Verint Launches Regulatory Compliance Solution

Verint has added another component to its Verint’s Business Impact Solutions portfolio, Regulatory Compliance Solution, which can help companies comply with industry regulations by analyzing customer complaints.

“If you look at regulatory compliance, more and more industries are becoming regulated, particularly around the financial services sector,” says Roger Woolley, vice president, Solutions Marketing, Verint. “[Acts like Dodd-Frank] have given more rights to consumers around fees, hidden costs, improper sales tactics, etc. Since [these acts] have been instituted there’s been a number of areas around customer complaints, and any time that a customer feels misled they can file a complaint, for example [if they have issues] with overdrafts or mortgage loans.”

The solution records customer conversations across multiple channels and can zero in on interactions that require immediate guidance so that violations can quickly be addressed. Conversations can be tagged with specific data to analyze interactions and transactions using Verint Desktop and Process Analytics.

Woolley says that with some financial institutions there is a puzzle concerning complaints and the various channels that they come into, such as the contact center, survey, social media or CRM application.

“There’s many different avenues that customers can take to voice complaints so it’s up to the company to create a sort of listening post to monitor all of the different channels so that they can detect customer complaints, put them in a special queue, such as high priority, track them and get resolution,” he says.

To detect complaints, Verint offers companies custom terms used in their business and employs technologies such speech analytics, and emotion and sentiment detection to determine the strength of the individual complaint. Text analytics are also used to uncover content found in emails, surveys, social media and chat, and those results are then categorized.

“We’ve taken components of our WFO portfolio and our voice of the customer platform and have addressed it to the very specific needs of financial services to help companies be proactive and avoid hefty fines that are coming down from the authorities,” says Woolley.

Verint’s new Regulatory Compliance solutions are the newest addition to its series of Business Impact Solutions that were launched earlier this year, which include Call AvoidanceCost-to-Serve; Service Recovery; and Personalized Guidance