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How AI Speech Analytics helps financial institutions avoid fines?

AI Speech Analytics helps to avoid fines

Recently, a Polish debt collection company posted an unusual banner on its website.

The debt collector wrongly identified a person as a debtor and disclosed his information to third parties, clearly violating the law. The affected person took legal action against the company.

Unsurprisingly, the company was compelled to display a prominently sized banner, issuing an official apology for the incident in 2019 (given that the current year is now 2023). Perhaps the company also faced financial penalties imposed by the government and potentially provided monetary compensation to the affected man.

The banner looked like this:


How could they solve this issue without going to court for four years and then making this apology announcement if they had had Ender Turing AI Speech Analytics?

Let's analyze the step-by-step algorithm of the system as a Compliance Monitoring module for debt collection processes:

  1. All calls made by agents to this person would be transcribed.
  2. It would be mentioned by this person many times that he denies having any outstanding loans (which deviates from typical debtor behavior), which raises a red flag within the system.
  3. A red flag would appear in the system, and the supervisor responsible for overseeing these interactions, will promptly identify the anomaly and initiate a case investigation.
  4. The collection department will then transfer the debtor's information to the legal department, ensuring that further pressure on the individual is ceased. The primary objective at this stage is to ascertain whether the individual indeed owes any debts.
  5. The legal department will rule that the person was not a debtor, and the prosecution will be stopped enabling the company to avoid litigation and associated costs.

AI Speech Analytics can provide several additional benefits in debt collection processes within financial institutions:

1. Accurate Transcription: utilizing AI technology, 100% of conversations are transcribed into text with a high level of accuracy.

2. Software makes compliance analysis to be sure that the agents:

  • Communicate clearly.
  • Provide complete and accurate information to a debtor.
  • Refrain from making threats or exerting excessive pressure.
  • Appropriately reference relevant laws and regulations.

3. Enhanced Monitoring: AI-powered speech analytics enables continuous monitoring of agent-customer interactions, identifying potential compliance breaches or deviations from established protocols.

4. Performance Evaluation: by analyzing agent conversations, the system can assess individual performance, provide insights to enhance training, and identify areas for improvement.

5. Mitigation of Risks: AI Speech Analytics assists in mitigating legal and reputational risks by proactively identifying and addressing non-compliant behaviors or practices.

By incorporating AI Speech Analytics, financial institutions can enhance compliance, improve customer interactions, and mitigate potential risks in their debt collection processes.

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