Top 5 challenges of call recording
MiFID II came into play on the 3rd of January 2018. This has transformed some record-keeping practices within the finance sector, most notably perhaps the change it has made to call recording. With thousands of finance professionals moving around the world making vital transaction related calls on their smartphones, companies have had to design a compliant mobile recording policy to satisfy the regulators, the clients and their employees. The first step in achieving this feat is understanding the biggest challenges call recording presents and working with a partner who can meet each of those needs.
1. Providing a consistent user experience
Employees rely on their tools to perform in accordance with the standards expected of them by clients and senior execs. Many also have specific preferences when it comes to devices they use. Without a reliable and flexible call recording solution, this level of freedom will be impacted and there is a greater risk of non-compliant communications resulting is hefty fines for the company. With Truphone, our patented call recording technology is built into the network, so there are no irritating apps to download, install or update. Your employees can simply pick up the phone and call as normal.
2. Seamless global reach
Your client on the other side of the world is constantly at risk of being approached by a local firm, one of the ways in which you can compete is by appearing more local and more accessible than them. With Truphone's Mobile Recording system you can have a local number meanings your clients, whether in Hong Kong or Australia can call you on a number local to them at a local rate.
3. Quick and easy deployment
So, you've decided on a provider to help you meet your record-keeping requirements, the only problem is they've estimated a ridiculously long and complicated deployment process. Truphone Mobile Recording is available as a cloud-based, standalone solution charged on a per-user, per-month license basis. Meaning, you can deploy it quickly as you don't have to integrate with your existing in-house technology and processes.
4. Easy access to files
Being audited? Having to provide evidence for a client transaction? Accessing files can quickly become quite a struggle. You need an easy to access database for your files that is totally secure also. We provide dedicated customer keys to data, which we encrypt within Truphone Mobile Recording. So your organisation's data is always available when you need it, but only to authorised users via our secure web portal. You can choose how long to retain information for – MiFID II specifies five years as standard. You can also rapidly retrieve and export it, critical for compliance investigations.
5. Security
Call recording all comes down to security, the entire reason why this regulation exists is to protect the consumer and encourage trust. How secure will your client's most sensitive phone conversations be when recorded and stored? With Truphone Mobile Recording, we've been security-audited by over 60 financial institutions in tests taking up to six months. This has included hundreds of penetration tests. 9 of the world's top 12 banks trust us, maybe you should too.
And what about SMS?
Text messages also fall under the record keeping requirements of MiFID II. Truphone's solution also records and stores text messages enabling all around compliance. Speak to us today.
