How do you ensure compliance across communications channels?
This is a critical question for companies in highly regulated industries, such as financial services and insurance. But compliance isn’t easy to implement, particularly when you consider that the same retention and supervision requirements that apply to text-based communication, such as emails, apply to all forms of electronic communication, including audio and video.
The problem with ensuring compliance stems from the proliferation of digital channels coupled with the customer’s expectation of being able to use the one they want. Fortunately, there is a solution. By using artificial intelligence (AI) and machine learning to automate detection for compliance risks, the relevant data can be surfaced to compliance teams.
This was the topic of conversation for RingCentral’s latest podcast, which I recently hosted with our special guests, Anthony Cresci, VP of business development and operations at Theta Lake, and Sangeeta Walsh, director of platform product marketing at RingCentral. Theta Lake, which provides an AI-based communication compliance platform, recently partnered with RingCentral to help our regulated customers achieve cloud communications compliance.
Here are three takeaways from our conversation: “Using AI and Cloud Communications to Meet Regulations, at Scale.”
- AI and machine learning enable businesses in highly regulated industries to leverage communication channels that provide the highest level of personal touch and engagement. When seeking advice on high-value decisions, most customers need that human touch. When buying life insurance, for instance, 68 percent of buyers prefer to speak to an agent before purchasing a policy.
- Businesses can use AI to scale cloud communications efficiently while achieving compliance. Some organizations rely on compliance teams to manually review their call recordings each year for compliance violations, but they are only able to complete a fraction of them. AI and machine learning can help bring these teams out of the trenches by automating this process, ensuring that 100 percent of cloud communications are reviewed, and focusing compliance teams’ more intensive review efforts on higher risk content.
- Bringing AI capabilities to cloud communications can help reduce organizational risk across a wide range of use cases and industries. It’s not just financial services and insurance companies that can benefit from this approach; healthcare, education, and enterprise organizations must evaluate their approach to supervision and compliance as they continue to innovate how they communicate with their customers.
For more insights, check out the podcast — “Using AI and Cloud Communications to Meet Regulations, at Scale.”
Originally published Jan 29, 2019, updated Aug 11, 2020