5 benefits of language switching detection for financial institutions

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In linguistics, combining words from different languages within the same phrase is called language switching or code switching. When talking about language switching outside of academia, many may think of James Bond movies, double-agents and spies; in other words, risky behaviour. That’s not necessarily off the mark when it comes to trading and the financial industry. For instance, if a trader or another employee at a financial institution uses more than one language in a sentence or a conversation, it may show an intent for committing fraud – something that regulators have been trying to watch out for lately. Here’s a look at the recent past to figure out some of the reasons for this monitoring.

Since the 2007-2008 financial crisis, regulators all over the world have buckled down to curtail problematic behaviours and practices, and fine offenders. According to an annual industry report published by the Boston Consulting Group in February of this year, banks worldwide have paid a total of $345 billion in fines between 2009 and 2017. In North America, banks have paid $220 billion, or 64% of the total, while the penalties accrued by European banks account for or $125 billion, or the remaining 36%, for the same period.

Now, let’s time travel. Imagine it’s the year 2020 and you are looking at your annual report for 2019. It reveals three key achievements: 1. you have saved your analysts countless hours of work; 2. you have been on top of internal audits; and, 3. you have complied with external investigations quickly and openly. In addition, your institution has been cited as an example in the fight against financial crime. Sounds great, doesn’t it?

Is voice surveillance dead? Fonetic video series now available

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Fonetic Team
Thursday, 04 October 2018 / Published in fonetic, voice surveillance, trade communications surveillance
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Voice surveillance, is it dead? That's the burning question this week with our latest video release. To view the video, follow the link below.

Fonetic Video Series

Financial Markets professionals discuss key industry issues at Fonetic's roundtable dinner in London

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Fonetic Team
Thursday, 20 September 2018 / Published in press, fonetic, Press release
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Thursday 20th September , 2018 - Last night Fonetic held the first in a series of events which explore some of the key questions and issues facing risk, compliance and surveillance professionals in the financial markets. The event was a dinner discussion hosted by CEO and Founder, Juan Manuel Soto and moderated by members of Fonetic’s recently appointed Product Advisory Board.

Banks doing more to boost ethics on the trading floor

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Fonetic Team
Wednesday, 29 August 2018 / Published in press, fonetic, Press release
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Wednesday 29th August, 2018  - Compliance officers at Banks are ramping up their efforts to stamp out inappropriate trader behaviour, according to new findings from Fonetic

Artificial intelligence can't be intelligent if you feed it trash

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Artificial intelligence (AI) has come a long way since the 1950s when scientists first started exploring problem solving using computers. From the early beginnings of simple neural networks to the growth of Machine Learning, AI technology has touched nearly every industry, the Ffnancial markets are no exception.

Breakthroughs in deep learning and self-teaching algorithms are driving the AI boom we’ve seen in recent years and this has single-handedly revolutionised the financial technology (fintech) and regulatory technology (regtech) markets. Although it's important to embrace technological change, we need to understand how it works and how to use it properly.

First, let's take a step back. According to Forbes magazine, there are many definitions of AI and different industry leaders focus their research in various ways. The English Oxford Living Dictionary describes artificial intelligence as “the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.”

Artificial intelligence is essentially the science of training machines to perform human tasks. It allows machines to carry out repetitive high-volume tasks without getting tired. This is incredibly powerful both for optimizing workloads and reducing human error in monotonous tasks. However, the human touch is still essential to ensure its success. Manual inputs both before to set up the system, ask the right questions and after, to analyse the results, to ensure absolute precision.

Nowadays, we put a lot of faith in technology. Is it all good news? We need to understand how far it's come but also its limitations and how to manage them using a variety of methods and techniques.

 

Fonetic appoints investment banking stalwarts to new advisory board

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Fonetic Team
Tuesday, 17 July 2018 / Published in press, fonetic, Press release
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Wednesday 11th July 2018: - Fonetic, a global leader in voice processing, compliance and surveillance technology, has selected three industry veterans to create a new product advisory board. Nick Child, Sandy Broderick and Oliver Blower will provide Fonetic with expert advice on regulatory compliance, surveillance and technology.

7 Reasons why you should migrate from CA Data Protection to Fonetic

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Fonetic Team
Monday, 09 July 2018 / Published in integrated surveillance, voice surveillance
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CA Data Protection, formerly known as CA DataMinder and Orchestria, have announced that their e-communications surveillance platform is coming to its end-of-life in June 2019. So, what does this mean for the Tier 1, Tier 2 and other financial institutions that depend on their solution?

Financial institutions are concerned about their data, and now even more since the presence of compliance and surveillance platforms which monitor all voice and e-communications, proactively, are now a regulatory obligation in directives such as MiFID II. Now there´s no excuses.

In this guide, you´ll find 7 reasons why migrating to a Fonetic surveillance solution is the safest and most convenient option:

5 Tips for Choosing the Best Voice Surveillance Solution

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Fonetic Team
Monday, 25 June 2018 / Published in integrated surveillance, voice surveillance
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Voice surveillance is the most difficult channel to monitor due to various issues. Voice comms in a trading floor environment produces lots of background noise as well as multiple speakers on recorded channels. Storing the comms also requires more server space and can become a costly addition to any existing solution, if not properly evaluated.

Although most financial institutions store voice communications, in a recent survey by Intelligent Trading Technology at their New York 1LoD event in April 85% of those surveyed didn´t proactively monitor their voice channels. This is something that’s not only dangerous from a compliance point of view but also puts those institutions at risk of missing vital intel and information about the productivity of their business.  

Selecting the right vendor is critical for the reputation of your company and its success.

We´ve put together 5 tips to determine the best voice surveillance solution for your trading floor. Here they are below:

 

Fonetic wins Best Trade Reconstruction Solution at ITT Awards 2018

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Fonetic Team
Wednesday, 13 June 2018 / Published in press, fonetic, contact center, Press release
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Intelligent Trading Technology, from A-Team Group, has awarded Fonetic with Best Trade Reconstruction Solution for Best Execution for Fonetic Trade Comms Suite.

  

 

 

New York – 13 June, 2018 – Fonetic is very pleased to announce the success of winning the category Best Trade Reconstruction Solution in this years ITT Awards 2018. Fonetic´s CEO, Juan Manuel Soto received the award on Tuesday in New York. He also had the pleasure of being accompanied by Eduardo Ron, Executive Director at BBVA. We all congratulate the team at Fonetic for this new recognition of Fonetic Trade Comms Suite for their Holistic Surveillance and Trade Reconstruction solution. Juan Manuel added a few words:

“Our solutions serve as an invaluable tool to ensure trade floor regulatory compliance globally and to be recognised as one of the leading RegTech suppliers is a great honour.”

Monitoring voice communications and what to look out for

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People like to talk. It´s part of our nature and is proven to generate a closer relationship with the person you are communicating with. In the UK alone, the total amount of voice calls, over fixed or mobile, amounted to over 200 billion minutes, according to a study by Statista.

When it comes to closing deals on a trading floor, voice calls are still an integral part of communications and one of the traders´ favourite channels, which makes it the most vulnerable too. However, only 20% of banks monitor their voice communications. As of January 3rd, 2018, the new MiFID II regulations requires companies to proactively monitor all communications related to a financial product, including voice, in order to prevent fraud from happening. 

Voice surveillance is the most difficult channel to monitor due to various issues.  This makes it the starting point to achieveing a more holistic approach. Similar to how this leading APAC bank achieved to mitigate risk through Holistic Surveillance, after conquering the voice data, it´s a lot easier to add in other communication channels.

Here are 4 factors you must consider when monitoring your voice channels: