Last week the Recordsure team attended a seminar on RegTech, Robotics and Compliance Transformation, which brought together various market participants in the RegTech arena to discuss the emerging issues in the RegTech arena. With just under a year to go until the implementation of MiFID II, it was one issue high on the agenda. One area of the directive that’s likely to have a significant impact is the expansion of the conversation recording requirements. Recordsure’s Commercial Director Mark Braddock considers five ways that these new requirements can generate a return on investment for your business.
In a recent blog post, Recordsure CEO Joanne Smith highlighted why you should be taking advantage of the data opportunities offered by audio analytics to give your business a competitive edge. The conversation recording element of MiFID II will provide a wealth of information about your customers, internal processes and systems, products/services and staff. This can then be utilised to inform business decisions and highlight areas of emerging risk.
It may be tempting to opt for the cheapest call recording technology, with basic capabilities, but there are five ways that the data mined from the recorded conversations can potentially provide a return on investment:
- Process efficiencies: data obtained on the customer journey and sales process can shed light on how you can optimise processes to make them more efficient and effective at meeting your customers’ needs.
- Better understanding of your customers: customer data can provide individual customer insights that can, if utilised correctly, can be used to drive a better customer experience and loyalty.
- Increased competitor insight: gathering data on what your clients say about competitor’s products and services can help to inform your competitor analysis.
- Improved staff performance: data on staff performance, the delivery of customer outcomes and service levels can drive initiatives in training and developments which can ultimately result in an improved customer experience.
- Enhanced compliance: you can effectively determine where future risks lie by gathering data on adherence to business or compliance rules. If utilised correctly, you can significantly reduce the potential for PBRs/remediation activity, fines and costly enforcement action.
To see these potential benefits realised, you’ll need to invest in call recording technology that goes beyond simply enabling the storage and retrieval of audio records. You will also need to dedicate time and resource to ongoing monitoring, to ensure that the technology continues to meet the standards required for call recording and the management information (MI) provided is being utilised effectively to deliver the right client outcomes and greater transparency. If the benefits on offer are maximised successfully, they can far outweigh the cost of implementation and any on-going fees.