Infotech Lead Asia: Nice Systems says its Proactive Compliance Suite for Consumer Protection assists financial institutions to address regulations and respond to audits.
The suite — according to a statement from Nice Systems — offers investigation and operational capabilities for managing compliance across the enterprise, including in the contact center, back office, and branch. It also enables companies to implement processes and policies to address future regulations in order to normalize compliance within the organization.
Nice launched the new suite at a time when financial institutions are under exceptional scrutiny in the wake of the Dodd-Frank Act and the advent of the Consumer Financial Protection Bureau (CFPB).
Nice says from July to December 2012, failure to comply led to $500 million in penalties for several of the leading U.S. financial institutions. Notably, all the infractions were triggered by customer interactions within the contact center.
Nice’s Proactive Compliance suite is an addition to its portfolio of analytics-based contact center solutions as well as its Nice Actimize expertise in financial crime, risk and compliance. It provides tools for preventing non-compliant activities, avoiding customer complaints and penalties, reducing risk, investigating infractions, managing retention policies, and providing proof of compliance.
The Nice solution for contact centers manages both inbound and outbound interactions across different channels. It offers real-time guidance to ensure adherence to scripts. Infractions, if any, are detected and corrective actions are automatically carried out and documented.
Capture assurance reports help verify that every interaction is recorded. Speech and desktop analytics help in call monitoring for exceptions like the use of abusive language, script deviations, potential complaint calls.
Integrated case management tools provide a unified view of customer complaints and detected infractions. Guided workflows ensure efficient investigation and swift resolution. Cross-channel and desktop recording simplifies record keeping and audits.
Automated reports present trends in overall risk of infraction and isolate problem areas. Reports can also be generated for compliance officers when an investigation is underway. Agents can be given targeted coaching and training based on identified problem areas or specific infractions.