Financial institutions are some of the most risk-averse and regulated entities in the world. Many countries are increasingly tightening financial services regulations and with it compliance obligations concerning the storage and management of sensitive data.
But why?
This and other challenges facing the financial industry will be discussed at the 13th edition of Revolution Banking in Mexico City on July 19.
<<< Solutions for Financial Services and Banking >>>
Revolution Banking Mexico 2023
The 13th edition of the Revolution Banking & Retail Forum, the largest banking and retail meeting in LATAM, will be celebrated on July 19, 2023.
Every year, banking and retail professionals and suppliers gather to present the latest developments in these sectors and it will be a perfect opportunity to learn about the solutions to the challenges faced by the financial industry.
The state of the financial industry and changes in customer interaction
Over the past few decades, there have been significant changes in the banking industry and customer behavior. Instead of interacting in person at branches, customers now prefer to interact with their banks via the Internet or telephone.
If banks were already processing sensitive customer data, with this new trend of conducting transactions over the phone or the Internet, banks are increasingly processing and handling larger and more sensitive amounts of data, which has led to an increase in cybercrime and phishing cases.
As a result of this new paradigm, new directives have been created and existing regulations have been modified to control transactions, regulate data processing, and prevent fraud. These regulations and directives, such as MiFID II, require the ability to have a record of all communications and interactions with customers and determine a specific data retention period, regardless of the means of communication used.
What can financial institutions and banks do to comply with regulations and prevent fraud?
Having comprehensive platforms and solutions that enable end-to-end compliance across all customer communications and interactions is essential to avoid fines and penalties while preventing risk and ensuring security.
What solutions must be in place to achieve this?
1. Recording omnichannel interactions
Despite the common misconception that regulations cover only call recording, they are not limited to the capture and custody of voice calls only. Regulations include among their compliance requirements the capture and storage of all interactions with customers, regardless of the channel.
Having the right recording solution for compliance means considering those that allow 100% recording of omnichannel interactions, customized storage for the time, and with the necessary security to prevent data leakage.
2. Intelligent analysis of conversations
Customers provide companies with valuable information across multiple channels. More and more companies are recording calls, not only to ensure the registration required by regulations but also to measure and detect other issues in their business thanks to the intelligent analysis of these recordings.
Having a solution that allows, through artificial intelligence, to analyze all interactions and detect issues that indicate the existence of compliance risk, categorize calls to ensure compliance in those that need it, or detect non-compliance or fraudulent incidents, is essential for financial and banking institutions.
Download Now: Churn Reduction in the Banking Industry
3. Anonymization of sensitive data
Financial institutions handle very sensitive data, such as those related to credit cards, and their recordings and logs must ensure that this data remains safe and secure.
There are solutions based on artificial intelligence that detect sensitive data from both recordings and transcripts and permanently removes sensitive data from them, preventing fraud and data theft, even if there is a breach in the system.
Download Now: PCI DSS Compliance
4. Secure customer authentications
Securely authenticating customers when logging into your online banking services or making telephone transactions is essential to prevent fraud and identity theft. Voice biometrics is a perfect tool to achieve this, as it is unique to everyone, virtually impossible to replicate, and allows for easy, fast, and frictionless authentication.
In case it is replicated, there are very complete voice biometrics solutions that can detect whether the voice has been created by artificial intelligence or is a prerecorded voice.
Download Now: Voice Biometric Authentication for Contact Centers
In short, having this type of functionality is the only way to comply with regulations while avoiding fraud and preventing the risk of non-compliance. What would be even more perfect is to have a single solution, such as Recordia, that makes all these functionalities available to financial institutions on a single platform where everything is centralized and accessible.
Discover the Recordia suite to ensure automated compliance and prevent risk by clicking here.