The client is a large bank providing financial packages to support personal, business, or corporate banking needs.
The client wanted to implement a solution that monitors and provides surveillance of electronic communications of its Treasury, Forex, and equity traders in the Institutional bank to meet its regulatory requirements.
Key Challenges
- Regulatory deadline had to be met and reported for the implementation of the comms surveillance solution
- Challenges in implementing an enterprise-wide solution
- Client wanted digital solutions as part of the solution set in terms of machine learning, NLP, and sentiment analysis
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The Solution
Infosys was the chosen partner to execute this platform with an end-to-end offering comprising Product licenses plus services covering all aspects including Program management, Solution deployment, Quality, Application Remediation, and system integration.
- The Solution that was deployed was NICE Actimize Comms Surveillance V4.3.
- The NICE Actimize Communications Surveillance solution to proactively identify compliance risks in trader communications.
- It performs cross-channel analytics on speech, emails, chats, and other interaction channels, automatically analyzing the content of interactions and categorizing them according to risk factors, such as:
- What was a conversation about?
- Did certain conversation patterns occur?
- What are the trending topics?
- Are behavioral rules being followed?
- Were corporate policies followed?
Benefits
Improved overall efficiency of compliance analysts by up to 80% with a single consolidated global instance, faster time to go-live and efficient application validation process
Reduced cost of compliance by 60% with optimized infrastructure and Increased efficiencies.
The number of false positives in Alerts fell by 45% when compared with the legacy system thereby improving the efficiency of the alert detections process and investigations
With this application the client is now able to detect cases of underlying intent within the vast repositories of comms data
The program resulted in automation of various workflows that improved overall efficiency of the investigators and compliance managers
With this application in place, the bank can claim compliance to MiFID II, Dodd-Frank, and FX Global Code regulations around comms surveillance
