Computers have always been ultimately about automating repetitive human tasks, be that on the shop floor or the back office. And it’s a trend that has got a new, robotic face in the form of something called Robotic Process Automation (RPA), demand for which is set to hit $1.3 billion this year.
Record keeping is a critical part of the compliance agenda for any financial services firm across banking, investment, trading and insurance, whether you operate in business or consumer markets. All companies are under ever closer scrutiny and face the huge burden of having to demonstrate immutable records of all their dealings including what they have to store, how they store it and how accessible that data must be.
To say that the web of different laws and statutory regulations that financial services providers must navigate is complex is to put it mildly.
In order to stay one step ahead, financial services organisations are shifting their focus to the customer experience (CX). Although operational efficiency and profitability are still top of the list, rising customer expectations and pressure from the competition has meant CX and everything that goes with it, needs to be heavily considered from a strategic perspective.
The meaning of customer experience can be defined in many ways. We think Gartner’s explanation hits the nail on the head.
According to Gartner, the customer experience refers to the customers perceptions and related feelings caused by a one off as a well as a cumulative effect of interactions with the supplier’s employees, systems, channels or products.
Isleworth, November 21, 2019 – Business Systems, a leader in voice recording and enterprise workforce optimisation solutions, has been named as a supplier for Lot 13 of the Crown Commercial Service’s (CCS) Network Services 2 framework for contact centre services. This agreement allows Business Systems to provide call and contact centre services to all UK public sector organisations.
Lot 13 specifically relates to the provision of technology that enables outbound contact, response to an incoming contact and the ability to route the contact to a predefined destination and associated equipment maintenance and support. Public sector customers are expected to benefit from flexible contracts, lower costs and increased efficiency.
Many financial companies have created voice/call recording mayhem for themselves by surrounding themselves with multiple voice recording solutions, but there is a way out of the software jungle explains Richard Mill from Business Systems
Voice recording is a critical core compliance for financial services companies and should be straightforward – yet many companies have muddied the waters by acquiring different voice recording systems over time in different regions. These are often outmoded and incompatible, which is creating a real dilemma in terms of management, regulatory compliance,costs and operational efficiencies.
Voice will always be a powerful data set for organisations. Voice conveys context, emotion and sentiment providing you with actionable intelligence. Voice is powerful. However, IT leaders could be missing a trick when it comes to this, as not all organisations are recording every interaction and for some the majority of voice data, is not easily accessible.
Collecting voice data is half the battle. Tapping into insights which voice data can provide you with is a whole other beast. According to a *recent survey, a staggering 92 per cent of organisations are capturing voice data but are doing little to make use of it.
Here’s a crash course into how you can start enhancing the use of voice data in your organisation.
Isleworth, July 30, 2019 – Business Systems, a leader in voice recording and enterprise workforce optimisation solutions, has been named as a supplier on Crown Commercial Service’s (CCS) G-Cloud 11 framework for Cloud Software. Customers can access the framework and choose Cloud Software technologies such as: Workforce Optimisation, Robotic Process Automation, Video Conferencing, Video Management, Digital Interviewing, Mobile Call Recording and Call Recording & Retrieval.
Call data legacy migration consists of moving your recording data from one place to another in order to be able to access it beyond what the system allows.
Under what circumstances will a company need to look at call data legacy migration?
Many organisations will have call recordings spanning decades and accessibility isn’t that simple. So under what circumstances would an organisation need to consider call data legacy migration?
- Call recording systems reaching end-of-life:
Manufacturers announce a product is now end-of-life and therefore no longer supported. A timely example is Windows 2008 which will no longer be supported from January 2020.
- Undergoing a voice recording refresh project:
This is likely to occur when new regulations come into effect requiring longer retention periods or if an organisation is no longer satisfied with its current infrastructure
- Normalising a legacy environment:
Having all recording data in one place
- Reducing end of life support cost:
Support for legacy systems is significantly higher than for live systems as the risks associated also increase. Reducing or eliminating legacy infrastructures can significantly reduce support costs.
- Improving ability to manage legacy data:
Finding recordings located in multiple systems can be extremely time-consuming. Moving all data into one location will not only save time and reduce operational costs when searching for a specific recording, it will also provide more comprehensive business intelligence.
- IT driver:
Allow compliance to self-service when they need to find specific calls. Saving time and resources.
Having the right workflow and workforce management capabilities in place can significantly improve your business performance and productivity in the back office, especially when combined together.
Workflow consists of orchestrated and repeatable patterns of business activity, whereas workforce management is an institutional process that maximises resource performance and competency for an organisation.
Workforce management takes care of your people (or robots) and aims to improve productivity and performance from the human perspective by placing the correctly skilled people in the right place at the right time.
Workflow manages your processes and projects, it improves productivity from the perspective of the work itself by defining tasks, splitting them into manageable chunks, and allocating them to individuals and teams.
- Workforce – deals with your people
- Workflow – deals with your work and processes
When the two capabilities are implemented harmoniously, the effect can be truly transformative for a business, which can be achieved with a tool like OPX.
OPX was specifically developed to transform back office operations and streamline the integration with front office processes. It supports the end-to-end processes from the digital capture of incoming work to smart work allocation based on the priority of the task and the skills of available agents.
With the introduction of MiFID II back in January last year and with regulations set to increase and become more burdensome, Financial organisations are faced with constant challenges around managing and accessing their call recording data.
Organisations need to be able to demonstrate immutable records of all their dealings and be able to retrieve these communications with precision and speed in the event of an audit or investigation.
It’s not just one or two issues that need to be managed – there’s a whole raft of challenges that at first glance can seem overwhelming. Faced with infrastructure complexity and records spanning decades, accessibility isn’t that simple and easy.
Obstacles getting in the way