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Launches Dodd Frank Title X-compliant solution for retail banking institutions

Fonetic, the recognised leader in voice management solutions launched SPi Compliance for Retail Banking to tackle the latest obligations faced by financial institutions as set out by the enactment of Title X of the Dodd Frank Act.

FONETIC BRINGS LINGUISTICS ANALYTICS TO RETAIL BANKING 1Title X grants powers to the regulatory bodies to request details from any bank for all complaints relating to any of its financial products over a seven year period within just 15 days. Dodd-Frank Title X, also known as the Consumer Financial Protection Act 2010, creates a new Bureau of Consumer Financial Protection (CFPB) within the US Federal Reserve Board as a new supervisor for certain financial firms and as a rule-maker and enforcer against unfair, deceptive, abusive, or otherwise prohibited practices relating to most consumer financial products or services.

According to KPMG’s Banking Industry Outlook 2014, the regulatory environment resulting from the Dodd-Frank Act is still having the greatest negative impact on, and remains the greatest barrier to, growth for financial institutions.  The survey found that regulatory compliance costs and regulatory limitations on products and services were cited as having the greatest negative impact on growth by 55 percent and 40 percent of banks respectively.

Simon Richards
Simon Richards

“The scale of the Title X challenge for banks cannot be underestimated,” said Simon Richards, CEO, Fonetic USA. “From mid-2011 to 2013, the CFPB received an astonishing 176,700 consumer complaints.  Add into the equation that the CFPB is now demanding full disclosure from the banks involved in just 15 days, and that’s potentially over 2.6 million banking days being swamped by Dodd-Frank Title X compliance.”

Fonetic is addressing this pain point for retail banks facing the compliance requirements of Title X by drawing on its extensive expertise in voice analytics for Dodd-Frank compliance on the trading floor. Fonetic SPi Compliance gathers and analyses complaint-related information through all communication channels, retaining all communications for at least seven years and providing a resolution to within 15 calendar days. The technology looks directly into all calls, chats and emails; measuring customer satisfaction and complaints escalation.

“What started on the trading floor is now being extended to every facet of a bank’s operations,” said Richards.  “We’ve drawn on our experience of working with some of the world’s biggest banks to create a solution and that is fit-for-purpose and directly addresses the challenges of Title X.  Our technology doesn’t just understand calls, it is able to detect potential compliance risks before they occur saving banks both time and money.”

Fonetic’s advanced linguistic solution, which captures, indexes, analyses and extracts relevant unstructured data from all voice, email and chat interactions, enables banks and financial institutions to better manage all customer complaints, by capturing words and phrases through voice recordings and via the website.

Fonetic is a recognized leader in Voice Management solutions.  Its award-winning Trading Record Keeping Compliance Solution was developed four years ago for Banco Bilbao Vizcaya Argentaria (BBVA) to proactively prevent market abuse and adhere to stringent legislation. This solution, also implemented globally in Santander, enables compliance officers to find specific, relevant communications about any given trade. By monitoring up to 84 different languages and dialects, Fonetic can reconstruct all interactions associated with a trade in moments.