FONETIC, leading provider of Speech & Text Analytics solutions for Contact Centers and Trading Rooms, announced today that The Banker, the world’s premier banking and finance resource, has recognized BBVA with a 2012 “Innovation in Dealing Technology” Award for its deployment of its Trading Compliance solution based on UTOPY SpeechMiner platform. BBVA, a leading global bank that offers individual and corporate customers the most complete range of financial and non-financial products and services, leveraged FONETIC’s unique Compliance solution to ensure that BBVA Traders comply withrequired processes and regulations.
A directive within the Dodd-Frank Act requires Financial Services firms to record every customer interaction related to trades (including phone, email and chat sessions) and maintain the interactions in a searchable format for one year. This directive goes into effect in October of 2012. This new directive within Dodd-Frank can be daunting to many organizations because traditional manual methods of interaction monitoring monitor less than 1% of interactions, making it impossible to review and monitor all conversations. BBVA leverages FONETIC Analytics solution to automatically analyze all calls and to detect any non-compliant event by completely and accurately analyzing the entire conversation.
The Dodd-Frank Act also requires that recordings have enough context and detail to truly understand the interaction that took place. In order to reliably detect rare events in such a large volume of interactions, an extremely accurate and complete method of analyzing the interactions is required. SpeechMiner unique phrase-driven method of Interaction Analytics delivers the most precise and comprehensive method of analyzing interactions available today, making it by far the best method for achieving compliance with the Dodd-Frank Act.
“Our solution providers, FONETIC and UTOPY, have been key to the success of this project. They worked with us through the entire process, understood our needs and adapted the solution to our specific requirements,” says Beatriz Lara, BBVA’s Chief Innovation Officer. “This is another success case that demonstrates how challenging former technology, compliance and operating standards with cutting-edge technology and willingness creates new and much more efficient paradigms.”