Attivo Group is a collection of financial companies, providing advice and financial planning services to a large customer base. Based in the United Kingdom (UK) with offices in London, Cardiff, and Cheltenham, Attivo Group has adopted a growth-by-acquisition model with expectations of a 10-fold expansion over the next few years.
To meet the expectations and demands of its customers, Attivo Group employs a highly-educated and well-trained staff to create and deliver financial services. Attivo Group embarked on a digital transformation, evaluating and deploying technologies that would enable its Financial Advisors to more effectively serve their clients and the firm to compete in the market. One of the areas of focus was modernizing its communication infrastructure, looking at Unified Communication solutions, including voice, video, and chat, that would enable employees to more efficiently and effectively collaborate internally as well as engage with customers.
MiFID II requires the recording, preservation, and supervision of all transaction related calls. Attivo Group had been recording and archiving calls with its legacy communication solution, however gaining insights and intelligence from these conversations was nearly impossible. Attivo Group wanted to find a way to mine phone conversations to identify expressions of dissatisfaction and intervene before customers filed a complaint, and more importantly, improve overall customer satisfaction.
“Complying with regulations shouldn’t be about just checking a box. With Theta Lake, we’re able to seamlessly integrate the solution with our collaboration platforms, review recordings, and determine risk levels and remediation efforts automatically.”
Processes were managed manually rather than relying on technology, available systems were siloed, and adhering to regulatory compliance overshadowed all activities. Identifying risk required employee team members to manually review the contents and highlight which were problematic. Due to the sheer volume of calls made on any given day, reviewing all calls was a massive and costly undertaking, so the team only reviewed a narrow sampling.
With its goal of aggressive growth, Attivo Group knew it would need to its re-think processes and systems, adopting technology that would allow it to scale, enable easier cross-entity management and oversight, meet customer expectations, and remain compliant. An alternative solution of adding more team members to manage workloads was too cost-prohibitive and margin- reducing.
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