In an effort to comply with ever-tightening regulations such as MiFID II, Financial Institutions have re-focused their efforts on expanding their compliance teams as well as investigating already established technologies, such as Speech and Text Analytics.
This technology has proven to be extremely useful in:
Preventing issues from escalating by providing the necessary means to search proactively through recordings for ‘high risk’ keywords and phrases
Supporting compliance by quickly finding and retrieving calls requested by regulatory bodies
In light of MiFID II, entry level analytics solutions have gained popularity, with packages now available on a competitively priced license, which can be easily and effectively budgeted for.
Winter is here, and with it comes a group eager to devour all that may lie in their path.
Luckily, it’s not the white walkers from the hit show Game of Thrones, but a whole other type of army – shoppers waiting to grab the latest bargains in the lead up to the festive season.
Black Friday takes place this year on November 24th and if it’s anything like 2016 which saw an estimated spend of 2.9 billion* (with savvy shoppers also browsing online in order to avoid the high street chaos), contact centres handling inbound customer contacts will need to be ready to handle the repercussions of online as well as offline customer purchases.
With regulators across different markets demanding for increased trade transparency and longer retention periods for call recordings; how can financial firms keep on top of their call recording estate?
Not to state the obvious but, it won’t be long before MiFID II comes into effect in January 2018. It’s practically Christmas already.
Data sits at the heart of these regulations. MiFID II aims to improve quality of advice and investor protections, and in doing so requires extensive data recording.
Call recording and retention of calls is no longer a ‘nice to have’, but a serious FCA requirement extended under the financial legislation of the Markets in Financial Instruments Directive (MiFID II).
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. Continue reading →
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.