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Proactive Call Extraction: Identifying Risks Before They Happen - Business Systems UK Ltd - ContactCenterWorld.com Blog

Proactive Call Extraction: Identifying Risks Before They Happen

Another day another regulation: Identifying Risks before they happen with Call Extraction

As data regulations continue to tighten, trade reconstruction has become a priority for compliance managers in the financial sector. No longer is it enough simply to record telephone transactions and keep them filed away in a database somewhere, just in case. With the stakes for data and privacy infringements higher than ever, compliance demands a proactive approach, the ability to turn call recording into actionable 360-degree insight so risk factors can be spotted and issues resolved before they happen.

One of the scenarios compliance may come across is how to integrate sophisticated analytics platforms with legacy call recording systems for effective data extraction - which is where a tool like Wordwatch comes in.

Let’s take an example. Helen is Head of Compliance at a large multi-national bank. She knows full well that the implications of MiFID II regulations require a more proactive approach. Despite her organisation handling thousands of calls and communications every day, she recognises the need to have eyes on exactly what is happening across all trades so she and her team can identify potential risks at the earliest possible moment.


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Helen has just implemented a bespoke trade reconstruction/analytics tool. She wants to integrate it with her call recording data monitor for certain ‘high risk’ words and phrases. When the analytics platform picks up on these phrases, it can automatically extract the relevant communications, reconstruct the trade and provide Helen’s team with all the information they need to take decisive preventative action.

But Helen is running into problems. Because the call recording system used by her bank is a few years old, it is difficult to find up-to-date trade reconstruction tools compatible with it. In addition, her organisation uses a number of different interaction recording systems that don’t talk to each other - for example, landline, mobile and IM - making attempts at gaining complete insight more complicated.

The integration process for this will have to be done manually, a lengthy, cumbersome process. It will mean taking live systems offline, and due to its complexity the likelihood of human error is high. She also has the issue of systems from multiple vendors and she is looking for a solution that will work across multiple platforms.

Call Extraction With Wordwatch

Wordwatch provides the answer to Helen’s dilemma. Wordwatch is designed to extract call data from any recording systems (regardless of location or age) so it can be used in other applications - like, for example, analytics engines and trade reconstruction tools. Its key benefits are:

  • It is vendor agnostic: Wordwatch’s extraction module will retrieve calls from any platform, be it legacy, mobile, cloud-based or on-premise, and export it into any analytics engine. It can extract audio and metadata from several systems at once while they are still running and retains all data in its original file structure and format.
  • It automates the extraction process: With Wordwatch, there is no lengthy manual integration between call recording and analytics tools. Set up can be completed while the call recording system is still live and leads to faster, more cost effective data retrieval. Bulk exports happen in close to real time to enable proactive analysis and intelligence.

For Helen and for all trading floor compliance managers, Wordwatch provides peace of mind and allows her to create a safety net to mitigate against risk. By having an extraction engine that is automated and vendor agnostic, Helen will have complete flexibility on how she wishes to analyse her data and what data she needs analysed. The open compatibility with other platforms also means Helen can choose to switch her call recording and/or trade reconstruction solution anytime she likes, future proofing her bank’s investment.

Wordwatch Extraction is one of four modules in the suite that also includes Replay, Store and Report. To find out more about how WordWatch can help you, please get in touch with us today.

Source: https://www.businesssystemsuk.co.uk/blog/2018/09/18/proactive-call-extraction-identifying-risks-happen/

Publish Date: September 18, 2018 5:00 AM


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