Business Systems’ Tim Thurston explains how Interaction Analytics can be used to help comply with the ever tightening regulations within the financial services Industry
Why is the adoption of Interaction Analytics gaining momentum within financial services?
In an effort to comply with the ever tightening regulations such as MiFID II, MAR and many others, Financial Institutions have re-focused their efforts on expanding their compliance teams as well as investigating already established technologies to help them on their compliance journey. One of these technologies is Interaction Analytics. As such, the uptake for Interaction Analytics is growing. By enabling a more proactive approach and finding the areas of interest or concern before a regulatory request may be made, Interaction Analytics can prevent issues from escalating and demonstrate a healthy ethos within the organisation for managing risk.
What are the main benefits of Interaction Analytics for financial institutions?
One of the main benefits of this technology is that it helps raise quality and compliance levels within the organisation. Interaction Analytics is able to look for suspicious transactions that Compliance officers would never know are even there, to begin with. Sure, compliance teams monitor and check for these instances, but the reality is that they are only covering a minute percentage, whereas Interaction Analytics is able to monitor 100% of the relevant interactions. Searching for pre-determined words, phrases and conditions, the technology highlights and flags those interactions that may raise an eyebrow or be a cause for concern preventing issues from escalating.
Another key benefit is that with Interaction Analytics, financial institutions can now find these interactions in a timely and efficient manner. Being able to find calls and interactions easily is extremely important if you operate within financial services, as regulatory bodies may request at any time specific calls from individual traders, or interactions that refer and relate back to a specific trade. In these scenarios, Interaction Analytics can help institutions deal with the request quickly and efficiently, thereby reducing risk of exposure, avoiding potential fines and loss of reputation.
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