#MeToo: Senior banking execs simply can’t leave it all to compliance

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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.

What to consider when using artificial intelligence in capital markets

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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.

 

Migrating from CA Data Protection? 7 reasons to choose 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:

 

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:

Managing False Positives: Your brief guide

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False positives can present serious problems for financial organisations on their trading floor. This occurs when a trade surveillance system flags normal voice or electronic communications (e-comms) for potential market abuse when there´s no risk implied. But why is managing false positives so important?

An effective surveillance solution must be able to efficiently reduce the risk of fraud and misconduct while saving time and reducing the amount of irrelevant data that doesn’t need to be analysed.

Join us for a brief look at the problems caused when misleading data isn´t addressed. We then discuss the value-added benefits of tackling the problem and how holistic trading floor surveillance technology specifically targets their reduction. 
 

Fonetic Customer Support Delivers Happy Customers Around the World

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Fonetic Team
Monday, 07 May 2018 / Published in integrated surveillance, holistic surveillance
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At Fonetic we take customer support very seriously, especially when our clients are based in all parts of the world.

To improve our customer satisfaction, our support team has recently implemented automated feedback surveys. Out of the many answers we are receiving daily, we are getting a 98,9% top satisfaction rating.


Fonetic has a dedicated team of support staff serving our fraud surveillance and compliance surveillance proactive trading solutions. They are working around the clock to solve customer issues, answering support tickets from APAC, EMEA and The Americas regions.  

What is Holistic Surveillance and how can it help your Financial Organization?

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Fonetic Team
Friday, 13 April 2018 / Published in integrated surveillance, holistic surveillance
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Holistic surveillance helps banks and financial institutions stamp out fraud and improve regulatory compliance. But what is it exactly and how can it help your own organization? 

 

 

Leading financial organizations are increasingly choosing holistic surveillance in order to crack down on fraudulent activity and comply more efficiently with various regulatory obligations, including MiFiD II. Join us in this brief article to see what all the fuss is about and what holistic surveillance can do for your own financial organization.

What is holistic surveillance anyway?

How Integrated Communications Surveillance Improves Trading Floor Fraud Detection

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In this article we discuss the common, pressing concerns for all financial trading floor surveillance teams. We then look at integrated communications surveillance and how it solves these problems for financial organisations, leading to lower fraud instances and greater process efficiency.

Financial organisations face increasing trading floor surveillance challenges. One, the responsibility of complying with regulatory demands and petitions obligates financial organisations to invest considerable resources in surveillance. Two, they must meet the needs of analysing and holding massive amounts of data, to minimize fraudulent activity and to optimise the process of escalating potential fraud cases. Three, they must suffer the consequences of failing to successfully stop instances of fraud, usually involving fines and/or possible damage to their own assets.

Additionally, organisations must comply with two flagship regulations: Market Abuse Regulation (MAR) and Markets in Financial Instruments Directive II (MiFID II). MAR came into effect in 2016 and the MiFID II deadline is January 2018. Both regulatory protocols require extensive resources on the part of financial organisations. Regulators can inflict punitive measures on banks and financial institutions that fail to comply