March 11, 2024
Voyc’s 2030 Vision to Dominate Global Compliance Monitoring

Founded in 2018 by Lethabo Motsoaledi and Matthew Westaway, Voyc is revolutionizing call monitoring in the finance sector with its AI-powered software. Having monitored over 35 million interactions, the Amsterdam-based company aims to enhance regulatory compliance, boost operational efficiencies, and improve customer experiences.
The inspiration behind Voyc traces back to 2015, when co-founders and UCT Engineering Graduates, Matthew and Lethabo, encountered frustrations in their experiences with contact centers in the retail sector. Recognizing a prevalent issue of companies lacking in customer care, they decided to launch their own User Experience agency.
Confronted with the challenge of manually analyzing recorded interviews, they sought an automated solution. Finding none, they innovated Voyc to analyze conversations seamlessly, marking the launch of a tool designed to transform customer service in large corporations. We spoke to the founders about their company and future ambitions.
The key inspiration behind starting Voyc was to raise universal standards of customer care and build trust in financial services. We’re proud to say that this still guides us today, forming the basis of our company’s mission and purpose.
From the beginning, Voyc has been committed to ensuring that all end customers are treated fairly and feel cared for. At the same time, we strive to instill confidence in our clients that they can provide this level of customer service while remaining compliant. Our mission is clear: to empower customer-facing teams to handle every interaction with consistency and care.
Recent studies reveal a stark reality: while 80% of companies rate their customer experiences as exceptional, only 8% of customers share this view. This disconnect highlights a glaring lack of trust in customer experiences. Trust in the financial services sector is particularly low and there is an urgent need for a solution to rebuild customer confidence. As our team has grown and the company has evolved, our commitment to our mission remains steadfast.
The challenge we faced was quite unique. While we were confident in what we had to offer, our entry into the industry was influenced by a crowded telephony landscape. Despite the availability of various competing options, we noticed a trend: many companies continued to rely on manual quality assessing processes, such as filling out Excel sheets. We realized that this reliance stemmed from the constraints faced by many smaller, and even medium-sized, firms who couldn’t afford expensive tech solutions or additional staff.
However, they still faced the same compliance requirements as the rest of the industry. Recognising this gap became our driving force. We understood the need for a specialist solution that could support customers of all sizes in meeting compliance requirements, one that was both cost-effective and easy to use. We’re grateful we experienced this challenge early on, as it taught us that sticking close to your market and building solutions tailored exactly to your customer needs will always prevail.
Worldwide, regulations are emerging to ensure the fair treatment of customers. The FCA’s Consumer Duty in the UK is just one example we’ve seen. Many firms are stepping up to meet these standards, but it’s clear they need a partner to help bridge the gap between policy creation and implementation. This is where we believe Voyc, a solution specifically for financial services, stands out.
Through monitoring 100% of customer interactions and promptly alerting potential issues, we provide firms with a proactive approach to customer service and regulatory compliance. Insights gained from these interactions also play a key role in targeted agent training to help create an internal business culture that improves the overall customer experience and mitigates operational risk.
In essence, Voyc doesn’t just help companies establish solid plans. We actively support them in putting these plans into practice and then provide them with the data and insights necessary for monitoring, reporting, continuous improvement, and regulatory evidence.
By 2030, our goal is to have 51% of financial services customer interactions monitored by Voyc, and be the number 1 conversation and compliance monitoring solution globally. While this goal is ambitious, it helps us stay accountable as we continue our work to enhance service standards and build trust. In order to support this, we aim to expand into new markets and empower companies across the globe in managing their customer interactions consistently.
Our team recognises the increasing responsibility that comes with this level of growth. So while we focus our efforts to revolutionize how companies engage with their customers through next- generation accuracy, scoring, and reporting, we remain committed to never compromise on other essential elements such as ease of use and security.
We’re also working on a project aimed at helping customers easily identify firms offering superior customer service. While we can’t share too many details yet, this initiative represents a significant step forward in raising universal standards of customer support and trust in financial services.
At Voyc, we follow five guiding values that shape our company and guide us daily:
These values are at the core of everything we do at Voyc, guiding us in every aspect of our operations. From our decision-making processes to our interactions with one another and clients, as well as our approach to tackling challenges and seizing opportunities. The entire team is committed to these values, and we work hard to hold ourselves accountable to them. By staying true to these principles, we’ve created an environment where everyone can thrive and contribute their best.
At Voyc, we firmly believe in the power of collaboration and continuous learning. That’s what initially drew us to the Techleap Rise programme. Upon learning about the programme, we quickly recognised it as a once-in-a-lifetime opportunity to tap into invaluable resources, mentorship, and networking possibilities with other founders.
We were certain it was the right choice for Voyc, as it offers a unique space for companies in situations similar to ours. A space where we can connect with fellow founders, brainstorm, help each other, and foster continuous learning.
As founders, we understand that the challenges and opportunities faced by startups and scaleups are often shared experiences. The level of support offered by Rise is quite challenging to gain independently, and the connections we are building here help us unlock the potential needed to propel us towards our future goals.