Shiboleth
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Shiboleth is an AI-powered platform that automates consumer lending compliance by auditing customer interactions to detect and mitigate regulatory violations.
https://www.shiboleth.ai/
Product Information
Updated:Dec 16, 2024
What is Shiboleth
Shiboleth is an automated compliance solution for financial institutions, particularly in the consumer lending sector. Developed by Bivu Dhungana and Esty Scheiner in 2023, Shiboleth leverages artificial intelligence to streamline the complex and often ambiguous regulatory compliance process. The platform is designed to help banks and lending institutions efficiently manage their compliance obligations under regulations imposed by agencies such as the CFPB, FDIC, and OCC, with a current focus on UDAAP (Unfair, Deceptive, or Abusive Acts or Practices) and FDCPA (Fair Debt Collection Practices Act) compliance.
Key Features of Shiboleth
Shiboleth is an AI-powered platform that automates consumer lending compliance for financial institutions. It uses advanced natural language processing and machine learning to automatically flag compliance violations in customer interactions, identify trends, raise mitigation actions, and process large volumes of data quickly. The system focuses on regulations like UDAAP and FDCPA, helping companies reduce manual audit work and costs while improving compliance coverage.
Automated Violation Detection: Automatically flags compliance violations in customer interactions using AI and NLP.
Trend Identification: Identifies and isolates trends by comparing against public complaint data.
Rapid Mitigation: Raises appropriate mitigation actions as soon as violations are detected.
High-Speed Processing: Uses LLMs and NLP to process massive amounts of data quickly, clearing backlogs efficiently.
Comprehensive Coverage: Scans all customer calls, providing much broader coverage than manual audits.
Use Cases of Shiboleth
Consumer Lending Compliance: Helps banks and lending institutions automate compliance checks for regulations like UDAAP and FDCPA.
Customer Interaction Audits: Automatically audits customer service calls and interactions for compliance issues.
Regulatory Reporting: Assists in creating first drafts of reports for government regulators based on analyzed data.
Backlog Clearance: Quickly processes large volumes of historical customer interaction data to clear compliance backlogs.
Pros
Significantly reduces manual audit work and costs
Provides more comprehensive compliance coverage than manual teams
Offers rapid detection and mitigation of compliance issues
Continuously updates based on latest regulatory trends and public data
Cons
May require integration with existing systems and processes
Potential for false positives in violation detection
Reliance on AI may raise concerns about explainability for some regulators
How to Use Shiboleth
Sign up for Shiboleth: Visit the Shiboleth website at shiboleth.ai and sign up for an account to get started.
Connect your customer interaction data: Integrate Shiboleth with your existing systems to allow it to access customer calls, chats, and other interactions.
Configure compliance rules: Set up the specific UDAAP, FDCPA, and other regulatory rules you want Shiboleth to monitor for in your customer interactions.
Run initial audit: Use Shiboleth's AI to scan your existing customer interaction data and flag any potential compliance violations.
Review flagged violations: Go through the violations identified by Shiboleth and determine which require further action.
Set up ongoing monitoring: Configure Shiboleth to continuously monitor new customer interactions in real-time for compliance issues.
Respond to alerts: When Shiboleth detects a potential violation, review the alert and take appropriate mitigation actions as needed.
Generate compliance reports: Use Shiboleth's reporting features to create summaries of compliance status and trends for management review.
Refine and update rules: Periodically review and update the compliance rules in Shiboleth based on new regulations or changing business needs.
Shiboleth FAQs
Shiboleth is an AI-powered platform that automates consumer lending compliance for financial institutions. It uses artificial intelligence to audit customer conversations, flag compliance violations, and help create compliance reports.
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Analytics of Shiboleth Website
Shiboleth Traffic & Rankings
1.7K
Monthly Visits
#9058309
Global Rank
-
Category Rank
Traffic Trends: Jul 2024-Nov 2024
Shiboleth User Insights
-
Avg. Visit Duration
1.01
Pages Per Visit
57.56%
User Bounce Rate
Top Regions of Shiboleth
US: 100%
Others: 0%