NICE Actimize, a NICE business, was named the winner in the “Suitability” category by WealthTech Americas Awards 2022 for its SURVEIL-X Holistic Conduct Surveillance solution. Sponsored by WealthBriefing, a publication of Clearview Financial Media and a leading global provider of business intelligence in the private banking and wealth management space, the inaugural awards program rewards achievement, top-class performance, and innovation.
As judged by an expert panel drawn from the wealth management industry and members of the WealthBriefing editorial team, NICE Actimize emerged as the 2022 Suitability Winner in supporting wealth advisors and asset managers through the successful implementation of its holistic surveillance solutions offerings. According to WealthTech Americas judges, “In a comprehensive submission, NICE Actimize showed how it prioritized its investment in the Wealth Management and Suitability area, applying cloud, artificial intelligence and advanced analytics to solving critical needs. This was the stand-out submission in this category.”
“NICE Actimize is focused on the ‘know your employee’ and behavioral aspects of suitability, which brings both short-term and long-term benefits to advisors and management,” said Chris Wooten, EVP, NICE. “Firms can use our solutions to meet regulatory obligations while managing client abuse risk on a more holistic level to encourage improved customer relationships, all while building a robust suitability compliance program.”
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“These awards recognize the strongest technology leaders in wealth management, with ‘independence’, ‘integrity’ and ‘genuine insight’ the watchwords of the judging process – the awards truly reflect excellence- and innovation in wealth management.”
“This year’s inaugural WealthTech Americas awards was a highly competitive launch addressing the most important wealth management concerns throughout the Americas,” said ClearView Financial Media’s CEO, and Publisher of WealthBriefing, Stephen Harris. “These awards recognize the strongest technology leaders in wealth management, with ‘independence’, ‘integrity’ and ‘genuine insight’ the watchwords of the judging process – the awards truly reflect excellence- and innovation in wealth management.”
FINRA’s Regulation Best Interest and Rule 2111 have significantly impacted the wealth management, retail trading, and insurance communities and increased demand for better supervision and surveillance emerged. As a result, wealth management firms sought ways to manage their advisors, serve their clients, and address regulatory requirements. The primary technology trend that emerged was a focus on “behavioral intelligence” which provides regulated firms with important insights into their employees’ behavior and helps firms be more proactive in detecting misconduct.
Using behavioral intelligence, NICE Actimize’s SURVEIL-X Suitability solution is more than just a client abuse detection tool. Serving wealth management and insurance customers, NICE Actimize’s Holistic Conduct Surveillance solution provides behavioral intelligence to the firm which can be used in determining both business strategies and in improving communications and relationships between internal advisors and their clients.
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NICE Actimize’s SURVEIL-X Suitability solution has seen strong adoption over the past year both at mid-sized institutions and large-scale financial services organizations. The ease of deployment, enhanced by cloud technology and lowered costs, has made these technologies critical for wealth management teams.
NICE Actimize SURVEIL-X Suitability solution is part of the SURVEIL-X Holistic Conduct Surveillance platform and provides coverage for a broad range of sales practices issues, helping firms meet current global regulatory requirements and helping advisors align investment recommendations with client’s investment objectives and suitability profiles.
Previously, NICE Actimize won the 2021 WealthTech Asia for Suitability award, and the 2020 “Best Compliance” technology solutions provider award by WealthBriefing Europe, WealthTech Asia’s sister publication.