Communication between financial services organisations and their clients takes place over a number of channels and are often ad-hoc and unstructured. This creates a significant problem in protecting data security and accountability. Particularly in exception handling, process workflows cause issues as human error, high volumes and a lack of consistency lead to frequent mistakes.
With Opsmatix, we looked at how we could use automation and real time communications to improve the efficiency of this process. Working with technology partners GFT and domain experts from Fimatix, we created Opsmatix to address the following industry issues:
These are particularly evident in the area of transaction settlements, including the trade of equities and bonds. Exceptions in this context happen frequently for all sorts of reasons - including manual data entry mistakes and misheard phone conversations.
We set out to create a solution that could solve these issues using automation, speeding up the process and streamlining it for all agents. Through a mixture of natural language processing (NLP), skill based task routing and the setting up of an audit trail in order to comply with stringent regulatory conditions, we built Opsmatix.
Opsmatix is an application which allows clients to track and settle confirmations of equity and bond trades. Issues are raised via email, SMS or voice call and prioritised based on urgency. The artificial intelligence element, which drives the natural language processing, allows the incoming query to be parsed for information pertinent to the transaction. Opsmatix helps operations agents deal with their queries rapidly by matching the transaction in the email with the database of live and historic transactions. This reduces the amount of time agents spend identifying issues and lets them focus on resolution, increasing productivity.
Agents can also query 3rd party services, as well as contact clients and banks via the agent portal to understand the cause of the issues. Upon resolving the issue, the agent marks the task as complete, and a report is sent to the customer providing detail about the query.
Opsmatix is built using Twilio’s Task Router and Programmable Voice functionality, meaning the product is underpinned by technology which has been extensively tested and is fully scalable.
To find out more about Fimatix get in touch, or visit: http://www.opsmatix.com/