Fano develops a speech analytics solution for a multinational investment bank to transcribe customer interactions for monitoring sales and trading surveillance and conduct sales compliance checks.
Banks and finances are regulated and monitored to ensure their all sales practices are strictly compliant to regulatory standards. Therefore, banks and FSIs must regularly monitor their interactions with customers, and make sure proper disclosure and due diligence processes were conducted to manage potential risks of both the institution and the customer.
Hundreds of millions of dollars of fines and compensations were levied on Hong Kong’s financial institutions every year due to breaches of such regulatory requirements. Currently, control teams would listen to sampled recordings (typically <5% of their total recordings) manually. However, such manual processes have been costly and ineffective.
Fano Labs has developed a speech analytics solution to transcribe customer interactions for compliance check, including: