News : Fonetic Brings Linguistics Analytics to Retail Banking
Madrid, Spain September 17, 2014 -- Fonetic, a provider in voice management solutions, launches 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.
Title 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.
"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 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.
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Published: Thursday, September 18, 2014