Five ways Unified Call Recording is creating compliance efficiencies for Financial Services

Team Dubber

Team Dubber

30 October 2020

Five ways Unified Call Recording is creating compliance efficiencies for Financial Services

Any business in a highly regulated industry will understand the extra compliance measures they need to take to ensure they meet the required standards.

This is particularly true in the financial services industry. With more than 80% of business interactions being voice, businesses place themselves at risk if these crucial conversations are not properly captured. Customer disputes may take longer to resolve leading to customer’s losing trust in their financial institutions, expensive lawsuits, and brand damage.

But how can businesses efficiently and seamlessly prevent many of these issues escalating and damaging reputation, regulatory fines, and worse?

The answer is Unified Call Recording (UCR) and voice data analytics.

UCR allows businesses to meet compliance mandates by implementing Dubber into their telephony and UC systems. Here are five ways that Financial Services can use Dubber to mitigate any compliance risks to their business.

1. Fraud detection - While financial institutions have regulations in place to detect inappropriate or fraudulent behaviour, UCR and voice analytics provides them with a holistic overview of all customer interactions across the business. Breaches of policy can be alerted immediately. Investigations conducted using real-time search. Insightful call transcriptions provide the ability to analyse these interactions for any discrepancies or anomalies in behaviour.

2. Know your customer (KYC) - Call recordings provide a full record of a financial institution's dealings with the customer, satisfying the major criteria of correctly identifying the individual customer or entity. Dubber features such keyword search allows Team Leaders to audit these calls to ensure that proper KYC procedures were adhered to when dealing with the customer. Dubber’s sentiment analysis also provides businesses with an understanding of how a customer feels about their business helping them to modify the way they service that customer.

3. Increasing transparency with auditors and regulators - Call recording not only benefits clients, but also financial advisers, and the corporate bodies who regulate the industry. Dubber’s API’s enable financial adviser’s to automatically transfer call recordings to their relevant client files, eliminating the need to manually take notes and ensuring all information pertaining to that client is held in the one file. This allows internal compliance teams to conduct audits and investigations more efficiently by allowing them to view all customer interactions in the one file.

4. Acting in the client’s best interest - Any institution providing financial advice must act in the client’s best interest. Unified Call Recording safeguards both the client and the adviser, ensuring any issues of miscommunication or claims of inappropriate advice are eliminated and client disputes can be resolved faster. Dubber’s Legal Hold feature also protects both the business and the customer by ensuring that selected call recordings can never be deleted, further helping businesses with client disputes.

5. Client data management - Local Privacy Laws may specify that businesses only hold on to customer data for a specified period of time. Dubber’s data retention feature allows businesses to comply with their local privacy laws by allowing call recordings to be automatically deleted after a specific period of time. This ensures businesses are only storing relevant information, and not unnecessarily holding on to customer data, minimising risks for both the business and the customer.

Dubber’s Unified Call Recording and Voice Data Intelligence has a myriad of use cases for any heavily regulated business. Schedule a time to meet with a Dubber sales representative to learn more about financial services applications.

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