LONDON, Nov. 21, 2014 /PRNewswire/ — Only 13% of Americans believe bank systems are capable of preventing another scandal, according to a poll of over 2000 American consumers by speech technology experts Intelligent Voice®. The same poll was run by Intelligent Voice® in December 2013, with almost identical results.
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In the wake of the most recent FX fixing fines, just fewer than 40% of respondents suggest that with some further investment, banks might be in a better position to ward off the next crisis.
But almost 49% say it will take major investment to sort out the systemic problems that banks and financial institutions have. Full results can be found at Intelligent Voice and at this survey.
"What few people outside of the industry realise is that banks are in fact trying hard to put in place procedures to better prevent future problems. For less than $10 per trader per day, systems exist to allow banks and financial institutions to better protect themselves from future scandals," says Intelligent Voice® CTO Nigel Cannings.
"Using existing technology and knitting it together with best of breed emerging technologies, especially in the analytics field, means that banks can monitor themselves far more effectively," Cannings continues. "The issue is that it takes time to change systems, procedures and mentality, and clearly the message has not got through to the public yet."
"Regulators are already struggling with workload as are the people they are monitoring. We need to rethink how we store and analyse data, and recognise that technology can play a part alongside humans in achieving this," Cannings says. "We also need to do a much better job of letting the wider world know that there is top-level buy-in to genuinely stopping wrongdoing, rather than ticking boxes because legislation requires it."
About Intelligent Voice®
Intelligent Voice® is a division of Chase Information Technology Services Limited, a London based software firm with over 20 years' experience of delivering mission critical transaction processing systems in the financial services industry, including to several of the world's top 20 insurers. Chase specialises in voice recognition and text analysis systems that allow companies to understand their businesses better. For further information about Intelligent Voice®, please visit http://www.intelligentvoice.com.
The Intelligent Voice® JumpTo™ system takes audio files; particularly telephone calls, and turns them into text. It then automatically indexes the resulting text using its (patent pending) Complexus technology to create "Bookmarks", key phrases that exist in audio file. These not only serve as a visual snapshot of what is in the audio file, but act as navigation to allow the user to "Jump to" the point in a file where the phrase was said – Several examples can be found at http://www.intelligentvoice.com/?#examples.
Intelligent Voice® is a registered trademark of Chase Information Technology Services Limited
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