Regtech has developed at an increased rate in recent years to keep up with the ever growing number of regulations that have been implemented. However, one technology that has been woefully underused in the financial industry, including in the regtech space, is voice tech. 

Nigel Cannings is the CTO at Intelligent Voice. Designed to take telephone calls, email, IM and other unstructured data and make it smart searchable, and identify unknown callers and show hidden links between data, whatever the source, Intelligent Voice has been focused on developing voice technology to solve problems that are currently being found in the financial industry. Cannings explains what can be done and why it is so relevant: 

How voice technology could provide the answer to some of the financial industry’s biggest problems

The financial industry has been under intense scrutiny for most of the last decade. Regulations have tightened – necessarily so. And communications monitoring has become a crucial element of day-to-day compliance processes. It takes time, effort, and money to ensure that protocols are adhered to, and it’s easy for mistakes to be overlooked – in 2020 banks were fined over $14.2billion globally for non-compliance. Voice technology holds the potential to provide a solution to some of the most pressing compliance issues.

Know your customer (KYC). Anti-money laundering (AML). The General Data Protection Regulation (GDPR). Payment Card Industry Data Security Standard (PCI DSS). Markets in Financial Instruments Directive II (MiFID II). The alphabet soup of regulations that financial services organisations have to adhere to has increased dramatically in recent years and the degree of governance and compliance monitoring relating to each has grown correspondingly. There is enormous pressure for those operating within the sector to understand, execute, and observe adherence to the requisite policies and it’s a vast undertaking, which can be difficult to manage. That’s why Regulation Technology (RegTech) has become such big business and why voice recording has become a crucial component of the ecosystem, especially as the requirements for long-term storage of voice data have expanded.

What is RegTech?

Regtech is the umbrella term used to describe any compliance technology designed to help businesses to stay compliant with regulatory obligations. The available tools range from data gathering and analysis, to process automation, and risk management – including fraud prevention. It is used to not only enhance compliance but to reduce the costs associated with effective governance practices.

The key to RegTech is that it goes beyond many of the standard tools available today, such as archiving and text indexing, instead allowing for deeper insight into data often using machine learning techniques.

Full article: https://thefintechtimes.com/intelligent-voice-voice-technology-could-provide-the-answer-to-some-of-the-fis-biggest-problems/

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