Anti money laundering (AML) is a type of software used in the finance and legal industries, to help companies comply with legal requirements to prevent or report money laundering activities. It helps in identification of individuals or entities involved in illegal activities by screening customer names against global watchlists. It also facilitates faster and more accurate compliance and investigations by tracking and reporting suspicious activities, which ensures adherence to regulatory requirements during audits and inspections. AML software thus helps companies to reduce the risk of fines and penalties, protect their reputation and improve their efficiency.
Workforce engagement management (WEM) software is a collection of technologies that help manage the customer service workforce to ensure a high level of operational performance while elevating employee well-being, discretionary effort and satisfaction. The core capabilities of WEM products include: • Evaluation and improvement • Time management • Metrics and recognition (that is, performance management) • Assistance and task management • Voice of the employee (VoE) feedback • Recruitment and onboarding
Gartner defines contact center as a service (CCaaS) as solutions offering SaaS-based applications that enable customer service departments to manage multichannel customer interactions holistically from both a customer-experience and employee-experience perspective. CCaaS is a key technology platform used to support the customer service experience, whether it be self-service or assisted by customer service representatives. All organizations need to offer customer assistance. The preference is for remote support via voice and digital channels over physical presence in offices and stores, though it is common for organizations to offer multiple options.
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Gartner defines the OFD market as the market for solutions that detect and prevent fraudulent actions within digital channels (browsers and mobile apps). OFD solutions provide a spectrum of capabilities within digital channels to prevent direct and indirect financial losses and to mitigate risks. Their core capabilities: Mitigate the activity of malicious automated bots; Detect account takeover (ATO) attacks and trigger remedial actions; Detect fraudulent activity in high-risk events along the digital customer journey, such as when customers make payments, transfer funds, perform account management actions or access personally identifiable information (PII).
Gartner defines robotic process automation (RPA) as the software to automate tasks within business and IT processes via software scripts that emulate human interaction with the application UI. RPA enables a manual task to be recorded or programmed into a software script, which users can develop by programming, or by using the RPA platform’s low-code and no-code GUIs. This script can then be deployed and executed into different runtimes. The runtime executable of the deployed script is referred to as a bot, or robot. RPA is used across numerous business functions for tactical task automation. Business and IT users can leverage RPA to: Move data in or out of application systems without human interaction (unattended automation). Scripts are designed to replicate the actions of a human interacting with those systems or documents, which usually do not have available APIs. The goal is to automate and complete a task successfully without human intervention. Typically, unattended automation is triggered by a system and bots executed on a server. Automate tasks with a human in the loop (attended automation). RPA can extract information from systems and related documents, shaping it and preparing it for consumption by a human at the point of need. Typically, attended automation is triggered by a human and bots executed on a local device.
Gartner defines sales performance management (SPM) as a suite of applications that enable the implementation and administration of commission-based incentive plans for sellers and other revenue producers, with variable short-term incentives. Vendors typically offer seat-based platform access for sales operations leaders, frontline sales leaders, territory managers and finance roles. Clients may integrate SPM applications with their customer relationship management toolset for workflow and data connectivity, and for opportunity estimation to drive seller behavior.
Gartner defines a voice of the customer (VoC) platform as one that integrate feedback collection, analysis and action into a single unified solution that helps organizations to understand and improve the customer experience. Feedback inputs extend beyond direct surveying to include other direct, and indirect and inferred sources. Voice of customer (VoC) platforms enable revenue and retention leaders to better manage the customer experience (CX) through a deep understanding of customer needs and perceptions. The resulting insights trigger recommendations and actions across the enterprise.