Wednesday 13th Februrary, 2019 - Fonetic is proud sponsor of The Surveillance Summit, a 1LoD conference, bringing together over 100 surveillance leaders, peers and technology pioneers. The organisers' aim is to showcase the very best of new technologies and innovation in the surveillance sector.
Many banks feel that voice surveillance is still something reserved for the movies. Having been in production in trading rooms for 10 years now, we can safely say that it is a reality for those who have invested in it. In fact, we would go further to say that effective voice surveillance is not only possible, it's also accurate and in Fonetic's case, it's the most accurate on the market today.
Do you want to know how we did it?
Ten years ago, a global bank asked Fonetic to extend their capabilities in voice analysis to the trading floor. Their aim was to automatically analyse every voice communication to check for misconduct or market abuse. They succeeded and 6 months later left behind voice sampling. We spent the following 9 years and 6 months running into stumbling blocks and overcoming them, developing a solution which is without doubt the most accurate voice surveillance software around for trading floor environments.
This article will show you why you should do the same with your voice surveillance.
Last week we were excited to sponsor the second edition of the 1LoD Summit in London, the only event for risk & control professionals in the financial services sector.
The event has seen outstanding growth since the first edition of 1LoD in 2017, making this year’s London summit more than a well-attended event: covering topics which united all three lines of defence, 1LoD exceeded all expectations in the quality of attendees and the presentations shared with all of us.
There is a lot to be thankful for this year at Fonetic! The Financial Times has included Fonetic in their prominent report “Europe’s 100 digital champions” for 2019. This fills our hearts with so much joy and gladness.
The article looks at the people and companies leading Europe’s growth in five categories and Fonetic has been included in "New technologies and business models". This part of the report focuses on companies providing tools to help others meet their challenges using state-of-the-art technologies.
We help our clients harness the power of their data through seamless data integration from the front office, back office and mobile devices. Through NLP (Natural Language Processing) and ML (Machine Learning), we detect intent, understand the context in communications, be it voice or e-comms, and identify rogue and potentially rogue traders.
When it comes to voice, Fonetic is the undisputed leader in this domain: we improve the audio signal, eliminate duplicates and noise, detect the languages used with accuracy of up to 90% in some cases and can even differentiate more than one language in the same conversation. Do you know of any other company in the financial markets surveillance and compliance space that can do that? We don’t either.
We are pleased to announce that for the second time in a row, Fonetic has been recognised as one of the most innovative regtech companies worldwide by RegTech Analyst, a specialist research firm. “The impact of the most innovative RegTech companies will be measured in billions of dollars over the next few years,” according to Mariyan Dimitrov, head of research at RegTech Analyst.
RegTech 100 for 2019 recognises Fonetic as a tech pioneer transforming compliance and risk management in the financial industry, addressing the challenges of dealing with regulatory issues within financial services. Fonetic's unparalleled voice analytics and trade reconstruction algorithms with an agile modular approach to compliance and surveillance give industry professionals and senior managers peace of mind.
We were recognised for our innovative use of technology to solve significant industry problems, to generate cost savings and efficiency improvements across the compliance function. We help financial institutions with risk management, communications (v-comms and e-comms) and conduct monitoring by using the latest technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP).
Last week we attended the Risk & Compliance Leaders Summit 2018 in Berlin, where we met some amazing people and listened to fantastic speakers. It was very interesting to be a part of the audience polls and to be able to conclude that as vendors we are aligned with the demand for communications monitoring and surveillance, be it ecomms or voice comms.
Not long ago, I shared my thoughts on the #MeToo movement in Finance News. Since then, we have seen the hashtag campaign extend to Bollywood in India and tech giants such as Google, exposing a culture that spread far beyond what one could have imagined. Below you can read the full article or see the press release here.
Fonetic was at the American Banker’s RegTech event in New York recently where we had the pleasure to listen to regulation and compliance practitioners talking about their experiences streamlining and automating compliance chores and turning that investment into a competitive advantage in the process.
In the year since the Weinstein scandal unfolded, #MeToo has shown its face in the financial industry, among many others. Juan Diego Martín, Fonetic’s Chief Operating Officer, shares his opinion and observations in a piece for Financial News.
Thursday 18th September, 2018 - Fonetic is proud to announce their participation in the upcomming 1LoD summit for risk & control professionals in financial institutions. The event will take place in London on 15th November and is the first independent conference series that caters for control functions of the first line of defense in the financial markets and banking devisions of investment banks.
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.
Financial Markets professionals discuss key industry issues at Fonetic's roundtable dinner in London
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.
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 (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.
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.
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:
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:
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.”
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: