MELBOURNE, Australia, Sept. 20, 2019 /PRNewswire-PRWeb/ — The Australian Securities and Investments Commission (ASIC) is Australia’s integrated corporate, markets, financial services, and consumer credit regulator. In its continued efforts to deliver better regulatory compliance and outcomes for consumers, ASIC selected Call Journey, provider of market-leading Conversation Analytics solution, to showcase its regulatory technology (regtech) solution in the upcoming ASIC Regtech Voice Analytics Symposium on September 24, 2019.
Call Journey, led by CEO Paul Humphrey, is set to present the power of Conversation Analytics for organisations to better understand, manage and mitigate potential regulatory issues, while also providing valuable insights to address culture and conduct risk concerns.
“Our analytics solution can help companies dig into conversations occurring within their voice traffic and spot conduct risk in a high powered, scalable way covering all of their customer voice interactions,” said Humphrey. “We have created an assessment framework and audio processing eco system where companies can ingest their calls into our environment and assess the calls in parallel to ASIC guidelines and conduct expectations.”
VA&VT Trial
Last year, ASIC released Report 587: The sales of direct life insurance, which revealed that “sales practices and product design are leading to poor consumer outcomes.” To resolve this, ASIC conducted a Voice Analytics and Voice-to-text trial to examine the issues identified in the report, “determine the capabilities, benefits, and costs of applying voice analytics technology to regulatory activities, and to inform the financial services industry how these technologies may be adopted to aid compliance with regulatory requirements.”
Voice Analytics for Regtech and compliance
n his interview with the Financial Review in August 2018, Humphrey estimated that banks “recorded 15 million minutes of customer calls in their contact centre each month. But only one percent of this is analysed, and usually only after a problem has been identified.”
Having an effective data management and analytics program in place to mine, organise and translate calls into actionable insights provides companies with a flexible platform which can quickly adjust to meet changing reporting and compliance requirements. By using data analytics through a regulatory lens, companies can detect and prevent potentially improper transactions or misconduct before they create issues for the company. They can also consider appropriate action for historical issues identified.
A thought-leader in Regtech and analytics
Through Call Journey solution, organisations are able to accurately transcribe their calls, identify either the customer or the agent’s tone and sentiment, pinpoint triggers that cause customer churn, automate quality assurance, and track agent performance and customer satisfaction. The organisation can then take the data created by Call Journey’s advanced transcription eco-system and incorporate the company’s ASIC Assessment Framework without being tied to a particular analytics environment.
Call Journey is an established thought-leader in regtech and analytics space because of its years of experience and expertise and its key strategic partnerships with several financial services companies in Australia and across the globe.
