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

Upcoming Events

TRAINING IN CONTACT CENTERS

How To Enter the 2020 Members' Choice Awards - For Vendors

HOW TO CELEBRATE INTERNATIONAL CONTACT CENTER WEEK

EMPLOYEE ENGAGEMENT

HOME AGENT TECH & ENVIRONMENTS

Keeping on Top of Regulatory Compliance with Legacy Recording Systems - Business Systems UK Ltd - ContactCenterWorld.com Blog

Keeping on Top of Regulatory Compliance with Legacy Recording Systems

Record keeping is a critical part of the compliance agenda for any financial services firm. Across banking, investment, trading and insurance, whether you operate in business or consumer markets.  All companies are under ever closer scrutiny and face the huge burden of having to demonstrate immutable records of all their dealings including what they have to store, how they store it and how accessible that data must be.

To say that the web of different laws and statutory regulations that financial services providers must navigate is complex is to put it mildly.

Whether you are selling or advising on insurance products, investment vehicles, loans or credit cards, bodies like the Financial Conduct Authority (FCA) demand a clearly auditable trail of evidence for every transaction and recommendation to ensure you have stuck by the rules and they must be produced at short notice (Dodd Frank specifies within 72 hours).

On top of that, with the recent introduction of the GDPR, you also have to guarantee all record keeping meets stringent data protection and privacy rules.

All of this puts compliance officers under enormous strain. Their job hasn’t been made any easier by the number of channels through which companies do business has multiplied rapidly in recent years. Maintaining up-to-date, centrally managed, ordered and transparent records across branch offices, multiple call centres and numerous different branded websites presents huge logistical challenges.

When there is little integration between channels and only manual processes to fall back on, the compliance burden can become close to unmanageable.

Call recording compliance

In recent times, a lot of attention has been paid in the industry to the so-called MiFID II EU directive which requires anyone involved in financial instruments and commodity derivatives trading, from independent advisers to multinational investment banks, to record and keep all telephone conversations relating to the market. But in truth, compliance officers have long faced dilemmas over call recording.

For example, call recording platforms were traditionally installed on premise at each individual call centre, with no integration with systems elsewhere. If a company had different contact centres for distinct sales and service departments in different locations, these would all record conversations with customers and clients on completely separate systems.

Throw into the mix that some of these banks and contact centres could be on their 2nd, 3rd, 4th and even 5th generation systems most of which have reached end-of-life, the challenge to manage this data becomes even more complex.

If the Compliance Officer comes knocking perhaps investigating an alleged incident of miss-selling, this would cause your compliance team a huge headache. Trying to create a call audit trail to trace who said what and when would become a time consuming, laborious task - hardly in the spirit of transparency regulatory authorities now expect.

Call Recording infrastructure challenges:

  • Systems becoming end-of-life voice (software & OS) but the data still needs to be accessed
  • Legacy systems from multiple vendors causing technical challenges when a recording needs to be quickly pinpointed
  • Bulk extracts need to be performed from legacy and live voice systems
  • A growing infrastructure equates to growing costs
  • New channels are evolving that need to be recorded and captured and managing those interactions has become more complex
  • Core data needs to be kept in its original format to ensure the integrity is not diminished
  • Even though some systems may still be supported they don’t have the up to date technology required to use the data to meet changing regulatory and business needs
  • There is a lack of global view of live and legacy voice data
  • Organisations need to access voice data through open APIs
  • Requests from compliance teams who want to be able to self-serve are increasing but it’s impossible to grant access with separate silos of data

You might well ask, if my company still runs legacy call recording applications on premises in various locations, what options are there for improving archive management and auditing other than upgrading to a new, centralised system?

It goes without saying, the unification of both live and legacy call recordings is essential in achieving compliance and operational efficiency and, despite the disparate technology that has proliferated, help is available through the use of sophisticated federating software providing uniformity of control and access across the estate or enterprise.

Full visibility with Wordwatch

The pull of a technology portal that services the world of investment banking and financial institutions is enticing. Nestling in the Gartner Magic Quadrant ‘Enterprise Information Archiving’ (EIA) and Enterprise Information Management (EIM) technology space, Wordwatch is just that portal.

Wordwatch brings together this mixed bag of call recording platforms and siloed data that these organisations produce. The federation process provides:

  • Access to data from any system – regardless of manufacturer be it live or legacy
  • Uniformity of data extracted from the disparate call recording platforms
  • Full control over access to the data
  • Compliance-hold
  • Deletion criteria and total audit activity i.e. the ‘Gold Standard’

Already used by some of the world’s largest banks, Wordwatch is attracting attention because of its ability to manage any call content, whatever the format or original recording system.  This is attesting to be a substantial aid to productivity while contributing directly to regulatory compliance – the siloed data is now a thing of the past and no longer the bane of the Chief Compliance Officers life.

If you are looking for a way to streamline your call recording processes, reduce TCOs for your recording solutions and improve compliance, get in touch with Business Systems UK and book a Wordwatch demo today.

Source: https://www.businesssystemsuk.co.uk/blog/2019/12/11/compliance-legacy-recording-systems/

Publish Date: December 11, 2019 5:00 AM


2020 Buyers Guide Artificial Intelligence

 
1.) 
Acqueon Technologies Inc.

Acqueon's AI-driven conversational engagement software enables sales, marketing and service organizations to engage in emotionally connected dialogs with customers via their channel of choice for significantly improved results. The Acqueon suite adds multichannel campaign management, contact center analytics, desktop, and CRM connectors for your contact center software of choice, including Amazon Connect, Cisco, Nice inContact, and Twilio. Acqueon conversational engagement software leverages the Acqueon IQ platform to aggregate data from the various applications, assemble rich customer contexts, and drive next-best-action using powerful statistical and predictive models.
PH: +1 888-946-6878

2.) 
Agara

Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.

Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.
PH: +1 (512) 333 4634

3.) 
Balto Software Inc

Real-time call guidance and post call data analytics
Balto Software is a provider of real-time intelligent call support and coaching. Our software solution leverages artificial intelligence to listen to both sides of a call and deliver mission-critical information and feedback to sales representatives immediately. Our solution is fully customizable and our current customers include sales teams and customer service groups in sectors ranging from debt collections to healthcare and home improvement.
PH: 855-GO-BALTO

4.) 
Daisee

Daisee
Daisee builds technology that empowers people to solve problems by making interactions simple and smart so they can have a more significant impact, be more productive and be better at what they do. We believe incremental improvements carry huge potency and provide exponentially greater change for the better.

Genesys customers can now automate risk and quality management using Daisee’s speech and sentiment analytics and remediation workflow software. Daisee helps improve customer experience, ensure regulatory compliance, identify missed commercial opportunities & training requirements as well as provide valuable insights back to the business directly from the frontline – the true voice-of-...
(read more)
PH: +61404697151

5.) 
eGain Corporation

Automate the routine and boring and augment the interesting with eGain AI (Artificial Intelligence). eGain is a pioneer in AI for contact center customer service and customer engagement and has developed cutting-edge technology as also best practices and proven use-cases over the last two decades. eGain’s patented Case-Based Reasoning (CBR) technology, called Guided Help, is a simple but powerful AI technology used to find answers to customer issues, and for process guidance and decision making. Along with Knowledge and Analytics, Artificial Intelligence forms the core of the eGain Customer Engagement Hub platform and its omnichannel and digital-first capability.

6.) 
Eudata

Convy.AI
Scale up your business using Convy AI, the artificial intelligence that acts like a human helping enterprises to better interact with their clients and agents to be focused on the value added transactions.
Convy.AI is used to support, entertain and simplify the experience of million of customers every month.
Convy.AI understand natural language (but supports also button based UIs), simply integrate many front end (chat, email, whatsapp, IVR, Alexa, google home, ...) and it's zero code admin interface enables everybody to manage conversations.

7.) 
ExecVision

ExecVision is a conversation intelligence platform built to drive human behavior change which positively impacts individual, team, and organization performance. The software ingests, transcribes, and analyzes conversations to provide actionable insights for coaching, upskilling, and more informed decision making. Sales, QA, customer success and support teams use ExecVision to create a consistent experience across the customer journey.

8.) 
Koopid

KoopidAI
Most customer-facing interfaces make it the end user’s job to figure out how to navigate and find their way to where they need to be. This is true of websites and mobile apps as much as it of touch-tone IVRs. The interface is usually designed for the most generic of uses; and because making changes is expensive and time-consuming, these interfaces tend to be inflexible with regards to evolving times, use cases or user needs.

AI can help create user interfaces that are adaptable and personalized. Advances in Conversational AI make it possible to interact with the user in natural language. Many IVRs are being re-configured to work this way and businesses are also introducing text-based cha...
(read more)
PH: 0800 999 1882

9.) 
LivePerson

Automate up to 70% of messaging conversations on your website, SMS, Facebook Messenger, Apple Business Chat, WhatsApp and more. LivePerson has a complete solution to create, manage, and optimize bots for businesses of all sizes.

10.) 
Mediatel Data Srl

Contact Center Solution AI-Driven
Mediatel Research and Development team developed Artificial Intelligence Engine, part of the Contact Center platform, suitable for vocal interactions using Natural Language Processing modules and digital interactions, used in chat sessions, for chat bots, email management for email dispatching or text messages.
PH: +40 722 744 417

11.) 
MFE International

Oracle Digital Assistant
The next generation state-of-the-art text and voice AI Chatbot . No coding required.
Reduce call volumes by 30-60%. Reduce waiting times

12.) 
Summatti

Analysis that empowers your business
Get actionable insights from all your customer interactions

13.) 
TrendzAct

Trendzact AI On-Demand
Trendzact provides on-demand data science Insights team who will solve the AI resource dilemma. Our Insights team will apply machine learning models into your business processes and build functionality such as natural language processing and service level agreement (“SLA”) diagnostics into your CRM solution. Use AI for aftercall documenation, agent sentiment analysis, proactive agent guidance and anomaly detection with real-time alerts
PH: 3854343250

14.) 
virtualQ

virtualQ’s AI-based, enterprise solutions
virtualQ GmbH designs and develops enterprise software that enables companies to control incoming calls to its service centers 24/7 without waiting times. We offer an intuitive virtual assistant platform that reduces waiting times on the phone, provides information to callers, answers recurring customer inquiries, collect customer satisfaction surveys, and display a data dashboard to track performance. We employ artificial intelligence to provide intelligent call-backs, appointments, FAQ bots, voice IVR, virtual assistants, high call volume management, and more! All of our products and services are quick add-on solutions for companies who want to take advantage of AI.
PH: +49 176 5683 8890

15.) 
VOZIQ

VOZIQ Predictive Customer Retention Solution
VOZIQ is the only cloud-based predictive retention solution that is powered by 10+ targeted machine learning models to enable recurring revenue businesses to predict customers who are at-risk of cancellation and prevent the cancellation by driving large-scale actions through contact center customer care, marketing and field channels.

With pre-built AI/ML models using both structured and unstructured data, risk driver libraries and multiple deployment options, VOZIQ’s solution significantly cuts time-to-value in industries such as home security and automation, pest control, home warranty, deregulated/retail energy providers, telecom, and insurance.
PH: +1 (888) 427-2328
 



View more from Business Systems UK Ltd

Recent Blog Posts:
How To Manage A Gradual Return To The Office With Workforce PlanningJuly 20, 2020 5:00 AM
Navigating & Adapting Your Contact Centre For the FutureJune 10, 2020 5:00 AM
Top Tips for Combating Challenges In The Contact Centre During COVID-19April 28, 2020 5:00 AM
Top 10 Tips For The Modern Contact CentreApril 8, 2020 5:00 AM
Mobile Call Recording – How To Keep Traders TradingMarch 30, 2020 5:00 AM
Real-Time Adherence – A Key Ingredient To Help You Manage Your Workforce RemotelyMarch 25, 2020 5:00 AM
How To Manage Remote Contact Centre Agents During the COVID-19 OutbreakMarch 25, 2020 5:00 AM
Top 3 Resource Planning Techniques Within The Contact CentreMarch 13, 2020 5:00 AM
Business Systems (UK) Ltd Shortlisted for Major Sector AwardsJanuary 31, 2020 5:00 AM
5 Top Ways of Using Artificial Intelligence in the Contact CentreJanuary 27, 2020 5:00 AM
Submit Event

Upcoming Events

15th annual Best Practice Conference - this is the contact center world's most highly rated event - a whopping 100% of delegates say they would recommend it!

100's of best practice tips and ideas from contact center professionals Read More...
 7
 10385 
Share

Latest Americas Newsletter
both ids empty
session userid =
session UserTempID =
session adminlevel =
session blnTempHelpChatShow =
CMS =
session cookie set = True
session page-view-total =
session page-view-total =
applicaiton blnAwardsClosed =
session blnCompletedAwardInterestPopup =
session blnCheckNewsletterInterestPopup =
session blnCompletedNewsletterInterestPopup =