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Boosting compliance in financial services

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Financial services organisations and banks around the world have to operate in an increasingly stringent regulatory environment, particularly where the privacy and protection of their customers’ data is concerned.
Coupled with this, they face mounting pressure to cut costs, consolidate staff, prevent fraud, and manage their resources more efficiently.

Gerald Naidoo, CEO of Logikal Consulting, says in order for banks to remain compliant and efficient, they need to make the most of the technologies available today. “The challenge for organisations regarding protecting their information is not a new one,” he says. “However, bear in mind that as technology grows increasingly sophisticated, so do the crooks who manipulate these technologies for their nefarious gains.”

He says analytics company Verint offers a slew of products aimed at helping financial services institutions solve their data protection and compliance issues. “Verint’s solutions help companies prevent fraud, lower risk and boost compliance with legal, regulatory, and internal requirements, as well as industry best practices.”

The solutions analyse unstructured data to help companies keep an eye on their premises to detect unauthorised personnel and anomalous behaviour, as well as control and limit staff access to private information. “In addition, the solutions have the ability to capture and analyse client and employee interactions for sales verification and compliance purposes, and can help to deter fraudulent calls in call centres. Finally, the solutions offer insight into business processes and activities taking place on an employee’s desktop.”

He says solutions include video management, to fight against fraud in banks and at automated teller machines (ATMs). “Most financial institutions have had to deal with the scourge of criminal and fraud activity, and also with changing customer behaviour and expectations for data privacy. These issues go hand in hand with enormous challenges, and have driven many financial institutions to adopt video surveillance to lower fraud and boost safety. The Verint solution offers advanced investigation tools, including face detection, license plate recognition, and a variety of surveillance analytics for use inside and outside financial and other facilities.”

Naidoo said the solutions have been designed with enhancing the efficiency and effectiveness of security operations in corporate command, control and communications environments, in mind. “The solutions include video wall support and a mobile application to provide advanced video viewing that helps create new levels of situation awareness.”

He adds that the product features voice biometrics to passively enrol and authenticate the identity of customers and detect fraudulent callers in call centres, as the software has the ability to profile and recognise the unique ‘voice prints’ of callers and match them against a database of voice prints. “Being able to quickly and accurately verify the identify of callers helps prevent fraud by ensuring that calls are authentic, without disrupting any legitimate caller’s experience.”

Another feature, data fraud and regulatory compliance detection, helps investigators uncover potential fraud and non-compliant behaviours through the use of recorded interaction playback, recorded screen playback, desktop analytics, and recorded video playback. “These solutions help financial services institutions to lower risk by pinpointing and remedying and staff behaviours that are not in line with organisational processes or standards and regulations.”

He says these features are only a tip of the iceberg. “Financial services and other global businesses trust Verint’s solutions to help them identify anomalous or suspicious patterns, better their investigative resources and enhance compliance in their call centres.”