Call Recording Featured Article

Financial service organizations need to record and archive mobile phone calls under requirements by way of the Dodd Frank Act, and while that may seem like a hindrance to some, a new white paper from Ovum (News - Alert) says that call recording can actually do good in terms of staying secure and getting a leg up on the competition.

Back in 2010, President Obama signed landmark legislation designed to protect the rights of the customer and usher in a new age of accountability for the financial services industry. The legislation outlines the requirement to record all oral communications relating to pre-execution swap trade information, including communications that ultimately lead to a related cash or forward transaction.

Additionally, financial organizations are required to maintain all such records in a manner that is searchable by transaction and counterparty. These call recordings must be maintained in searchable format for a period of one year.

While regulations as such may seem like something that can prevent profit growth, market intelligence from Ovum begs to differ.

Mark Miller, T-Ware Connect’s head of North America, said in a statement, “It’s easy to view regulatory compliance as a cost center, but the right technology can turn it into a source of revenue. Already some Wall Street banks are using analytics to extract trading pattern insight from their voice recordings. This can be used in a number of ways from spotting wrongdoing to identifying new opportunities. It won’t be long before the wider industry follows this trend.”

Benefits of call recording mean businesses can use analytics technology, from the ability to identify internal wrongdoing before it snowballs out of control, to helping to ensure an organization’s mobile device strategy does not compromise security and compliance.

“There’s a lot of confusion and misinformation when it comes to banking regulations and the requirement to record mobile phone calls,” said Rik Turner, a senior analyst with Ovum. “We commissioned this white paper to help financial services businesses gain a clear understanding of what the rules are and what risk they’re exposed to by non-compliance.”

Call recording is utilized in many different industries including public safety, financial, healthcare, call centers, education and more in call centers all over, and provides valuable feedback in a variety of ways through the data it collects.