CognitiveView

Why it is time to automate consumer compliance and conduct risk

Proactive Regulatory Change & Business Impact Analysis Beyond understanding regulations, organizations must gauge their potential implications. This involves a deep dive into how a particular regulation would impact business operations. By adopting a standardized methodology, businesses can ensure consistent assessment metrics, fostering preparedness irrespective of the magnitude or nature of

What can we learn from CFPB's Annual Report for 2023

The Consumer Financial Protection Bureau has released its annual report analyzing complaints submitted by consumers in 2023. The report highlights trends found among more than 1.3 million complaints, which the Bureau sent to more than 3,400 companies for review and response. Major findings include: - A continued increase

Credit union Complaints

Credit Unions provide depository and lending services to members of a specific community. The industry experienced growth through the end of 2022 from increased membership and rising interest rates. As macroeconomic conditions improved through 2019, credit unions significantly benefited from increased consumer borrowing as interest rates rose alongside borrowing activity.

CFPB Insights

Cognitive View's CFPB Insights is an independent service that provides insights from CFPB's historical complaints data that is publicly available. CFPB Insights allows firms to learn and understand past complaint patterns and CFPB's resolution approaches. In addition, it provides actionable insights to support the

Compliance monitoring in conveyancing

Conveyancing is the legal process of transferring property (flats, houses, business premises) or land from one owner to another. A licensed conveyancer performs all the legal and administrative roles in this buying and selling process, from taking a client's initial instruction to exchanging contracts and completing the transaction.

Dispute Resolution Analysis

The General Insurance Code Governance Committee (CGC), Australia, has recently completed a Thematic Inquiry into Making Better Claims Decisions. Here are some of the key recommendations as a result of this inquiry. 1. Identify themes in the data that may explain trends in complaints about denied claims. 2. Improve processes

Complaints Co-pilot

At Cognitive View, our vision is to enable companies to restore customer trust by creating a customer-centric culture while improving compliance and reducing conduct risk. Developing an excellent complaint resolution team is crucial in handling customer complaints fairly and promptly to reduce conduct risk. Handling extensive customer complaints can be

AI-driven complaint resolution

Cognitive View has taken a significant undertaking to support Generative AI capabilities. As a first step in a series of early releases, we launch several features around customer complaints. Generative AI is a subfield of artificial intelligence that allows computers to generate new content based on existing data. By training

Top considerations for voice analytics

Key considerations when adopting a voice analytic system for compliance Selecting voice analytic systems for compliance requires a better understanding of compliance and risk, future risk management trends, and how technologies like AI & Automation that can support a successful risk transformation program. Many voice analytical systems are limited to

5-steps to automate the supervision process

A step-by-step guide for automating the supervision process for monitoring compliance and customer experience. * Are you ready to automate your manual compliance monitoring? * Does your current supervision involves manual listening of hours of calls and reviewing communication logs? * Have you received a regulatory investigation request for a significant compliance breach

Continuous controls Monitoring

Continuous control monitoring (CCM) is a technology-based solution for constantly monitoring processes and leveraging sample-based testing methods for more cost-effective monitoring. CCM lowers audit costs by continuously monitoring transactional systems. A simple Control Monitoring isn’t enough to keep things under control. In a digital world, the control environments can

FCA guidelines for remote work

With the onset of the Covid-19 pandemic, businesses were forced to embrace remote working almost instantly without any scope to prior preparations. Now, as the economy recovers, more people are sticking to flexible work schedules. The Financial Conduct Authority (FCA) of the United Kingdom has now issued guidelines to firms

Compliance monitoring in remote work

Remote work is gaining momentum across the world. It’s difficult to say how many companies have adopted remote work since the pandemic crisis began, but Gartner researchers provide some insight in one of their recent surveys. There are several advantages to adopting remote working, but the process has its

IBM Cloud for Financial Services

Melbourne, Australia –01 February 2022 – Cognitive View, a communication monitoring platform, today announced it has joined IBM’s (NYSE: IBM) growing ecosystem of more than 125 Global Systems Integrators (GSIs), Independent Software Vendors (ISVs), SaaS providers, and FinTechs supporting the IBM Cloud for Financial Services. The IBM Cloud Framework for

ASIC hawking reforms

The ASIC (Australian Securities and Investments Commission) has updated its regulatory guidance on the prohibition of hawking financial products in the country. The regulatory guide (RG 38) portrays the changes in the anti-hawking system under the Financial Sector Reform 2020, commencing on the 5th of October, 2021. It also clarifies

Hybrid Work Environment Supervision

It is by now evident that the protracted effects of the Covid-19 pandemic on the workforce lifestyles and patterns across the world aren’t in a crisis management stage anymore — they are here to stay. Ever since the virus gained its ‘pandemic’ status, organizations worldwide forced to shift their workforces

Front-office Control Challenges

The front office or first line of defense has been increasingly assuming overwhelming importance in the organizational structure. It is, therefore, not a surprise that a dedicated front-office control function is now standard practice for firms to enhance the ability to manage non-financial risks. In this regard, firms have been

Conduct risk factors

There are three inherent factors which are: * Information asymmetries: The situation occurs when one of the two, i.e., sellers and customers, have more or less knowledge regarding the product. Mostly the sellers try to hide information in front of the customers, which results in a lack of symmetry. * Biases,

Next-gen API development

According to the Harvard Business Review, historical evidence shows that companies have little to no control over their customer’s experience with their brand. This is because one can define customer experience as the sum of all of your customer’s emotions, interactions, and unexpected behaviors, and it simply cannot

Agent performance evaluation

As customer centricity in businesses continues to increase, the importance of call centers and agent-customer interactions has come into sharper focus. Customer experience management is increasingly becoming the determining factor in whether the customer in question will continue to do business with you or switch to the competition. As is

COVID-19 Crisis Management

The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. Indeed, the outbreak has the hallmarks of a “landscape-scale” crisis: an unexpected event or sequence of events of enormous scale and overwhelming speed,

Scorecard for cultural transformation

All is not well with the Australian Finance Sector. The recent Interim Report by the Royal Commission has lashed out at banks and mortgage-home loan agencies for gross malpractices accruing from sales-based incentives for all banking staff. This has led employees to ‘put profits before people’ and the “pursuit of

Sentiment Analysis

In the coming years, challenges posed by high-risk, low-frequency complaints could be addressed by cognitive computing. After all, firms in other industries have already begun using cognitive computing with artificial intelligence and analytical software to manage and glean insights from massive, complex data sets. Cognitive technologies are capable of analyzing

Age-Related Impairment

The 2017 Royal Commission into Banking, Superannuation and Financial Services Industry found that, among other issues, vulnerable customers were not being treated fairly by financial services providers. Thus, it is important that firms prioritize the early identification of signs of vulnerability in their customers and provide tailored customer service with

Complaint Prevention

Often complaints are escalated to the ombudsman because a firm does not have a clear process for the customer to complain and manage. Here are some of the ways complaint barriers can be reduced: * Regular monitoring of customer satisfaction, such as through quick satisfaction surveys allow the customer to give