CHICAGO, Dec. 3, 2018 /PRNewswire/ -- Compliance monitoring has become a hot topic in artificial intelligence (AI) in 2018. This has led a number of banks to explore how new technology can help reduce fraud, money laundering, and insider trading amongst other regulatory infractions.
ING Bank started this journey early; in 2015 they engaged with Intelligent Voice®, a leading supplier of speech recognition and compliance software in the financial services market, to see how innovative technology can be used to improve their processes.
During that time, Relativity, the industry-leaders in e-Discovery software, started its partnership with Intelligent Voice to deliver an integrated, end-to-end system that would bring together the best of Intelligent Voice's AI technology with Relativity's world class platform. Now, ING has signed on to leverage Relativity Trace, a new app for proactive risk management and compliance. ING plans to use the combined solution to proactively monitor and stop suspicious activity, like insider trading, collusion, and improper investment management practices, before they become a problem within its business.
ING has gone live with Intelligent Voice and Relativity Trace in its Amsterdam location and is already monitoring almost 400 traders across email and IM, with voice following shortly. This is the beginning of a global roll out that will monitor data from over 1200 traders worldwide in a dozen languages.
"The combination of IV and Relativity has allowed us to build a fully distributed review capability for the compliance monitoring team capable of handling all electronic communications. The small footprint offered by IV's GPU powered speech recognition means we can deploy this at a significantly lower operating cost than other solutions saving both rack space and energy. Next to that we have seen that the voice transcribing accuracy for our purpose is proven higher that 85%. Installation started in July 2018 and we are already up and running with the first phase in November 2018."
Paul Braakman, ING
"It has been our pleasure to work with ING in bringing this innovative new package to market. The professionalism of the ING team has allowed us to give the bank great value in a short period of time."
Ben Shellie, CEO, Intelligent Voice
"We are thrilled to partner with Intelligent Voice and ING on this exciting initiative. Intelligent Voice's connectors enable ING to push all of their communication data proactively to Relativity Trace, so their compliance team can quickly take action on suspicious activity."
Jordan Domash, General Manager of Relativity Trace
IV and Relativity Trace are available as both on prem and cloud solutions to enable companies large and small to monitor all electronic and audio communications.
Intelligent Voice coupled with Relativity provides the industry's most capable and secure audio, email, and chat review platform.
At Relativity, we make software to help users organize data, discover the truth, and act on it. Our e-discovery platform is used by thousands of organizations around the world to manage large volumes of data and quickly identify key issues during litigation, internal investigations, and compliance projects. Relativity has over 180,000 users in 40+ countries from organizations including the U.S. Department of Justice, more than 70 Fortune 100 companies, and 198 of the Am Law 200. RelativityOne offers all the functionality of Relativity in a secure and comprehensive SaaS product. Relativity has been named one of Chicago's Top Workplaces by the Chicago Tribune for seven consecutive years. Please contact Relativity at [email protected] or visit http://www.relativity.com for more information.
Contact: Taylor Laabs
Email: [email protected]
About Intelligent Voice®
Intelligent Voice Limited is a global leader in the development of proactive compliance and eDiscovery technology solutions for voice, video and other media. Its clients include government agencies, banks, securities firms, Call-Centers, litigation support providers, international consultancy, advisory businesses and insurers, all involved in the management of risk and meeting of multi-jurisdictional regulation.
Fundamental to its success, its patent-pending and patented technologies Intelligent Voice and JumpTo™ are developed by a team of dedicated researchers and system engineers based in the UK. Ownership of the core technology resides with Intelligent Voice. Intelligent Voice continues to lead the market and will maintain its strengths in the areas of thought leadership, innovation, R&D and providing solutions to its clients.
The system uses speech recognition technology to capture calls, convert them into text and then automatically send the transcript (along with the original voice file) to the user's inbox, as well as provide complex analytic capabilities
The Company is headquartered in the United Kingdom and has been providing market leading solutions since 1990.
For further information about Intelligent Voice, please visit https://www.intelligentvoice.com
Contact: Jessica Harvey
Email: [email protected]
Tel: +44 203 627 2670