Resilient plc and Business Systems have announced a strategic partnership to enable compliance with both GDPR and MiFID ll compliance solutions.
These forthcoming regulations, due to come into UK law in January 2018 and May 2018 respectively, place great demands on organisations that need to record their business telephone calls, with significant penalties for firms that are non-compliant.
This year, we have teamed up once again with The Forum to find out if and how contact centres in the UK have improved in streamlining their Quality Monitoring.
With the help of our expert ‘Quality Management and Training consultant’ – Brent Bischoff, we’ve handpicked a selection of some of the most interesting results drawn from our annual survey – ‘The State of Quality Monitoring – 2017’.
Business Systems’ Tim Thurston explains how Interaction Analytics can be used to help comply with the ever tightening regulations within the financial services Industry.
Why is the adoption of Interaction Analytics gaining momentum within financial services?
In an effort to comply with the ever tightening regulations such as MiFID II, MAR and many others, Financial Institutions have re-focused their efforts on expanding their compliance teams as well as investigating already established technologies to help them on their compliance journey. One of these technologies is Interaction Analytics. As such, the uptake is growing. By enabling a more proactive approach and finding the areas of interest or concern before a regulatory request may be made, Analytics can prevent issues from escalating and demonstrate a healthy ethos within the organisation for managing risk.
The QM performance cycle is something most contact centers will be familiar with. However, most contact centers are failing at step 1. According to our latest report, The State of Quality Monitoring—2017, non-voice interactions are not being as closely monitored as calls. For example, only 32% of contact centers are evaluating web chat interactions and just 48% are evaluating email.
It is no secret that as a contact centre manager you have to be an expert at doing more with less and prioritising your goals as you go along. This usually means keeping your main focus on front office performance and excellent customer service. However, more often than not this can leave the back office, a vital branch of the operational family, at a disadvantage.
Fortunately, the same workforce management (WFM) solution which helps keep your front line in check can also work wonders for your back office. Here, we delve deeper into the world of workforce management technology for the back office and how it can help cut costs, meet service level agreements and establish operational efficiency.
As business environments become more competitive, the importance of team performance for organisational success increases significantly. NICE Performance Management provides a single source of truth for employee performance data and goals. In addition, it provides targeted coaching and gamification to motivate the right action.
Contact centre gamification is the implementation of game like mechanics in order to influence behaviour and activities. It is used to motivate and engage employees.
Following the recent strain of the WannaCry ransomware attack, experts have cautioned that the best protection for systems running the Microsoft Windows operating system, is to have downloaded a patch issued by Microsoft in March.
1. What if my server is no longer supported by Windows?
If your system is no longer supported by Microsoft (this includes Windows XP, and 2003) then this means your system is extremely vulnerable to hackers. In the voice recording world, a similar cyberattack could mean the loss of voice recordings and extremely personal data if a recording server is not up to date with the latest security patch.
When trying to meet and improve service level agreements, reviewing agents’ performance and providing adequate agent training is imperative for success.
Unfortunately, making time for training doesn’t always seem possible. Contact centers are notorious for being extremely busy and agent time is closely monitored to ensure that customers’ calls are promptly answered.
There are a few things that you can start implementing immediately to help meet training needs while investing less time and effort and improving your outcomes…
Working in a law firm means you probably take a lot of important calls on any given day, but if you really needed to, could you recount every call you have received and every detail discussed during these calls?
When talking to clients, it is vital to actively listen and note down important information. However, relying on taking notes during a conversation can be disruptive and may result in erroneous or missed details. Similarly, there may be instances when it is difficult to understand what the client is saying (noisy environment, talking quickly, speaking in a heavy accent etc). It offers lawyers peace of mind knowing that if necessary they are able to revisit the conversation post-factum and can therefore concentrate entirely on the conversation with their client.
How call recording can improve your law practice
Through call recording, staff can listen back to calls, pick up any missed information and/or clarify any misunderstandings, ensuring that nothing critical has been missed.
Compliance Project of the Year was another closely fought category at this year’s event, with the judges opting to award the win to Business Systems for its Vocal Wordwatch solution.
Financial institutions today are facing tightening national and international regulatory requirements, as government authorities collaborate to uncover suspicious trading activities. One of the most important requirements for financial institutions is the archiving, storage and replay of telephony, radio and turret recordings for set amounts of time, which can be up to seven years. Archiving consists of not only storing past recordings for a set retention period, but also the ability to quickly identify and retrieve recordings when required. Continue reading →