3rd Party Remote Call Monitoring Feature
January 23, 2015
Swisscom Taps Crealog for Mobile Call Recording
By Michelle Amodio, TMCnet Contributor
Call monitoring headlines tell us that Swiss telecom company Swisscom (News - Alert) has tapped Crealog to record mobile phone calls and SMS along with other related data, a service that will help financial institutions to record and retain communications with their customers.
FINMA, the Swiss Financial Market Supervisory Authority, currently requires financial organizations to record information as a means to have evidence for whatever may arise. This shares similarities to the Dodd-Frank Wall Street Reform Act, which was 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.
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.
According to a recent press statement, Crealog’s Mobile Voice Recording technology helps organizations extend their compliance with this requirement to Swisscom’s mobile telephone network.
This type of recording can help with litigation, or as a means to better serve the customer base in the future. When paired with analytics, this kind of recording can also help financial institutions get a better grip on offenses or finding new opportunities.
Benefits of this type of call recording means 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.
Edited by Alisen Downey