Voice management solutions provider Fonetic has launched SPi Compliance for Retail Banking to enable financial institutions meet the latest obligations set out by the enactment of Title X of the Dodd Frank Act.
Dodd-Frank Title X, also referred to as the Consumer Financial Protection Act 2010, empowers regulatory bodies to request details from any bank for all complaints regarding any of its financial products over a seven year period within 15 days.
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The new advanced voice analytics solution facilitates Dodd-Frank compliance by enabling collection and evaluation of complaint-related information through all communication channels, retaining those communications for a minimum of seven years and offering a resolution to within 15 calendar days.
The technology taps all calls, chats and emails to measure customer satisfaction and complaints escalation.
It also captures words through voice recordings and through the website which ultimately enables banks and financial institutions better manage customer complaints, the company claims.
Simon Richards, CEO of Fonetic USA, stated: "From mid-2011 to 2013, the CFPB received an astonishing 176,700 consumer complaints. Add into the equation that the CFPB is now demanding full disclosure from the banks involved in just 15 days, and that’s potentially over 2.6 million banking days being swamped by Dodd-Frank Title X compliance.
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By GlobalData"Our technology doesn’t just understand calls, it is able to detect potential compliance risks before they occur saving banks both time and money," Richards added.
