For decades, the financial industry has always been one of the essential parts of countless economies worldwide. Financial institutions hold billions of assets, considered the backbone of any society, allowing government institutions, private companies, and consumers to engage in trading efficiently. And since they play a crucial function in an economy, finance firms are subject to strict regulations from various governing bodies.
Statutes concerning the finance sector are imposed for many reasons, with many looking to improve the industry’s cybersecurity amid the rampant attacks from bad actors. However, standards are also set to ensure that processes and transactions are done efficiently. This also enables financial organizations to guarantee that their employees treat their clients relatively, primarily if they communicate through mobile phones.
For example, the Financial Conduct Authority (FCA) in the UK and Markets in Financial Instruments Directive II (MiFID II) of the European Union have set standards regarding mobile communications with customers. Their directive highlights the need for financial firms to have a mobile call monitoring system that helps ensure that processes abide by the standard.
However, with all the regulations for an effective call monitoring solution enforced, financial services might find it hard to comply with everything. Implementing some critical components in the call monitoring program can help them oblige the regulations without compromising the efficiency of their operations.
One of the prime elements that financial enterprises can do is to have a proactive approach when monitoring inbound and outbound calls using speech analytics. This would allow financial firms to convert voice communications to text in real-time to efficiently deter any unreasonable conduct that an employee might show while talking to clients. Some advanced companies leverage the Natural Language Processing (NLP) technology to help identify the behavior of the people talking in a call.
To learn more about how businesses can effectively comply with regulations through a call monitoring program, check this infographic provided by TeleMessage.
