Cognitive View

It is great to be shortlisted in Chartis RiskTech AI 50 ranking

Why should you monitor Customer conversations and Complaints using AI? Sacha Close, an expert in credit and collections, shares her insights. I love this quote. "Complaints are your window to the customer's soul. If a customer is bothering you to make a complaint, they are giving you all the insights you need"

Sacha Close, an expert in credit and collections, shares how Gen AI is transforming collections. Is AI-driven automated collection the future? Should humans be in the loop? What is the right balance? Why should you ensure there is no bias in AI? #genai

Pure reliance on Home Mortgage Disclosure Act (HMDA) reporting data is not enough and does not clearly reflect compliance risk and culture. -- HMDA data is limited in terms of context for the denials -- It does not include details on the specific terms offered to applicants -- Does not account for varying economic conditions across different regions, which can impact lending practices -- The data lacks information on neighborhood characteristics and local housing market conditions -- Qualitative aspects of customer interactions and relationships with lenders are not captured -- The data does not reflect the discretionary judgments made by loan officers during the underwriting process -- Although HMDA includes some demographic information, it may not cover all relevant aspects, such as detailed income brackets, education levels, and employment sectors. it must be supplemented with additional data sources and qualitative analysis to gain a comprehensive understanding of discrimination in lending practices https://t.ly/atras #consumercompliance #creditunioncompliance

Sacha Close, an expert in credit and collections, discusses the changes and opportunities in the industry with AI. She highlights the shift in consumer expectations for a frictionless and simplified experience. Sacha emphasizes the need for technology to reduce manual processes and improve customer engagement.  She also discusses the importance of using data and generative AI to make better decisions and provide personalized solutions. Sacha shares her insights on the role of human interaction in collections and the balance between automation and empathy.  She also talks about the Women in Credit Risk organization and its mission to support and empower women in the industry. Sacha Close https://lnkd.in/gEybxDNU #regtech #genai

The Consumer Financial Protection Bureau (CFPB) has taken a significant step forward in protecting consumers by establishing a registry to detect and deter corporate offenders that violate consumer laws. This new rule aims to hold lawbreaking companies accountable and prevent repeat offenses. As CFPB Director Rohit Chopra stated, "Too often, financial firms treat penalties for illegal activity as the cost of doing business." This registry will be a crucial tool for law enforcement, investors, and the public to monitor and address corporate recidivism. Kudos to the CFPB for their continued efforts in enhancing transparency and oversight in the financial sector! https://lnkd.in/gMsimq3d

There are many types of scams, and they are continuously evolving. Understanding their risk impact and how to resolve them requires a dynamic approach and up-to-date data and guidelines. A standard GRC or tick-box-oriented approach is not geared for it. Let's talk if you want to understand how Cognitiveview monitors scams and reduces consumer compliance risk. https://lnkd.in/gSA-sSe7

May we strive for peace and diplomacy in resolving conflicts. #memorialday

The one-size-fits-all processes are bureaucratic and are failing to support vulnerable customers. There is a need to use simpler processes that are augmented by AI & Analytics to provide deeper context about customer situations and a consistent approach to financial inclusivity https://lnkd.in/gzGu8AhE