Cookie Preference Centre

Your Privacy
Strictly Necessary Cookies
Performance Cookies
Functional Cookies
Targeting Cookies

Your Privacy

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences, your device or used to make the site work as you expect it to. The information does not usually identify you directly, but it can give you a more personalized web experience. You can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, you should know that blocking some types of cookies may impact your experience on the site and the services we are able to offer.

Strictly Necessary Cookies

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site may not work then.

Cookies used

ContactCenterWorld.com

Performance Cookies

These cookies allow us to count visits and traffic sources, so we can measure and improve the performance of our site. They help us know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited our site.

Cookies used

Google Analytics

Functional Cookies

These cookies allow the provision of enhance functionality and personalization, such as videos and live chats. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, then some or all of these functionalities may not function properly.

Cookies used

Twitter

Facebook

LinkedIn

Targeting Cookies

These cookies are set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant ads on other sites. They work by uniquely identifying your browser and device. If you do not allow these cookies, you will not experience our targeted advertising across different websites.

Cookies used

LinkedIn

This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of our products and services, assist with our promotional and marketing efforts, and provide content from third parties

OK
[HIDE]

Here are some suggested Connections for you! - Log in to start networking.

EXECUTIVE MEMBER
Ikhwal Sidiq
Assistant Manager Trade and Remittance Services
408
MEMBER
Andres Barrios
Cloud Campus Regional Director
2
MEMBER
Thamer Noori
Director of Industrial Security and Safety Dept.
13
MEMBER
David Chacon
Global Growth & New Operating Models Director
50
MEMBER
Jason Taylor
Officer of County 311 Services
0

Article : MiFID II – How a European Directive will Change the World

MiFID II is hanging like a sword of Damocles over European financial institutions. But as we are coping with increasing globalization, MiFID II isn’t limited by Europe’s borders. Moreover, even if MiFID II does not affect your organization immediately, meeting its requirements will ensure a competitive edge in the future.


MiFID II Background

The initial MiFID (Markets in Financial Instruments Directive) regulations were implemented in 2007. The EU directive improved investor protection and increased competition within financial markets. Moreover, MiFID increased transparency and harmonized the financial markets in Europe thanks to the enactment of similar conditions for all European nations.

However, the global financial crisis delineated many of the weaknesses of MiFID and led to MiFID II, designed to tighten regulations throughout the European Union.

MiFID II regulates all counseling in the securities industry - even preliminary interactions - by recording and archiving the entire communication. Upon any client’s request, a financial institution must provide this recording as an audio file or a written transcript. This rule ensures investment firms can verify any customer order.

MiFID II was launched on July 2, 2014 and will be enacted by all EU member states as of July 3, 2016. Full compliance with the regulatory laws will become mandatory on January 1, 2017. National supervisory bodies will apply harsh sanctions against any financial institutions violating MiFID II.

Global Impact of MiFID I

When MiFID was initially implemented in 2007, Roel C. Campos, Commissioner of the U.S. Securities and Exchange Commission, said, "Certainly US-based firms will need to comply with MiFID’s requirements in order to deal with European clients, counterparties or business partners. As such, MiFID will have an impact on US firms, but the degree of impact will vary depending upon the US firm business model. Those US firms, therefore, that plan on participating in European markets must, of course, comply with MiFID. Accordingly, MiFID's standards will influence investors in the US and across the world." In the same way, MiFID II will generate international reaction.

Moreover, the Great Recession of 2007 showed us that other nations besides the European Union may quickly implement compliance regulations similar to MiFID II. For example in the United States, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 14, 2010. Preparing today for tomorrow’s challenges will help financial institutions all over the world react quickly to new or developing legal situations while still maintaining and enhancing their market position.


MiFID II Challenges

One of MiFID II’s core challenges - the complete recording of all counseling interviews - can be handled through implementation of a Communications Recording solution. The chosen solution should offer:

  • Secure recording of all communication channels;
  • Multiple and secure archiving scenarios;
  • State-of-the-art encryption methods;
  • Flexible redundancy scenarios for fail-safe operation;
  • Search options to find and analyze conversations;
  • A complex access-rights management system based on true multi-tenancy.


Conclusion

Even on a voluntary basis, complying with MiFID II rules helps financial institutions based outside of the European Union achieve a competitive edge.


About Katrin Henkel:
Katrin Henkel, currently the Vice President of Sales and Marketing for ASC Technologies, has served with the company for more than 15 years. Previously, she worked for Siemens and obtained a degree from the Graduate School of Business Administration in Zurich, Switzerland.

About ASC:
Company LogoWith the solutions from ASC, users can increase their service quality, protect their assets and react optimally in emergencies. Challenges of this kind are part of daily business for companies and public safety organizations. With ASC at their side, they benefit from the practice-oriented approach of ASC to not only capture communications streams, but also to structure this flood of data into valuable information which enhances productivity and decreases costs. ASC is a worldwide software provider of omni-channel recording, quality management and analytics. We address all enterprises with recording needs, especially contact centers, financial institutions and public safety organizations. We record, analyze and evaluate interactions across all media, including fixed line and mobile voice, chat, video, screen and SMS. The content of communication becomes accessible and critical information and trends are revealed, providing real-time business intelligence for immediate management action. ASC offers its entire portfolio either as on-premise or as a service provider with a cloud solution. We believe in cloud, and thus offer a truly multi-tenant, highly scalable family of products and services – giving our customers full flexibility, allowing them to invest as they grow, always leveraging our latest technology. With subsidiaries in the United Kingdom, France, Switzerland, Romania, Dubai, United States, Brazil, Mexico, H
Company RSS Feed   Company Facebook   Company Twitter   Company YouTube   Company Profile Page

Today's Tip of the Day - Keep Cost In Perspective

Read today's tip or listen to it on podcast.

Published: Tuesday, November 24, 2015

Printer Friendly Version Printer friendly version

2024 Buyers Guide Automation

 
1.) 
Call Adapt

Soundboard Software
Call Adapt is a cloud-based digital soundboard application designed for contact centers. It works with any type of call and integrates with your existing dialer system. Powered by smart audio technology, Call Adapt gives your agents the ability to converse with customers in real time using programmed keyboard shortcuts. The result is perfect pitch delivery and less time spent on repetitive tasks.

2.) 
eGain Corporation

eGain Solve
Proven, Easy, and Guided Journey to Automate Customer Engagement in a Digital+AI World

3.) 
Pointel

Genesys Identity and Access Manager
Automated Provisioning Solution for Multi-Vendor Communication Platforms

Managing agent profile data across multiple systems is a big challenge for contact centers. The manual tasks of agent provisioning, decommissioning, daily change exercises, skill level synchronization, license recovery and detailed reports on usage are tedious, time-consuming, and often expensive for businesses.

Managing ID and access within a contact center is further complicated by profile information and requirements that vary from application to application. Automating the processes of onboarding and off-boarding in contact centers helps overcome these challenges and enhances agents’ productivity.

Pointel I...
(read more)
 

About us - in 60 seconds!

Join Our Team

Industry Champion Award Leaderboard

Most active award (top 10) entrants in the past 48 hours! - Vote for Others / About Program
Submit Event

Upcoming Events

The 19th AMERICAS Annual Best Practices Conferences are here! Meeting Point for the World's Best Contact Center & CX Companies Read More...
 31813 
Showing 1 - 1 of 3 items

Newsletter Registration

Please check to agree to be placed on the eNewsletter mailing list.
both ids empty
session userid =
session UserTempID =
session adminlevel =
session blnTempHelpChatShow =
CMS =
session cookie set = True
session page-view-total = 1
session page-view-total = 1
applicaiton blnAwardsClosed =
session blnCompletedAwardInterestPopup =
session blnCheckNewsletterInterestPopup =
session blnCompletedNewsletterInterestPopup =