Fano Labs Co-Founders Dr Miles Wen and Professor Victor OK Li
Fano Labs, a partner company of Hong Kong Science and Technology Parks Corporation and provider of an AI voice analytics system, has raised an undisclosed sum in funding from AEF Greater Bay Area Fund managed by Gobi Partners GBA.
The round also saw participation from New Vision Capital.
The funds will accelerate Fano Labs’s business expansion across the Greater Bay Area and Southeast Asia.
In today’s growing and complex financial legislations, financial service institutions such as banks are looking into ensuring that their relationship managers (RM) interact with customers in compliance with regulatory requirements.
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When RMs take an order to execute a transaction, they must take their customer through an extensive product suitability assessment, risk assessment, and risk disclosure before the transaction can occur. The bank records all these conversations so that its risk and compliance departments can later run a sample check and ensure that the sales processes are appropriate, the service quality is good, and the customers’ interests are protected.
However, it is very labour-intensive and costly for banks to arrange a sufficient workforce to manually listen to these tapes and catch the rare bad apples.
Fano Labs’s AI voice analytics system, Callinter, uses language AI technologies to analyse all the banks’ audio records and automatically flag recordings that might contain mistakes, misconducts, or misselling practices. The bank’s risk and compliance professionals can dive deeply into the flagged recordings for closer inspection.
Callinter can operate 24×7 and process audio 100x faster than humans (it can process 100+ hours of audio within one hour of real-world time). This enables banks to monitor sales compliance internally and take remedial actions before things go sour.
With the conversations between RMs and customers fully processed and analysed, banks also use the analysis results to understand better customers’ investment interests and satisfaction levels with the banks’ services. Banks have devised better ways to serve customers and make better investment advice based on such insights.
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“As of today, our technologies have been adopted by 10 of the top 15 banks operating in Hong Kong, five of which are among the world’s top 10 banks by asset values. Our technologies are also used by 12 different public bodies exercising regulatory powers in different sectors to help them conduct supervision tasks more effectively,” said Dr Miles Wen, Co-founder and CEO of Fano Labs.
Fano Labs was started in 2015 by Dr Wen and Professor Victor OK Li. Previously, it received funding from HKSTP, the University of Hong Kong, Horizons Ventures, Alibaba Hong Kong Entrepreneurs Fund, and Saltagen Ventures.
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