Based on reports of recent multi-million dollar “wins” that span telecommunications, hospitality and financial services, it is clear that Nexidia’s customers are catching on to the power of “state-of-the-art” interactions analytics. The company launched Version 11 of its flagship platform a roughly one year ago, touting the power of “neural phonetic speech analytics” to provide unprecedented and unrivaled speed, flexibility and scale when it comes to monitoring commercial conversations to detect  sentiment, recurring words and topics. Business managers are finding the value of using its tools to render accurate transcripts, discover issues and, most importantly, to assure compliance with internal guidelines and policies, as well as legal or regulatory strictures.

In February, Nexidia formally launched its Advanced Compliance Management Product at a legal technologies trade show. It is a packaging of the Interactions Analytics Version 11 that is specially tailored to scan information from a variety of sources to detect when an agent or company representative may be engaged in an activity that falls outside of industry regulation. Using financial services as an example, executives in Risk Management or Compliance Departments can tune the system to detect discussions surrounding such topics like setting benchmark interest rates, anti-bribery and corruption, anti-money laundering and even gifts and entertainment.

In a demo, Nexidia showed how the system could cull through hours and hours of spoken conversation to build word clouds that provide insight into key topics that are of concern to compliance officers at a large financial institution. In this case, the word “knicks” appeared close to “front page investor” and also in proximity to the word “seats.” As hard as it might be to believe that someone would consider tickets to a New York Knicks game to be a gift, the compliance officer could flag the conversation for possible discipline and remediation.

Compliance management is considered “low-hanging fruit” for Nexidia. The new architecture enables Nexidia’s engine to import and analyze information from a number of sources very quickly. Within the past year, banks have experienced pressure to respond to alleged violations of Dodd Frank (financial disclosure) or the Consumer Financial Protection Bureau (misleading practices) within 72 hours or face stiff financial penalties. The Advanced Compliance Management application of the Nexidia Interactions Analytics suite gives business managers (rather than speech scientists) an intuitive way to design resolution and decisionmaking processes within the guidelines of the long-time Manage-Review-Cycle-Process continuum.

The value of the Advanced Compliance Management app expands beyond financial services to healthcare, payments and any business with a commitment to protect personal information and to avoid extending false claims to the public. Yet it is but a single app running on a platform comprised of technology that can perform real-time or near-real-time analytics at very large scale across a number of data nodes. It touts unique “neural phonetic speech analytics” technology that, in head-to-head comparison with other vendors (conducted by clients) has shown superior speed and accuracy. The technology is offered in a solutions architecture designed to be massively scalable and, thus able to manage huge files of audiofiles and other data. Finally, it is able to support integration of several sources of text or voice employing “bi-directional, open APIs,” and RESTful Web services, as well as JAVA and .Net frameworks.

Categories: Conversational Intelligence

Tags: Nexidia, Dodd-Frank, Intelligent Assistance, interaction analytics, CFPB