With the introduction of MiFID II back in January last year and with regulations set to increase and become more burdensome, Financial organisations are faced with constant challenges around managing and accessing their call recording data.
Organisations need to be able to demonstrate immutable records of all their dealings and be able to retrieve these communications with precision and speed in the event of an audit or investigation.
It’s not just one or two issues that need to be managed – there’s a whole raft of challenges that at first glance can seem overwhelming. Faced with infrastructure complexity and records spanning decades, accessibility isn’t that simple and easy.
Obstacles getting in the way
So why isn’t it that simple and easy? What obstacles are getting in the way of organisations being able to easily access data in the event of an audit or investigation?
So how does an organisation deal with these challenges and issues? What if issues arise over mis-selling or compliance - will they be able to defend their position? If they can’t access their calls quickly, the greater the chance of redress – it’s a huge reputational risk.
So what’s the answer?
So what’s the answer if organisations have multiple systems from multiple vendors, some being end-of-life/legacy, some live, some on-premise and some in the cloud. To add to this complex estate, the recorders could reside in different locations and even different countries/continents.
Some organisations are choosing to use the vendor’s own extraction tools kits, which is fine if all their systems are from one vendor or if they don’t anticipate introducing multiple capture engines later down the line.
But if you are faced with the scenario of multiple systems, multiple vendors, live & legacy data then you need to find a smarter way of working. You don’t want to spend weeks on end sifting through monotonous call recordings to extract the relevant interactions.
So in comes Wordwatch!
The practical panacea for managing all of this is a central, vendor-neutral portal. Wordwatch is a unique portal that draws recording data from multiple call recording systems from multiple vendors (such as Redbox, NICE and Verint) whether they are live, legacy, cloud-based or on-premise. The data is presented in a single portal which allows the user to manage, replay, store, extract and report on.
Certainly, as both the communications volumes and regulatory burden continues to grow and become more onerous, it will take a forward-looking approach to stay in control.
So if your organisation needs to keep on top of regulatory compliance and is faced with a complex recording infrastructure and records spanning decades, then talk to our team about how Wordwatch can help.
Publish Date: May 21, 2019 5:00 AM
|1.)||Call Center Studio|
Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.
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