On Wednesday we were excited to sponsor the first edition of the Surveillance Summit in London, the only event dedicated to surveillance professionals in the financial services sector. Fonetic
Voice surveillance challenges and what’s possible now
The 1LoD event series has seen outstanding growth since its first edition of the 1LoD Summit in 2017, making this new twist to the brand 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.
The agenda was full of relevant discussion around surveillance standards, behavioural science influencing product design, and how WhatsApp could now be the new normal for conducting business.
Nick Child, Fonetic’s Product Advisory Board Chairman joined two industry veterans form extremely honest and practical debate on Voice Surveillance. Lee Mann, Global Head of Communications Surveillance at Citigroup and David Percival, Global Head of Surveillance at Barclays covered the on-going challenges of voice surveillance and shared some very pragmatic advice on how firms should be tackling the issue. It was clear that voice surveillance is still a grey area for institutions, the industry hasn’t advanced as quickly as perhaps some would have liked.
The debate, which invited the audience to share their current practises and concerns, identified various challenges. Of them was the problem of accuracy; once we have all the data ingested, how accurate can we make it? Fonetic uses a unique audio processing method which cleans and normalises the audio signal, removes background noise and makes sure volumes are standardised. This helps improve the speech-to-text and increase accuracy when required to extract and classify its content. Proprietary financial language models, developed over 10 years, are also a key element in ensuring the highest detection of financial terminology, jargon and coded language. For Fonetic, voice is the focus of what we develop, and our new voice surveillance release offers the highest proven accuracy in Capital Markets.
Is voice the poor cousin? An interesting discussion point for the room and according to general opinion, regulation has helped massively in providing guidance and standards for voice recording, archiving and monitoring. However, more needs to be done, especially around what should be done with the output. The Senior Managers Regime (SMR or SMCR) has been very clear you need to show control. Firms need to now decide how they do that.
For more information on what voice and eComms Surveillance software Fonetic can offer, as well as proactive Automatic Trade Reconstruction, get in touch here.
“Enterprise scalability is an issue”
Scalability is a very real concern for most Financial Institutions we spoke to during the Summit. The ability to perform a phased deployment as well as handle any type of communication connector is essential. Fonetic are experts in this area having deployed voice surveillance for Financial Institutions globally for the last 10 years.
“No solution fits all”
A lot of vendors claim to offer ´holistic´ surveillance however without high accuracy in voice, you can’t truly find a solution that gives you complete surveillance coverage. Although some firms might prefer to hold off committing to a voice solution because there may not be a specific regulatory demand, yet, The FCA will always look kinder on a senior manager who has thought about what steps to take, when and has it on their roadmap.
Fonetic will also be hosting a Roundtable event at the 1LoD Summit in New York on the 2nd April. Tom Dinneny, Director of Strategy and Business Development, the Americas at Fonetic will be inviting an honest and frank discussion around how firms are currently using voice surveillance to improve their surveillance efficiency and strengthen controls. If you haven’t done so already, make sure you sign up here.
If you’re looking for more information about our Voice Surveillance software, you can download this datasheet.