Call Monitoring: Financial Organization Compliance

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Embracing remote and hybrid working structures is the new normal for financial organizations, and emerging communication tools and technologies dominate the workplace. Virtual events, meetings, and conferences have become essential for ongoing business communications without any hindrance. As a result of this digital transformation, voice and video calling through different instant messaging platforms have massively increased.

Under these growing trends in communications, leveraging surveillance technologies to monitor ongoing work-related calls and record voice calls and text message monitoring has become critical for organizations. From virtual meetings to simple client communications, call monitoring covering every communication channel should be done by businesses to satisfy call monitoring and recording compliance.

Besides demonstrating compliance with the various existing regulatory requirements, call monitoring is important to maintain quality standards, assess and improve employee performance, improve customer satisfaction and boost the efficiency and productivity of the organization. Also, analytics provided by call monitoring helps organizations improve their processes and gain a competitive advantage in the market.

Call Monitoring for Regulatory compliance.

Call monitoring helps prevent unethical business practices and facilitates a better customer experience. Financial advisors must demonstrate compliance when speaking with their customers over mobile phones. Many financial regulators mandate call monitoring in financial firms to allow compliance officers to monitor this ethical behavior. Some notable regulations include:

  • In the UK, FCA requires financial firms to implement call-monitoring solutions to ensure their internal controls allow treating all customers according to their standards.
  • According to the MiFID II regulation, European financial firms must have a solid call-monitoring strategy. This includes recording telephone conversations and electronic communications like mobile calls, text messages, and instant messaging chats.
  • GPDR requires monitoring and recording phone calls with the highest data protection principles.

Firms must take a proactive approach to communication compliance.

Technology has advanced beyond traditional phone calls. Thus, financial firms are now responsible for monitoring all calls through mobile, instant messaging, and social media. Hence, regulated firms must invest in monitoring solutions to proactively identify fraud or regulatory compliance breaches.

This proactive compliance solution should be able to:

  • Automatically raise alerts on non-compliant calls as they occur.
  • Reconstruct all trading conversations through different communication channels as they occur.
  • Facilitate efficient and intelligent searching

AI-based modules for proactive compliance.

As part of proactive communication compliance, firms must invest in call monitoring solutions with speech-to-text analytics that transforms voice communications into readable text format for further analysis. This technology enables compliance officers to check for non-compliant terms in communications early and introduce remedial measures to prevent using them in further conversations. This capability allows compliance officers to create filters for specific non-compliant words or phrases.

The monitoring solution then flags calls where these words or phrases pop up. This makes the on-site audits faster and more efficient than in usual reactive compliant measures. More advanced AI-powered call monitoring tools can convert voice calls or voice recordings to searchable text and learn the voice patterns of the speaker. With time, such systems can identify the meaning of technical terms and abbreviations.

Companies can also build a contextual understanding from phone conversations by leveraging Natural Language Processing (NLP) and machine learning to determine the customer’s behavior based on their language. This helps to reduce the fall positives of the alerting systems.

Non-compliance with the various regulatory requirements results in hefty fines. For example, non-compliance with the GDPR can result in penalties reaching up to €20 million or around four percent of a firm’s annual revenue. Some regulatory fines in the United States cost about $10,000 per infraction, which could be effectively circumvented by implementing the compliance solutions such as an enterprise messaging platform.

Maintaining quality standards of conversations.

When monitoring recording phone calls to satisfy call recording compliance and other important requirements, preserving the quality of the conversations is very important. For instance, according to MiFID II compliance standards, recordings are of poor quality, inaccurate, and incomplete, deemed uncompliant. It is difficult to achieve that with legacy call monitoring systems. Companies must invest in a solution that enables them to ensure quality recordings of phone calls. If the conversations have glitches, it can be difficult for a compliance officer to reveal the intended purpose behind the conversation, wasting time and money on their investigations.

Also, in another aspect, call monitoring help organizations improve the quality of customer and employee conversations. For example, firms can check if the call with the customers has external noises, delays in responses due to network issues, sudden breakages of the conversations, and many more glitches that provide a poor communication experience to the customer. Real-time monitoring allows where the problems lie and take remedial measures to improve the quality of the conversations in the future.

Improve employee performance

Call Monitoring significantly boosts employees’ performance in day-to-day conversations with clients, users, prospects, or suppliers. Monitoring and recording your employees’ interactions with these entities help organizations check the staff’s performance. For example, if they successfully secured the trade, how much revenue were they able to generate through client engagements, anything negative that made losing customers, etc.

Firms can review the monitored calls and see the conversations of employees who excel at their

Work. They can formulate strategies to improve their organization’s operations from such conversations. The organization can use the recorded calls of an employee who excelled for training purposes. Also, through conversations that lead to negative customer impacts, firms can identify things employees should avoid at all costs.

Boost Efficiency and Productivity

Another value of call monitoring is the help they provide organizations to improve efficiency and productivity. Effective call monitoring solutions can detect the breakdowns and bottlenecks of processes and communications. For example, some employees may ask the wrong questions of the clients, make them go through unnecessary processes, and have lengthy conversations that do not satisfy the customers’ purpose for calling.

By detecting such conversations, organizations can search for where the problem lies. Such conversations can be avoided in the future by asking only open-ended, specific relevant questions. This saves both employees’ and customers’ time and boosts the efficiency of their internal processes.

How TeleMessage Helps Call Monitoring?

To satisfy the above-discussed requirements of call monitoring, having a reliable call recording solution that can capture conversations in the highest quality possible and, under any circumstances, is what financial firms must invest for.

The TeleMessage provides a Mobile Archiver that effectively addresses compliance, regulatory, and eDiscovery response requirements. The archivers comply with many compliance regulations, including MiFID II, SEC, Dodd-Frank Act, HIPAA, SOX, GLPA, and many more.

TeleMessage monitors, capture, and records mobile content, including SMS, MMS, voice calls, social media, and WhatsApp Chats from corporate or BYOD mobile phones. Messages are securely and reliably retained within TeleMessage servers or forwarded to your archiving data storage vendor. With our multiple archiving methods, you can always find the right tools or blend for your voice call recording and text message monitoring requirements:

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