Keeping Compliance Under Control

Keeping Compliance Under Control

1 min read

Few industries are regulated as closely as wealth management. To remain viable, investment firms must comply with a complex—and often changing—list of regulations established by the Securities and Exchange Commission (SEC). When interacting with investors, firms must be transparent in their disclosures, fees and expenses, conflicts of interest and sales practice issues. The sheer volume, complexity and evolving nature of these rules make total compliance a monumental task for humans. But not for machines. In this article, we explore how AI-powered speech analytics are helping wealth management firms to:

Comply with Record-Keeping Regulations

A man is pointing at a tablet with gears on it, showcasing the control and compliance.

Regulations such as the Dodd-Frank Act in the U.S., MAR and MiFID II in the European Union, and country-specific regulations in other global regions mandate in-depth recordkeeping, retention of records, surveillance and monitoring of certain agent/investor interactions. Conversational AI-powered speech analytics can record, organize and analyze thousands of conversations with greater speed and accuracy than quality assurance (QA) teams ever could on their own.

Detect Potential Compliance Issues

Speech analytics, as part of a conversational AI platform, enables wealth management firms to discover insights, find patterns and uncover relationships in large datasets. For compliance and control, this technology can identify “hot points” in conversations, quantify and categorize events, automate disclosures and even alert agents to potential compliance issues in real-time.

Identify Time-And Cost-Savings

Using real-time and historical analysis, conversational AI can identify opportunities for improvement within the investor journey. From emotional and sentiment feedback to process speed and efficiency, AI-powered speech analytics can uncover actionable insights wealth management firms can use to cut call times and agent errors while increasing investor satisfaction and retention.

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