Many financial companies have created voice recording mayhem by surrounding themselves with multiple voice recording solutions, but there is a way out of the jungle.
Call Recording is a well-established technology with most banks on their second, third, fourth and even fifth generation systems and therein lies much of the problem, for organisations required to store, manage and audit all of those recordings for regulatory and compliance purposes. The problem has been exacerbated with GDPR to the point that an Enterprise Information Management (EIM) process is essential to handle this effectively.
Without an EIM process, managing the output from just one recording system is hard, but realistically the situation becomes more complex when you add end of life product cycles, technology upgrades, and new providers into the mix. Unless action is taken the problem escalates and morphs into disparate silos of data where operational management becomes substandard, hugely inefficient and extremely costly – all to be avoided in a sane world and hence the timely entrance of EIM.
EIM is of course a strategy rather than a specific product albeit that clever technology and sophisticated software is required to deliver a federated solution from those disparate data silos, bringing together a much welcomed uniformity of data, management control and auditable access across the entire call recording estate - a real boon to those responsible for compliance!
Financial services companies will have ensured that the systems initially implemented were ‘bullet proof’, the data could not be tampered with and its integrity remained unchallenged to make it admissible in court. But they also need to ensure that they deploy a ‘federating’ process to provide secure and on-going access to that data.
Let’s take a look at how a practical solution for managing huge amounts of disparate data using an agnostic central voice data portal can help address legacy and interoperability issues.
Customer business cases
A Tier One global US bank faced a set of intersecting challenges around legacy and data governance. They were running an end of life system and their version of Microsoft Windows Server was also approaching end of life. They couldn’t risk having trader calls trapped in legacy systems and it was paramount that the recordings were stored for the complete retention period.
Using a modern agnostic central portal – one that can locate data easily from different systems and locations, be that live, legacy, on-premise or in the cloud – all its data was easily moved to a different location. Through the portal they were able to replay recordings anytime they needed to. They also managed to purge 30% of their calls which were past their retention date.
In a second example, a French investment bank had ten live recorders across a large estate and wanted to extract this data into a new analytics application. It needed a solution to automate this. Through a centralised interface they were able to access and extract data from multiple systems. It’s also future proofed, if they decide to change the analytics application, they can simply extract those voice recordings to the new target platform.
In our third example, this organisation ended up with one centralised portal that included all legacy calls and also ingested calls from all their live systems. As a result, they could quickly turn off their legacy systems and stop paying stiff legacy support costs whilst also providing their compliance team with a tool to self-serve.
These examples show there really is no need to keep on ‘living with’ voice recording complexity – there is a way out of the jungle!