A Regtech solution for the Financial Services Industry

The increased scrutiny of the culture and conduct of financial services companies generally require a new level of understanding of what's really happening on your watch. The clear message from the regulators is to 'get your house in order', be proactive in understanding what is really happening internally, and that a defensive and reactionary approach to regulation could leave companies exposed. Regulators globally, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA), are strengthening their use of data analytics in surveillance, investigation, and enforcement.

Given the emphasis by regulators on data analytics, it is reasonable to assume that having a system in place to capture, analyze and obtain actionable insights from data, will be an important element in compliance.

What’s the true cost of doing nothing?

The reality is that adherence to compliance can make or break your business. With compliance rules constantly evolving to protect consumer rights, it’s vital for organizations to stay up-to-date. At the cost of doing nothing, businesses put themselves at risk of severe fines, legal action and damaged reputations.

At the same time, it’s just not feasible for compliance teams to manually listen to every conversation taking place in a business. Currently, less than 2% of calls handled by agents are assessed for quality and compliance. It takes a massive number of resources and human power to deliver a fraction of subjective ratings from a handful of conversations.

Compliance and quality assurance can be daunting, but it doesn’t have to be. EVS’s engine can process up to 140,000 minutes of phone calls per day. 100% call coverage means complete transparency, removed bias, uniform rating and a clear view of the entire traffic of conversations – the ultimate safeguard for your business.

100% coverage across your business

The beauty of EVS is that it scores every single call made in your business to identify risk. Our industry-leading technology analyzes conversations to protect privacy, monitor compliance policies and review for explicit or abusive language. The result? Managers can identify specific factors that may contribute to negative calls and address them before they become a bigger issue.

Listening to conversations is a smart way to protect your business. We make following regulations, fraud prevention and broad script adherence easy and complement existing processes.

Automated conversation analytics is capable of accurately analysing vast data recordings, 150x real time for minimal cost to identify:

  • Misrepresentation & inappropriate sales techniques;
  • Inaccurate or inappropriate information about products; and
  • Compliance with regulations
  • A mix of both sentiment (WHAT was said) and acoustic (HOW it was said) analytics is best practice in capturing conversation insights.

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