Capturing Conversations: How The Finance Sector Is Keeping Compliance Under Control

By Ian Bevington

Photo by Karen Uppal on Unsplash

When it came to business continuity, financial service organizations were amongst the best prepared for the pandemic.

The initial lockdown provided an opportunity to test existing processes and advance understanding.  

A year on and we’re into rather different territory …

Initially, employees embraced the experience, finding new ways to work, stay in touch and socialise. The FCA made recording concessions to simplify homeworking and keep firms up and running. As we moved through 2020, it became apparent that the pandemic would be with us for the long term, leading to a permanent change in the way many of us work.

The changing face of work

As 2021 goes on, the pressure to get ‘back to normal’ is keenly felt, beginning with the FCA announcing an end to concessions. For most, however, that doesn’t mean returning to pre Covid working practices. The pandemic is very much present, we’re out of the commuting habit and reluctant to give up some of the work/life benefits. Our reliance on the office phone system, desktop phones and legacy recording has been weakened. The number of active Microsoft Teams users has more than quadrupled in 12 months, with some firms opting to displace their traditional business telephony.

Capturing conversations

As a result, it’s likely that your legacy recording is no longer capturing all the interactions that matter, increasing operational risk. Clarify is one of the few that can plug the gap between traditional and cloud communications systems to provide unified storage and administration. Clarify can record almost any PBX or hosted platform as well as audio, video and screenshare on Microsoft Teams, to support hybrid workers in the office, at home and on the move.

Evaluating conversations

Many financial services organisations deploy recording solely for compliance reasons and to help manage disputes. But recordings are also a rich source of information about your products, services and customer experience. Clarify’s Quality Management option provides a framework for assessing the quality of conversations by selecting and evaluating calls against agreed criteria to identify trends and weaknesses before they impact your business.

Automating analysis

Speech analytics takes evaluation one step further by using sentiment, emotion, overtalk and silence to analyse and score conversations. This advanced capability can be used to identify high risk compliance or customer experience calls for investigation. Alternatively, voice transcriptions can be passed to Microsoft Dynamics Insights for analysis.

Managing data

Keeping client data safe has never been more important. Clarify’s sophisticated access control, together with audit trails allows administrators to see who did what and when. All recordings are encrypted, can be stored as long as needed, and may be shared using a time limited link to avoid sending non-secure voice files to others.

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