Fonetic, a voice management solutions provider, launched SPi Compliance for Retail Banking to tackle the latest obligations faced by financial institutions as set out by the enactment of the Consumer Financial Protection Act of the Dodd-Frank Act.

The Consumer Financial Protection Act (Title X) authorizes regulatory bodies to request details from any bank for all complaints relating to any of its financial products over a seven-year period within just 15 days. It further created a new Bureau of Consumer Financial Protection (CFPB) within the U.S. Federal Reserve Board as a new supervisor for certain financial firms and as a rule-maker and enforcer against unfair, deceptive, abusive, or otherwise prohibited practices relating to most consumer financial products or services. 

Fonetic is addressing this pain point for retail banks facing the compliance requirements of Title X by drawing on its expertise in voice analytics for Dodd-Frank compliance on the trading floor.  Fonetic SPi Compliance gathers and analyses complaint-related information through all communication channels, retaining all communications for at least seven years and providing a resolution to within 15 calendar days. The technology looks directly into all calls, chats and emails; measuring customer satisfaction and complaints escalation.

Fonetic’s advanced linguistic solution, which captures, indexes, analyses and extracts relevant unstructured data from all voice, e-mail and chat interactions, enables banks and financial institutions to better manage all customer complaints, by capturing words and phrases through voice recordings and via the website. 

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