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.
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.
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.
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:
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.
Publish Date: December 11, 2019 5:00 AM
|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
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.
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-...
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.
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.
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.
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...
PH: 0800 999 1882
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
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
Analysis that empowers your business
Get actionable insights from all your customer interactions
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
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
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
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