We enable MiFID
II compliant recording of secure voice, text, and document communication making
employees’ smartphones safely available for customer Interaction. We enable
high quality, secure communication for end users and bring back lost privacy to
their smartphones with our patented face recognition. We enable safe and secure
communication for your firm and protect you from espionage, data theft, fraud,
and hacking
Following the financial crisis, the Mifid II
directive aims to strengthen investor protection while improving transparency,
governance and customer protection. One of the main issues in the past has been
ineffective recordkeeping of sales transactions, giving rise to conflicts of
interest and a reduction in customer trust. This new directive seeks to
establish more robust governance requirements to ensure that firms protect the
interests of clients and the integrity of the financial markets.
Having an audio trail of what was discussed during
a conversation is the only accurate method of recording what happened, hence
one of the biggest changes Mifid II brings is how to record a call effectively
– but without disruption to caller experience. Businesses need to overhaul
every facet of this technology from the storage and use of recordings, through
to the enforcement of call recording itself.
In many cases, organizations have previously been
exempt. However, despite this plethora of challenges - if implemented and
managed correctly – detailed call recording provides an array of opportunities.
The
transformation of data into intelligence
As part of the new Mifid II call recording
requirements, compliance officers will be required to periodically review calls
and be able to demonstrate to the regulator that they have done so. Therefore,
recordings must be easily retrievable and so any call recording solution implemented
will have to allow for files to be accessed almost instantaneously. This will
make company data far easier to use for business insights. Furthermore, as the
data retention storage period for call recording moves from six months to
five-years, there are benefits to be realized from keeping data for increased
periods of time; the longer you retain records, the more business intelligence
you have to use.
Creation
of an omni-channel
Mifid II brings all forms of electronic
communication into scope. This provides an end-to-end view of all discussions
with clients and standardization across all distribution channels; meaning more
effective communication, greater oversight – and, of course, a competitive
advantage.