Through its adoption of advanced analytics, the financial institution can improve regulatory compliance, performance and business intelligence.
How can banks tap on digitalization to improve sales and enhance customer experience? One area that can benefit from analytics is ‘communications surveillance analytics’ which can help in training and in monitoring of the performance of client representatives.
Bank of Singapore, a member of the OCBC Group, has announced the adoption of such technology. Its Global Chief Risk Officer, Alexandre Lotfi, explained: “The solution enables us to create a holistic view of each customer profile, aggregating disparate data on every interaction through all channels, and identifying linkages. Previously, to monitor and identify discrepancies in standard operating practices, our agents must review sample accounts manually. With the AI-powered trade and communications surveillance solution, we are able to proactively gather and analyze data automatically and in real time. This transparent process protects our customers and enhances our reputation for financial jurisprudence and reliability.”
Such advanced communications surveillance analytics allows financial institutions to delve deeper into conversation topics, sentiments, and due diligence insights. Additionally, they can uncover unknown behavioral patterns and relationships. Such risk factors are assessed and scored, and evidence is systematically stored supporting the analytical outcome, which is used to drive machine learning. Based on a combination of analytic findings, bank risks and business policies, banks can then make more informed decisions.
The vendor for the bank’s trade and communications surveillance solution is SAS, whose Managing Director (Singapore) Randy Goh, said: “(This) is a tried and tested enterprise platform that has seen increasing mission-critical deployments globally as leading financial institutions and banks accelerate internal compliance and regulatory frameworks. There is a keen appreciation of the need for training, monitoring and managing the performance of client representatives. Our solutions enable the derivation of insights through data and analytics.”
An additional benefit is that such solutions improve productivity, where agents no longer need to review voluminous data manually, and can focus on more value-added tasks.