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
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
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
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
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,
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
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,
Speech recognition technology Gone are the days when providing the best customer experience was a matter of intuition or experience. In this day and age of cut-throat competition among corporates to reduce customer attrition, cut overheads and maintain profitability, Speech Analytics may be the answer you’re seeking to keep your business relevant,
Tone analysis for customer interactions Till date, call centres remain to be the most important touch point in any organisation. If you are a business owner in this day and age, you cannot over-stress on the value of a flawless agent- customer interaction, simply because these conversations directly impact business revenues as they are often
Front office control best practices The need for 1st office controls is in the here and now. More and more financial institutions are being focused on effectively controlling non-financial risks in their frontline businesses. The importance of front office controls has moved beyond its teenage years and come into the light of maturity where operational
