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Compliance driving innovation at Synetec

The summer months saw more and more Synetec clients focusing on their MiFID II preparations with many asking us to advise them on ways they can become compliant but also to help them drive competitive advantage.

Some areas of MiFID II are driving businesses to start paying more attention to data that they are already compiling, and to date, often just storing to ensure they are compliant with existing regulation.

One example is voice call recording. Today, all companies that are regulated, and some others such as councils, record telephone calls. This ensures that if there is ever an investigation by the FCA, or police, that conversations can be accessed and listened back to help the investigation.

This process has flaws, the main one being that sell side businesses in financial services can often generate 10 hours of call content per day across multiple channels. A simple investigation may require the phone calls of 2 people to be analysed to asses potential fraudulent activity, in the above case this could mean a lawyer(s) having to sit and physically listen to around 300,000 minutes of conversation. This would take 1 person 2 to 3 years to complete which is both time and cost prohibitive.

Organisations also use these recorded phone calls, especially in contact centres with direct retail client engagement, to study the quality and effectiveness of communication with clients. However, a buy side firm with only 20 phone agents would generate over half a million minutes of conversation per year to be listened too. Detailed analysis of this data isn’t feasible and thus results in businesses not capitalising on their client engagement.

New regulations state that firms must be analysing their client interaction, in both buy and sell side firms, to ensure that there is no market abuse nor miss selling through poor product governance. This analysis allows organisations to monitor interactions with clients and in real time spot any potential irregular and fraudulent activity or simply poor operational procedures that result in non-compliance, such as an agent not providing a disclaimer on a sales call.

Redbox Recorders are ahead of the game in this space, not only does their service “enable you to meet the challenges of the evolving compliance and regulatory landscape, from PCI Suppression through to the complexity of GDPR, Dodd-Frank, and MiFID II”. Redbox now provide a full transcription service for all recorded calls. This breakthrough in innovation means that businesses can implement big data and data mining strategies across their companies in order to drive business value and mitigate risk.

Over the summer Synetec have been working with our clients to understand what they would like to do with this transcribed data in order to adhere to MiFID II compliance but also to use the data to find a competitive business advantage. The common response is to mine the information and provide the business with real time feedback. Both to the compliance team with respect to any irregular spikes in certain activity, as well as information to CEO’s, in real time, as to the trends in their organisation which can be used to make informed and timely business decisions.

Synetec, working with the team at Redbox in London, and our clients have built an machine learning analytics engine that ingests the JSON files from Redbox’s transcription service, as well as other communications data such as e mail, enrich it with meta data, and provide real time reports to business leaders.

Both the CEO and Compliance officer are able to make immediate decisions that can benefit the firm based on the real-time data analysis rather than waiting for the FCA to knock on the door.

Richard Robinson

@redronrich

Rapid transformation through technology has never been more exciting!

The Synetec team has decades of combined experience building robust and scalable software. Organisations work with Synetec to ensure that their operational systems provide a solid platform for their business functions as well ensuring that they are compliant in their market place.

Through 2016 and 2017 we have engaged with some of London’s most innovative and exciting Fintech companies in sectors ranging from payments to lending and foreign exchange. These businesses, and their investors, have aggressive growth plans linked to exciting and forward thinking business plans and product offerings that will put them ahead of the competition.

These clients have disrupted their markets by building bespoke software that is designed and built specifically to suit their operational requirements today and as they scale. In partnership, we have provided them technologies to automate processes and functions that their peers have yet to do.

One client engaged us to build, bespoke, an end to end back office loan management platform. A first in their industry they believe. An industry that is booming and will continue to grow for years to come, our client has put themselves in a great position to maximise their potential as the market scales.

Another client, in a congested and traditional financial market, worked with us to develop bespoke online capabilities, with a customised online portfolio offering for each customer. This has enabled automation of a number of tasks that improves the customer experience as well as streamline the company operationally. Again, putting them in a position to grow and scale, at pace.

 

A number of our new clients are having scalability issues in that CEO’s and CTO’s are finding it difficult to build and recruit technical teams quick enough in order to deliver projects that can spin up without much warning due to high product demand. They have found it helpful to pass off some delivery of ‘back office’ software delivery and management in order to focus their in-house time and effort on product, UI/UX and customer acquisition.

We have also been asked to engage with our first innovation hub, providing support and guidance around innovation in the legal sector and the challenges faced around change management and the implementation of new technologies and working practices. Legaltech is a huge growth market and is seeing the sort of disruption and product innovation that the financial service industry has already seen with the emergence of the Fintech market place.

We have created a formalised consultancy engagement to assist high growth companies to map out potential pinch points in their software delivery process and help to identify processes that can be automated. Our Growth Accelerator Program will also provide an outline of what bespoke software and applications could be used by businesses to support their high growth plans.

http://synetec.co.uk/wp-content/uploads/2017/09/Synetec-GAP.pdf

Let us know what you think! rrobinson@synetec.co.uk

@redronrich

Autumn Help for Heroes Golf Day

Synetec supports H4H

Synetec takes charity and giving back to the community seriously. We have been long-standing supporters of the Help for Heroes efforts and sponsored a very successful golf day on 13th September at Hankley Common in Surrey. Our strengths reach far beyond software and technology and the Synetec team managed to complete the day as Winners of the tournament. Well done to all involved- both on the organisational side and to the players for their performance.

Synetec supports Help for Heroes

Synetec supports Help for Heroes

 

 

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