With mis sold PPI, forex scandals and many other financial troubles faced by the UK since 2011, regulators are looking at a new solution: using big data and speech analytics to resolve troubles quickly before they happen.
Fines have cost the entire UK finance industry £38.5 billion in total in just 10 years. Despite experts blaming the dominant banking culture, technology and new systems may be able to help set things right.
Speech recognition and analytics engines may help scrutinise every sentence, email, chat, instant messaging and text messages to identify any fraud that could happen in bank employee communications.
The Dodds-Frank Act in the United States may very well open this avenue for a similar law in the United Kingdom.
Juan Manual Soto, an industrial engineer and CEO of Spanish Linguistics Company Fonetic, which specialises in speech analytics, said that the Fonetic Linguistics Voice Platform may help record and analyse speech. It’s Nuance speech recognition engine and Genesys Speech Minor could allow a trade to be reconstructed, then using the Trading Communications Surveillance, it could monitor voice and text sources in real time and create a list of suspicious conversations.
More about it here.