Financial Services: Call Recording Answers the Regulators' Call
It has always been a good idea for investors to keep detailed records of all their financial transactions, including copies of statements, canceled checks, and order confirmations. Federal securities laws require brokers and other financial institutions to do the same. But while most laws have governed paper documents, new regulations that went into effect late last year are making it a requirement for financial services firms to record all customer phone calls as well.
The Dodd-Frank Wall Street Reform and Consumer Protection Act and other regional rulings, including those set by the Financial Conduct Authority in the United Kingdom, now require financial institutions to not only record all forms of relevant communications but also to make the recordings searchable, secure, and retrievable in a timely fashion. When questions arise, organizations will need to be able to quickly find specific information and reconstruct all interactions associated with any trade, regardless of how the transaction occurred, within no more than 72 hours.
With many transactions occurring over the phone, call recording technology is more important than ever. Market leaders Verint Systems and NICE Systems recently partnered with Truphone, a mobile network provider, to use its Truphone Mobile Recording technology to search, categorize, and report on voice, text, and data communications across mobile and land lines.
Verint integrated the Truphone technology into its Verint Recording and Verint Voice of the Customer Analytics solutions, while NICE's integration involved its NICE Trading Recording (NTR) solution. NTR's integration into the NICE Communication Surveillance platform adds an extra layer of protection by providing an investigational tool.
Truphone Mobile Recording provides recording in more than 200 countries. That is significant, according to Paul Liesching, director of enterprise solutions and partners at Truphone, who notes that many leading financial firms are compliant with regulations in at least one jurisdiction but not in others, especially as they cross international borders.
Verint has also tied the recordings to its speech and text analytics, further allowing financial firms to monitor calls in real time and analyze and manage the large volumes of phone call data. This data can help them to discover rising trends, detect anomalies, identify areas of opportunity and improvement, and alert them when agents are violating company protocols or falling out of compliance with industry standards.
A high number of large-scale data breaches in 2014 have also brought to light a greater need for Payment Card Industry compliance when conducting credit card transactions over the phone. Adam Faulkner, founder of analyst firm Sabio, predicted in his "Top 15 Customer Contact Technology Trends for 2015" report that in 2015, organizations will transition "toward a next-generation secure voice approach that effectively [avoids] the need to expose customer card data to the contact center in the first place."
The Truphone Mobile Recording solution splits audio into local and long-distance streams for recording compliance.
Voice quality check raises alarms when voice quality in recordings is poor.
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