The growing importance of speech technologies in the Financial Services industry brought together over 40 industry experts from the UK, Switzerland and Italy, among others, to a webinar entitled “The rise and rise of speech analytics: How speech analytics can help deliver meet regulatory requirements” delivered by Spitch in partnership with the British Bankers’ Association (BBA).

The webinar looked at how speech analytics technology helps firms meet the existing and newly adopted regulations, reduce the risk of fines and reputational damage, decrease compliance costs and increase operational efficiency while improving customer experience and loyalty. Concrete business cases where speech technology helps meet security & regulatory requirements were reviewed. Of particular interest to attendees was the ability of institutions using speech analytics to easily search telephone records for keywords and data supporting regulatory requirements such as sensitive data redaction, provision of mandatory information when purchasing insurance products, regulations related to debt collection etc.

Three polls with multiple choices were conducted during the webinar. On the question ‘Are automated solutions used to manage regulatory compliance in your organizations? If yes, in which business area?’ the maximum number of votes went to ‘Automated solutions are not used’ (73.3%). 20% of respondents said that ‘Automated solutions were used to manage PCI DSS compliance’ and 13.3% responded that ‘Automated solutions were used to manage FCA compliance’.

In reply to a question «Which areas benefit from Automated solutions?», 92.9% chose Operations, 42.9% - Resource Management, 28.6% - Output Quality, 28.6% - Deployment Time.

On the question ‘Which of the following are quick wins to support regulatory compliance?’ 63.6% participants answered that these were Sensitive Date Redaction, 54.5% - Contact Centre Quality Assurance, 54.5% - Exception handling card payment service.

The webinar persuasively demonstrated that financial services companies have a low level of automatization to manage regulatory compliance and are eager to improve it as soon as possible. Speech analytics solutions would allow companies to quickly close this gap and get the most significant win in the operations area.

Spitch is a Swiss provider of solutions based on Automatic Speech Recognition, Voice User Interfaces and natural language voice data analytics. Spitch delivers bespoke highly accurate solutions fine-tuned to client’s requirements via flexible implementations supporting industry standards and open architecture.