How it works

VERBA started out as a means to streamline the processing of external complaints within the FMA’s department for consumer information and market monitoring: Before the tool’s implementation, all team members were required to manually log external inquiries into the FMA’s system and perform legal checks – a time-consuming process. Thanks to the AI support provided by VERBA, this essential task is now fully automated.

The innovative software automatically catalogues and categorizes incoming inquiries and rates them on a legal level – fully secure and compliant with FMA’s audit standards. As such, a considerable amount of time and resources within the FMA has been freed up, ensuring a higher level of efficiency throughout the financial monitoring process. Moreover, VERBA also includes an automated self-service reporting dashboard, which has helped streamline the inquiry process even further, as well as provided a simple, easy-to-grasp visualization of reports and an added layer of transparency in day-to-day operations.

The Big Picture

The successful implementation of VERBA is a prime example of how authorities, companies and other large institutions benefit from automating internal bureaucracy. Not only can tools like VERBA help with slimming down administrative structures, they are also a great way to optimize processes while still meeting important regulations or standards – especially in high-risk fields such as financial supervision. And they play a vital role in improving the customer experience, too: With more time and resources at their disposal, professionals can reply much faster to incoming inquiries, which in turn raises the overall service quality and client satisfaction.