Ovum welcomes in-network call recording by a mobile carrier - Cognia - ContactCenterWorld.com Blog
A new report by analyst firm Ovum[i] reveals that nearly three years after financial institutions were ordered to start recording and storing mobile calls, only around a third of those affected have managed to comply. Larger banks and those with operations in a number of jurisdictions appear to be struggling the most.
The new rules were introduced in 2011 by the UK’s Financial Services Authority – now the Financial Conduct Authority – in response to the growing use of mobile devices in financial transactions.
The delay in achieving compliance is particularly worrying now that the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) has also come into force. Any financial institution that trades in or with the US is required to record all voice communications that lead to the execution of a commodity interest transaction. Non-compliance is no longer an option.
The Ovum paper reports that institutions have reported mixed results with existing technology. While app-based solutions, for example, have the benefit of being a quick-fix, network-agnostic option that can be managed easily by the IT department – they also introduce connection delays and in-call latency, reduce phone functionality and cannot work across different operating systems. Basically, the user experience is dismal. In addition, they are vulnerable to employee workarounds: you simply uninstall the app.
An alternative and increasingly popular approach is to use a network based system that automatically triggers recording by the network. There is no need for internal management and no call delays.
However, until very recently there were two disadvantages to network-based call recordings. The first was a lack of international roaming capability, particularly across CAMEL and non-CAMEL networks (such as in China). The second was that the service was only offered by mobile virtual network operator that piggybacked an MNO’s network. Both significantly inconvenienced customers because they had to agree and then manage multiple supplier arrangements.
The situation is further complicated by the rise of BYOD – bring your own device, leading to an ever growing range of devices and operating systems being used for interactions.
What the market needed, according to Ovum, was an in-network mobile call recording solution delivered by a mobile network operator. In May it published a follow up paper that confirmed such a solution now exists. Ovum[ii] calls it a potential game changer.
Launched by Vodafone Global Enterprises, with Cognia’s cloud-based Communications Intelligence technology at its heart, the solution delivers a service that is truly international, supports both CAMEL and (imminently) non-CAMEL networks, is device independent, has a seamless user experience, is tamper-proof, secure, flexible and scalable and can store data either on premise or in the cloud, or both. Data that is then available for search and analysis, not just for compliance and risk management, but for customer service, productivity, business intelligence and growth.
Cognia is proud to be a part of this revolution. If you want to find out more about how this service could transform your mobile call recording and help you to achieve compliance easily and cost-effectively, please get in touch.
[i] Mobile Call Recording in the Financial Markets: Assessing the Impact and Opportunities Created by Changing International Regulation. Ovum, April 2014
[ii] Vodafone In-Network Mobile Recording – an MNO service that doesn’t require a SIM change, Ovum, 29 May 2014
Publish Date: October 6, 2014 5:00 AM
|All Suppliers||Get Listed|
|PREMIUMFuture Gen International Pte Ltd|
(VIEW OUR PAGE)
Outsourcing provider of English Call Centre services, Audio Transcriptions, Big Data ETL (Extract, Transform, Load) , Big Data Visualization, Big Data Predictive Model Generation
(VIEW OUR PAGE)
CTI Software is the creator of custom application called Davos, which complements the telephone client solutions with intelligent features such as automated call attendant, call recording and archivin...
(VIEW OUR PAGE)
Advanced AI technology and Natural Language Processing delivered to clients in the Cloud that harnesses both voice and digital conversations. The focus is on building an environment where intelligent ...
View more from Cognia
Recent Blog Posts:
|The hidden costs of pause and resume payment processing||March 30, 2016 5:00 AM|
|Cloud vs Onsite – 6 ways cloud beats on-premise infrastructure for contact center operations||August 13, 2015 5:00 AM|
|10 Reasons why contact centres are embracing the cloud||July 10, 2015 5:00 AM|
|The risks of payment card fraud and data breaches haunt contact centre managers||May 20, 2015 5:00 AM|
|Counting the costs of a contact centre data breach (and how to minimise your risks)||April 10, 2015 5:00 AM|
|How can you cope with new PCI DSS 3.0 requirements?||March 16, 2015 5:00 AM|
|PCI DSS compliance without the hassle and risk||March 6, 2015 5:00 AM|
|SSL is dead. Long Live SSL||February 23, 2015 5:00 AM|
|The journey of a PCI-DSS compliance project – Part One||February 9, 2015 5:00 AM|
|Breach, Brand and 5 things we know about PCI for 2015||January 27, 2015 5:00 AM|