Online meetings, virtual events, and conference calls have been essential for business communications. Voice and video calls have also dramatically increased. Thus, these emerging trends in communications have made it necessary for organizations to use surveillance technologies to monitor calls at work. For compliance in call monitoring and recording, organizations should have call monitoring capabilities that cover all communication channels.
In addition to complying with regulatory requirements, mobile call monitoring can assess and improve employee performance and maintain customer satisfaction. This will help increase the productivity and efficiency of your organization. Analytical data from call monitoring is an excellent way for organizations to improve their processes, gain a competitive edge in the market, and provide valuable insights.
What is effective call monitoring compliance?
Effective Call Monitoring Compliance is a vital regulatory component in many financial institutions. Regulators are increasingly finding the current voice calling recording and monitoring practices in many financial companies. Financial Conduct Authority (FCA), which is one of the UK regulators, obliges UK firms to monitor the telephone calls of their workers.
Financial firms must have internal controls that ensure all customers are treated equally under the FCA requirements. The Compliance Officer must implement a call monitor solution to detect if advisors are acting consistently with their customers when speaking on their mobile phones.
Another European law that requires European banks to have a strong call monitoring plan is the Markets-in-Financial Instruments Directive II. This financial system requires that all communications and telephone calls are recorded.
Proactive monitoring by using Real-Time Speech Analytics
Reactive call monitoring must be replaced by proactive call monitoring to stop unethical conduct in the financial industry. The company must also invest in speech–to–text analytics able to convert voice communications into understandable text for further analysis. An increasing number of financial institutions are embracing voice recognition, text mining, speech analysis, and text mining as core compliance strategies.
Advanced companies can also take advantage of Natural Language Processing (NLP) and machine learning to identify a person’s behaviour based on their language. It creates a contextual understanding of the entire call and reduces fall positives.
Companies require a real-time call recording system to accommodate the multichannel communication environment in today’s financial market. Relying on legacy systems alone will disadvantage them significantly because they cannot analyze customers’ behavior. It also puts them at risk for compliance by not being able to archive electronic communications regulators considered high-risk areas of trade abuse or market manipulation.
To learn more about call monitoring program, here is an infographic from Telemessage.