BBVA Receives an “Innovation in Banking Technology” Award from The Banker Magazine for Speech Analytics Solution

SAN FRANCISCO--(BUSINESS WIRE)--UTOPY, the leading provider of Voice of the Customer and Performance Optimization solutions powered by Customer Interaction Analytics, announced today that The Banker, the world's premier banking and finance resource, has recognized BBVA with a 2012 “Innovation in Dealing Technology” Award for its deployment of UTOPY SpeechMiner. BBVA, a leading global bank that offers individual and corporate customers the most complete range of financial and non-financial products and services, leveraged UTOPY’s unique Customer Interaction Analytics solution to ensure that BBVA Traders comply with required processes and regulations.

“This is another success case that demonstrates how challenging former technology, compliance and operating standards with cutting-edge technology and willingness creates new and much more efficient paradigms.”

A directive within the Dodd-Frank Act requires Financial Services firms to record every customer interaction related to trades (including phone, email and chat sessions) and maintain the interactions in a searchable format for one year. This directive goes into effect in October of 2012. This new directive within Dodd-Frank can be daunting to many organizations because traditional manual methods of interaction monitoring monitor less than 1% of interactions, making it impossible to review and monitor all conversations. BBVA leverages UTOPY SpeechMiner to automatically analyze all calls and to detect any non-compliant event by completely and accurately analyzing the entire conversation. The UTOPY solution implemented for BBVA by Fonetic automatically detects all instances of non-compliance, identifies the root cause, and proactively notifies the organization, thus increasing compliance.

The Dodd-Frank Act also requires that recordings have enough context and detail to truly understand the interaction that took place. In order to reliably detect rare events in such a large volume of interactions, an extremely accurate and complete method of analyzing the interactions is required. UTOPY’s unique phrase-driven method of Customer Interaction Analytics delivers the most precise and comprehensive method of analyzing interactions available today, making it by far the best method for achieving compliance with the Dodd-Frank Act.

“Our solution providers, UTOPY and Fonetic, have been key to the success of this project. They worked with us through the entire process, understood our needs and adapted the solution to our specific requirements,” says Beatriz Lara, BBVA’s Chief Innovation Officer. “This is another success case that demonstrates how challenging former technology, compliance and operating standards with cutting-edge technology and willingness creates new and much more efficient paradigms.”

“We are very excited that BBVA received an Innovation in Banking Technology Award as a result of the success of their SpeechMiner deployment,” said Roy Twersky, President and CEO of UTOPY. “Financial services firms handle a huge volume of interactions every day and non-compliant events are relatively rare. An extremely accurate and complete Interaction Analytics solution like UTOPY SpeechMiner is the only way to accurately automatically discover such rare events in order to comply with regulations such as the Dodd-Frank Act.”

About UTOPY:

UTOPY provides award-winning Voice of the Customer and Contact Center Performance Optimization solutions powered by Customer Interaction Analytics. UTOPY offers the only contact center business applications completely driven by Speech Analytics, and guarantees the fastest ROI in the industry. For more information, please visit www.utopy.com or www.speechanalytics.com.

About BBVA:

BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading Euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. For more information, please visit www.bbva.com.

About Fonetic:

Fonetic is a consulting company that specializes in helping companies and institutions to know and understand their customers better. We decode customer behavior, measure the business impact and recommend what to do. We help our clients to collect, analyze and improve their business interactions with their customers. For more information, please visit www.fonetic.es.