The growing importance of speech technologies in Financial Services brought together industry experts from the UK, Switzerland, Germany, Italy and Spain to the webinar “Using Voice Technology to achieve MIFID II Compliance” hosted by Spitch in partnership with UK Finance.
With the extensive experience acquired through service provision to a broad range of European regulated firms, the webinar focused on the practical aspects of implementing Article 16(7) that encompasses the new regulations for recording and monitoring telephone conversations and electronic communications. Additionally, a thorough review of firm’s current status on MiFID II compliance was also discussed.
Throughout the webinar, industry experts illustrated how innovative speech technologies are being used to automate compliance detection, reduce risks and manage security in line with the new regulatory requirements.
Three polls were conducted during the webinar, offering insight into the existing technology, processes and policies, as well as what firms would need to address to comply with MiFID II requirements.
After the review of the main parts of Article 16(7) the first poll was presented “Is your organization fully prepared for the regulatory requirements of MiFID II Article 16(7)?” 40% of attendees confirmed that their company wasn’t confident enough of being ready in time.
The second section of the webinar focused on the infrastructure and technology currently available to firms for recording, storing and replaying conversations. The second poll asked “Does the level of technology currently available for call recording meet the future requirements of MiFID II Article 16(7)?” 30% of responses revealed the need for deeper investigation.
The third poll asked “Have your organizational policies adapted to facilitate the required monitoring and potential dissemination of recorded information?” with the intention to determine which organization changes were required and adopted; 18% of attendees responded that no changes were made yet.
Feedback highlighted that many financial service companies cannot adherence to the new regulations and that solutions based on speech technologies, provided economical solutions to fulfill MiFID II compliance since they deliver functionality to:
Adopting Speech technology is an efficient and cost effective solution to automate compliance analysis and to reduce time, effort, fraud, cost and the risk of non-compliance. For more information please contact Spitch