AI and Automation to Help Private Banks Meet Regulatory Compliance

AI and Automation to Help Private Banks Meet Regulatory Compliance

5 min read

Singapore is one of the top international financial centers today rubbing shoulders with the heavyweights like London, New York and Hong Kong. Thanks to a business-friendly administration, ease of doing business and existence of an unrivalled financial ecosystem, Singapore is a dream destination for the global banking industry and private banks in particular. With great power comes great responsibility. This is where the Monetary Authority of Singapore has stepped up its game to foster, facilitate, monitor and regulate the burgeoning private banking industry in this top financial hub of the world.

It’s a fact that today technology and Artificial Intelligence have pervaded every industry and the banking industry is no stranger to this development. The Monetary Authority of Singapore or MAS recently published a comprehensive white paper on the inner workings of the private banking industry in the island state and the call for technology has never been more urgent. MAS has a tough job at hand to regulate an industry where innovation most often gallops miles ahead and regulation has a hard time playing catch up. But the private banking industry needs to be aware that the penalty for breaching the trust of Monetary Authority of Singapore can prove to be very costly. This is where AI technology plays a big part in ensuring the private banking industry is always well grounded to serve the customers and ultimately adhere to the strict guidelines of MAS. So, let’s delve a little deeper into MAS’s guidelines for Singapore’s banks.

Monetary Authority of Singapore’s regulations for private banking industry

  • The MAS expects financial institutions operating in the private banking industry in Singapore to uphold high standards of market conduct and transparency in their dealings with clients at all times
  • Establishment of appropriate frameworks and controls including management oversight of the sales and advisory activities are needed
  • Frameworks and processes to ensure that clients receive appropriate financial advice and are recommended products that are suitable, considering their risk appetites and investment profiles is crucial
  • Controls to promote transparency of fees on transactions, including disclosures to and communication with clients, and processes to ensure that pricing arrangements agreed with clients are adhered to.

Well, these are some of the regulatory guidelines made public by the Monetary Authority of Singapore and the private banking players in Singapore better take note of this and act fast. Download the complete MAS white paper here for a better understanding of these regulations.

Conversational Service Automation to the rescue of private banks

Uniphore’s Conversational Service Automation is an AI-powered platform that has been helping the best brands around the world to offer an unrivalled customer service and also adhere to the strict guidelines of regulatory authorities. The banking industry especially is well-suited to this kind of a solution given the prevailing tougher regulations and the importance of customer service in this industry vertical. Our conversational automation and analytics solution U-Analyze can help private banks in Singapore to adhere to the strict regulations of MAS at all times.

Let’s consider a scenarios wherein a contact center agent fails to disclose a certain cost to the customer or the agent is not able to assuage customer’s anxiety regarding some financial product, then in such a case the conversational automation solution can immediately come to the rescue of such agents. Our conversational AI solution offers real-time alerts, notifications and access to knowledge banks at the agents’ fingertips without the agents having to divert their attention away from attending to the customers.

This way the conversational service automation platform can augment the agents’ capabilities, so that they can do what they do best – empathize with the customers, assuage their anxieties and resolve their queries. All this leads to huge cost savings as well. The cost savings could be in terms of wanting lesser agents in the workforce, higher first call resolution rates, better understanding of customer intent for shorter sales cycles and so on.

Then when the customer conversation comes to an end, the same conversational automation and analytics solution U-Analyze can create a comprehensive call summary saving the agents some precious time. Again, this summary is free of human-related errors. When the quality assurance personnel want to monitor and analyse the calls, our solution can ensure that the conversational data is mined and analysed, keywords spotted and aberrations flagged, thus simplifying the work of the QA personnel too. This also entails huge cost savings for the banks.

Agent supervisors can also remotely listen in on the customer calls and if they find any aberrations or diversion from the normal procedure, they can immediately jump on the call and take over. Again, the conversational analytics solution makes it simpler by alerting the agent supervisor if the call is not going as expected. Our solution can detect the customers’ real intent, analyse their emotions and sentiments in real-time and alert the supervisors, if the need be.

This AI-based solution also creates a customer persona, understand their demographics, collate all past interactions with the bank, analyze the implied needs of the customer and so on. All this makes it extremely easy for agents to deploy the right approach to service these customers.

Key takeaway

Compliance with the regulations of Monetary Authority of Singapore is extremely crucial for any private banking organization operating out of this island state and our U-Analyze solution makes it that much easier for these banks to toe the line.

Finally, given the recent turmoil around the world in connection with the Covid-19 pandemic, most of the contact center agents are working remotely. Our solution makes it extremely easy for any enterprise to setup a remote workstation for their agents in a matter of hours. It is possible to monitor the agents, assist them with the right tools and technology and augment their capabilities. This way, in no time they can be up and running to service the customers just like they would service the customers from the office premises in better times.

Do let us know if you would like a demo of our solution and we would be more than happy to help you.

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