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Regulatory Compliance

Identify customer complaints and interactions with potential regulatory risk to enable corrective measures

The financial services industry is one of the most highly regulated. And with the ever-changing nature of these regulations, laws, and rulemakings from various governing bodies, financial institutions face a tremendous challenge with compliance requirements.  Added to that, the stakes are even greater now in the United States, where the power of the Consumer Financial Protection Bureau (CFPB) is growing, and several organizations have already been issued very large financial penalties (greater than $200 million) for infractions.

Verint Regulatory Compliance can provide financial institutions with capabilities to help them monitor various interactions between employees and customers across the enterprise, capture them via audio and screen recordings, and categorize them for deeper review and analysis. Having this level of visibility can enable financial institutions to take corrective actions in response, including providing real-time alerts to management, enhancing coaching and training, performing compliance sampling and review, and improving business processes.

Why Regulatory Compliance?
Although financial institutions have detailed processes and procedures for their employees to follow in support of regulatory requirements, many lack the tools to adequately capture and analyze the actual behavior of employees across the enterprise, and the risk this presents is tremendous. Even in the contact center environment, where the use of call recording is standard, many organizations only sample calls and evaluate them for quality, rather than for compliance with regulations or other bank policies.

With the rapid growth of digital channels, and the need to manage regulatory compliance across the enterprise (contact center, back office, retail branch and online), organizations need technology solutions to help them address these risks – and to make adjustments over time as regulations and requirements continue to change. Verint provides these capabilities through a set of solutions for financial institutions: Complaint Detection and Analysis, Contact Center, and Retail Branch Regulatory Compliance, Back Office Regulatory Compliance, and Social Media Regulatory Compliance.

Complaint Detection and Analysis
Detecting complaints that might otherwise be missed and analyzing the data can help regulated institutions identify weaknesses in its controls, compliance violations, and the need for enhanced targeted compliance testing.  Based on best-practice recommendations, consumer complaint data can be tracked, analyzed, and reported to communicate potential areas of concern to business lines and management. Today, financial institutions are encouraged to regularly analyze their consumer complaint data to anticipate areas of potential examination focus and to avoid any surprises from their regulators.

This powerful product combination creates a solution focused on consumer complaints by:

  • Capturing calls and desktop interactions with customers for retrieval and analysis.
  • Categorizing interactions related to possible regulatory topics with speech and text analytics.
  • Providing actionable insights to management from customer feedback on products and services.
  • Discovering the processes employees are following in response to complaints.
  • Identifying areas of concern and taking corrective actions as needed.

Contact Center and Retail Branch Regulatory Compliance
This solution enables organizations to record interactions between employees and customers and capture the steps followed on the employee desktop. It also provides the capability for the organization’s compliance officers and other auditors or quality managers to access, review, and assess interactions, and respond as needed to trends and individual situations that present compliance risk. The individual capabilities in the packages for each of the banking channels vary based on the types of interactions with customers and their transactions (on the phone, face to face or in the back office).

Meeting Your Needs as You Grow
Each of these Business Impact Solutions for Regulatory Compliance are part of the unified Verint Impact 360 Workforce Optimization suite. This means that you can add on other Impact 360 solutions without having to worry about integrating disparate technologies. You receive the convenience and benefits of Impact 360, including a single platform, simplified systems administration and maintenance, and reduced cost of ownership.

For example, you can easily expand your technology for even greater value to your financial institution and your customers, without having to worry about uninstalling or replacing the solution. Verint offers a robust suite of workforce optimization and voice of the customer solutions that can benefit your entire enterprise, including marketing, compliance, sales, and branch and back-office operations.

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