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What’s driving speech analytics take up in financial services?

What’s driving speech analytics take up in financial services?

What's driving speech analytics take up in financial services?

Speech Analytics

A recent guide released by Contact Babel on Customer Contact Analytics cites one of the key drivers for uptake of speech analytics being fine avoidance and compliance with legal regulations.

Certainly one of the key sectors we are now starting to see some significant growth in is the financial services and trading floor space. Particularly within those organisations governed by the Dodd-Frank Act (DFA). The DFA has enabled regulators to issue trade reconstruction requests, where they want to look more closely at a specific trade, and firms have to comply within 72 hours. Not surprisingly this poses some real issues and is virtually an impossible task when trying to retrieve older call recordings which have been archived.

This is where speech analytics technology comes into its own. It’s increasingly being used to mine audio recordings to help meet these obligations in the timescales required. Investment firms, banks and stockbrokers are working with specialist firms like Business Systems using speech analytic engines to extract data and recordings and look for key terms and phrases related to a specific investigation.

Thanks to the ability to effectively ‘rent out’ speech analytics technology in the form of a managed service, firms don’t have to meet the massive upfront costs of a full analytics technology investment. Calls can be extracted related to a specific trader or group of traders over a certain time period and the audio analysed to identify any potential issues helping firms to more effectively meet their compliance obligations.

With the ability to deploy speech analytics on a project type basis and within short timescales this element of flexibility is a key driver for uptake within the financial and compliance markets.

Contact Business SystemsTo find out more about how Business Systems can help support your organisation analyse audio during compliance investigations call us on 0800 458 2988 or contact us for more details.

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