PRESS RELEASE: New banking regulations, including the Dodd Frank Act in America and the EU’s MiFID II, are forcing financial services organizations to record and archive their mobile phone calls as part of their record-keeping requirements. A new whitepaper released today, written by Ovum, argues that call recording can be used to enhance security as well as gain competitive advantage.
The report discusses the potential business benefits of using analytics technology, from the ability to identify internal wrongdoing before it spirals out of control, to helping to ensure an organization’s mobile device strategy does not compromise security and compliance. It also discusses mining data for new insight into trading patterns and other actionable intelligence that businesses can use to cut costs and identify new opportunities.
Mark Miller, Head of North America T-Ware Connect said, “It’s easy to view regulatory compliance as a cost centre, but the right technology can turn it into a source of revenue. Already some Wall Street banks are using analytics to extract trading pattern insight from their voice recordings. This can be used in a number of ways from spotting wrongdoing to identifying new opportunities. It won’t be long before the wider industry follows this trend.”
The white paper, entitled “Mobile call recording in the Capital Markets”, examines in detail the various regulations that require mobile phone calls to be recorded and weighs the pros and cons of the varying technology approaches to solving this problem.
The paper was sponsored by telecommunications technology specialist T-Ware Connect.
Rik Turner, Senior Analyst Ovum said “There’s a lot of confusion and misinformation when it comes to banking regulations and the requirement to record mobile phone calls. We commissioned this white paper to help financial services businesses gain a clear understanding of what the rules are and what risk they’re exposed to by non-compliance.”
T-Ware Connect: T-Ware Connect is the North American arm of communications technology specialist TeleWare. TeleWare has worked in the call recording space for some 20 years and specialized its business in 2011, addressing the many challenges around the recording, storing and analyzing of mobile calls and SMS specifically for the financial marketplace.
Currently one in three banking and financial services companies in the UK’s FTSE 100 use TeleWare.