The recently released ASIC Corporate Plan 2019 – 2023 sets out its bold vision; a fair, strong and efficient financial system for all Australians. Critics of the way financial firms have behaved over the last decade have suggested this is a big ask and ASIC agrees as it presents its plan as a “change programme”. In managing its programme ASIC recognises that it, and by association regulated firms, need to make “great use of next-generation regulatory tools (e.g. artificial intelligence, data analytics and behavioural sciences)”.
ASIC is clear in its thinking; by adopting ‘Regtech’ and ‘Suptech’ [supervision technology] tools, performance measurement of the industry will be significantly enhanced. The benefits of these measures are simple; firms can build a culture of compliance and save time and money while regulators are better able to deliver improved regulatory compliance and consumer outcomes.
One area drawn out in the corporate plan is ‘voice analytics’; not surprising as it is an area where machine learning and augmented intelligence is already beginning to deliver positive results. We believe that this is the area that is most likely to deliver the required change. During the recent ‘Regtech voice analytics symposium’ the Chairman, James Shipton, stated, “ASIC can see a future where artificial intelligence including machine learning, text analytics, voice analytics, and other technologies are a seamless component of financial services firms’ business models. A future where firms can record, store and analyse all communications with consumers using these tools. This would provide firms with near to real time insights, as well as after-the-fact insights on quality and compliance”.
We agree, that’s why we created Yabber. The ASIC aims are deliverable now and we know from our due diligence background, working with some of the biggest financial services companies in the UK, Ireland and Europe, that conduct risk focused companies are looking to improve standards across several areas. Compliance processes are a critical area for special attention and customer contact centres as highlighted by ASIC, are a prime target for improvement.
The change programme for Australian financial service firms is clear and we look forward to being part of it. Call us to see how we can help.