. 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 and monitor calls in real-time or after the calls have happened. Organizations can optimize their brand reputation protection at the source before negative publicity puts their brand reputation at risk.
Compliance-related fines have a detrimental effect on an organization’s share price. Compliance breaches impact revenues, brand reputation, customer loyalty and lead to customer churn. This affects company valuations. Boards are motivated to add automation to their workflows and technology stacks to monitor compliance, mitigate risk and avoid harming their share price.
Brands are using Speechmatics’ automatic speech recognition technology to enable the use of automated workflows such as analytics and monitoring for regulatory compliance. Accurate speech technology at the core of voice data transcription is paramount in ensuring the accurate analysis of voice data.
It’s not just the customers that are at risk from non-compliant behavior. Brands are increasingly at risk to criminal activities such as fraud. New regulations such as ‘Know Your Customer (KYC)’ aims to mitigate risk by encouraging companies to verify the identities of customers, clients and suppliers. Brands hold a wealth of information about customers. From call recordings and IVR to email and SMS. It’s vital that brands keep this data secure and monitor it for compliance purposes.
Businesses are using Speechmatics’ voice technology to convert voice data into text. This can be combined with text-based data obtained from other communication channels such as email, SMS and social media. This data can be timestamped and indexed to remain compliant to KYC regulations.
Speech-to-text enables organizations to deliver 100% visibility of all customer interactions. Organizations can see what information the company holds about their customers and can determine whether interactions are in line with relevant regulatory compliance.
Increasing pressures from regulators have encouraged enterprises to implement new and advanced solutions to remain compliant. Automated systems are being used for information gathering, monitoring, process automation, workflow automation and advanced analytics to empower compliance and risk management functions. Regulators are constantly challenging organizations to have a comprehensive suite of tools to deliver robust compliance practices.
Businesses are adopting RegTech solutions to help them improve operational efficiency, agility and transparency. RegTech software addresses regulatory challenges and helps companies understand regulatory requirements and stay compliant. RegTech compliance software helps reduce the overall cost of delivering compliance which is essential to the protection of customers and businesses against fines.
The elements within RegTech compliance include:
Brands are using Speechmatics’ voice technology as a key component of their RegTech compliance software. Voice is an extensively used channel. Transcription is required to transform unstructured voice data into text which can be used alongside other text-based information. This data can be triaged by analytics and other purpose-built RegTech solutions to offer many compliance-related benefits to organizations.