Spitch became one of the companies, sharing expertise and contributing data to the Global RegTech Industry Benchmark Report, published in September 2019 by the Cambridge Centre for Alternative Finance (CCAF) at the Judge Business School, University of Cambridge, with the sponsorship of EY Japan.
The Report presents the findings of the in-depth study of the sector carried out by CCAF. The team of researchers defines RegTech as any use of technology to match data to information taxonomies that are meaningful to both regulators and the firms they regulate, in order to automate compliance and oversight processes.
Spitch RegTech solutions focus on compliance automation by means of AI-driven speech technologies that provide dependable, easy-to-use and cost-saving solutions in communications monitoring, voice biometrics for identification and identity verification, fraud analysis and prevention, personal data protection and redaction, etc.
Such applications work best as part of the Spitch conversational platform but may also be deployed as stand-alone solutions in financial companies striving to ensure a reliable and cost-effective compliance process with GDPR, MiFID II and certain national standards.
In 2018, the global RegTech industry is estimated to have generated $5bn, according to the CCAF report. RegTech firms employed an estimated 44,000 people globally and earned approximately $4.9bn in annual revenue, having raised about $9.7bn in external funding to date.
According to the CCAF report, adoption of the RegTech solutions has been strongest where it has been happening against the backdrop of legislative initiatives that punish non-compliance with large fines and criminal sanctions.
High data volumes and prescriptive data taxonomies, predictive analysis for fraud, misconduct and noncompliance including the need to capture important information from live conversations and other communications are among the factors that ensure Spitch solutions will remain relevant, especially for banking, insurance, and other financial services companies.
Visit the case studies page on the Spitch website to learn more about our projects in Swiss and European companies where Spitch implemented solutions in voice biometrics, speech analytics, voice assistant and other areas in many industries.