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 a shortlist of three vendors including Call Journey – a provider of market-leading Conversation Analytics solution, to showcase its regulatory technology (regtech) solution at the ASIC Regtech Voice Analytics Symposium on September 24, 2019 in Melbourne, Australia.
Call Journey, led by CEO Paul Humphrey, presented 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 based on ours, our customers and other professional organisation partners assessment and interpretation of ASIC’s guidelines and conduct expectations. We have a market-leading audio processing ecosystem where companies can ingest their calls into our environment and assess the calls in parallel to our framework and other crucial compliance data sets.”
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.”
ASIC does not endorse vendors as ASIC needs to remain impartial and ASIC expects the industry to self-assess its compliance with regulatory requirements. Further ASIC has not issued an Assessment Framework for this purpose other than existing ASIC guidance however, Call Journey hopes to work more closely with the regulator in the future for further guidance and input/review to the Call Journey misconduct framework.
Voice Analytics for Regtech and compliance
In 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 per cent 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 Conduct Risk 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.