How important is voice recording for compliance monitoring in the finance industry?

Financial Regulation Now

In 2020 banks were fined over 14.2 billion dollars globally for non-compliance. This included violations of Anti-Money Laundering (AML) rules, Know Your Customer (KYC) checks and operating guidelines. As financial regulation increases to ensure the safety and security of the financial system and protect consumers, financial institutions must consider how they can best protect themselves from compliance related fines, using the latest technologies and automations.

Voice recording is a crucial component of the Regulation Technology (RegTech) ecosystem to help the finance industry monitor compliance. For example, being able to retrieve voice recordings for a compliance request, audit, or customer dispute, quickly and efficiently.

As compliance monitoring requirements become stricter, impacting more processes, with attention on comprehensive and accurate data, financial institutions need to ensure their voice recording infrastructure can deliver these requirements. In the UK, the FCA has recently reinforced the need for firms to record all their voice and video interaction, regardless of source or device, with a particular focus on working from home.

The Importance of Voice Data

Voice holds more essential data than any other communication, as it can convey sentiment and emotion offering context. Advancements in conversational AI and machine learning have meant that this data is easily accessible in volume and real time.

Selective ”dip” sampling of audio data is no longer viable, and the disciplines that affect other eComms monitoring, such as key word and phrase spotting, are now a real requirement for audio communications, so full transcription and constant monitoring of conversations is now a must. This can be a persistent burden on compliance officers, and operational and technical teams that regularly monitor and verify the state and performance of the recordings. This is where AI can relieve much of the burden. Biometrics, behavioural analytics, metadata and search give the ability to detect or identify information that is similar or identical. All this data can be used in an explainable AI solution, transforming data into a readable format for humans such as a SmartTranscript or dashboard. This data can then be used as evidence to create defensible claims.

Including Voice Technology in your Compliance Ecosystem

It is paramount that your RegTech stack includes voice technology that covers all speech communication. Choosing a solution that is robust and scalable will allow for hundreds or thousands of conversations to be processed at one time, giving you access to timely compliance monitoring. In most environments, this voice data can be seamlessly added to existing compliance workflows without expensive retooling.

Businesses should consider using speech recognition technology that is based on APIs designed to integrate with multiple platforms and existing solutions, such as our partners Verint Financial Compliance or Relativity Trace, creating a full picture for all your regulatory needs.

If you would like to know more about how we can help you build a system to address this problem, just email us at info@intelligent-voice.test.