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We’re thrilled to announce that Dubber Moments has been honoured as the Platinum Winner in the Best AI Innovation in Telco category at Future Digital Awards for Telco Innovation 2024.  The awards mark our second major industry win since the release of Dubber Moments in June 2023. This accolade follows closely after our “Best…
Dubber Moments Wins CogX Award for Best AI Product in Telecom
Dubber Corporation Limited (ASX: DUB), the global leader in conversation intelligence, has been awarded “Best AI Product in Telecom” for Dubber Moments, its revolutionary voice AI solution, at the prestigious CogX Awards in London. The CogX Festival is the world’s largest gathering of CEOs, entrepreneurs, academics, artists, activists and policy makers working together to…
13 Sep 2023
Dubber unveils unified call recording and voice AI solution for Microsoft Teams.

Dubber unveils unified call recording and voice AI solution for Microsoft Teams.

Automatically record and transform every conversation on Microsoft Teams into rich voice data for compliance, CX, evidence and performance improvement

Eliminate the cost, complexity and risks of legacy call recording and unlock the benefits of voice data at scale

Dubber unveils global channel program for Microsoft Channel Partners & Resellers

Dubber Corporation Limited (ASX: DUB) (Dubber), today announced the global launch of Dubber Unified Recording on Microsoft Teams, supported by a new and tailored global channel partner and reseller program.

Unified Call Recording is a first of a kind capability for Microsoft Teams enabled by Dubber’s unique ability to capture any conversation – voice or video — on Microsoft Teams in the cloud – and to aggregate recordings, data, insights and alerts from service provider and unified communications platforms, compliantly, in one place.

Microsoft Teams is one of the world’s fastest growing team collaboration suites, and has over 75 million daily active users. Dubber allows Teams customers to automate voice recording at scale from any device with no need for hardware. Unified call recording and voice AI are a key enabler of compliance, customer satisfaction and sales performance – delivering real-time insights, sentiment analysis, alerts, beautiful transcriptions and more.

Dubber announced an extensive global channel partner program for Microsoft partners including partner incentives with support, deployment, and training resources.

“COVID has dramatically accelerated the demand globally for unified communications solutions”, said Steve McGovern, CEO Dubber. “As workforces have dispersed and network end-points multiplied the demand for automated call recording at scale has become essential to addressing regulatory requirements and enterprise-wide visibility. With Dubber supporting Microsoft Teams via our global platform, users can activate recording immediately in the cloud – eliminating the need to build solutions or buy hardware.”

McGovern added, “Microsoft Teams customers and resellers now have access to the industry leading platform used by over 140 service providers worldwide. It’s now possible to unify call recording on these networks and Microsoft Teams into the centralised Dubber Voice Intelligence Cloud. Our integration with Microsoft Teams advances Dubber as the preeminent and de facto cloud-based unified call recording solution for communications providers – and as a source of differentiation and value for resellers globally.”

Background, Dubber on Microsoft Teams:

Available for order now from Dubber and registered Dubber resellers & partners

Dubber is live and can be easily activated on Microsoft Teams

Flexible plans start as low as AU$9.95 per month.

Dubber for MS Teams currently supports Voice Unified Call Recording (UCR) with Video and Screen Share UCR to be available in December 2020.

Access more information on Dubber on Microsoft Teams.

Interested resellers can register to join introductory Dubber on Microsoft Teams webinars.

About Dubber:Dubber is globally recognised as the Cloud Call Recording and Data Capture platform for Communications Service & Solution Providers and as integral to their Unified Communications offering. Dubber’s unique technology enables call recording to be delivered as a service and turns voice calls into data enabling broad-reaching AI services to be deployed at scale directly from a Carrier network – or from inside a Solution Providers infrastructure. Dubber services are presented either in the brand of the Carrier or as Dubber products. Founded in 2011, Dubber is headquartered in Melbourne, Australia, with operations in the USA and Europe.

Trademark reference: “Microsoft” and “Microsoft Teams” are registered names and trademarks or trademarks of Microsoft, Inc. or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.

This ASX release has been approved for release to ASX by Steve McGovern, CEO & Managing Director.

For more information, please contact:

InvestorsSimon Hinsleysimon.hinsley@dubber.net+61 (0) 401 809 653

MediaTerry Albersteinterry@navigatecommunication.com.au+61 (0) 458 484 921

Do more with every call on Cisco

Do more with every call on Cisco

Cisco customers across their Webex® Calling, UCM-C, HCS, and CUCM services can unlock the power of voice data with Unified Call Recording and voice AI from Dubber. Automatically capture any call, receive a complete transcript, and access insights – from keyword alerts to sentiment analysis. You can even automate workflows and export data to dashboards and applications like Salesforce and Tableau through Dubber’s open API.

Legacy call recording and analytics restricted basic call recording to specific applications and a limited range of devices – often requiring costly storage and with poor scaling potential. Dubber is fully native to Cisco Webex® Calling and can support UCM-C, HCS, and CUCM services too. As a cloud platform, Dubber’s Unified Call Recording doesn’t require any on-premise hardware or software: radically reducing costs and unlocking infinite scalability. Whether you’re considering moving to the cloud, or you want to future-proof your on-premise or hybrid solution, Dubber call recording is available to you. We create the ideal cloud environment, all in one solution.

Four things you can do when you turn calls into data

Unified Call Recording from Dubber is optimized for compliance with regulatory directives such as MiFID II, GDPR, Dodd-Frank, PCI DSS, and Cisco’s CASPRx. But the benefits don’t end there. Many businesses are choosing to record their calls to learn more about their customers and to identify opportunities to reduce churn, sharpen investment decisions, and inform business development.

Transforming calls into data through transcription opens up huge potential for analysis and allows voice data to be integrated with existing business systems:

  1. Faster time to conversations and activity: Quickly review transcriptions and use instant search to find conversations
  2. Instantly report on customer and employee experience: See sentiment ratings for every conversation, including individual emotions
  3. Unify voice data with big data: Export call data for analysis within data visualization tools. Integrate call data within Salesforce and other CRM tools to build detailed customer profiles
  4. Real-time alerting and notifications: Monitor when keywords are spoken during a call to track campaigns or potential issues. Create automated alerts for negative calls to help reduce churn and increase customer loyalty

How easy is it to connect?

Getting the benefits of Unified Call Recording and AI takes minutes and requires no on-premise equipment or storage. It’s as easy as using your existing Cisco solution.

If you’re considering call recording for your Webex® Calling, UCM-C, HCS, or CUCM solution, sign up today by ordering directly from Cisco – we’re listed on Cisco Commerce Web (CCW).

You can also talk to one of our team if you’d like more information. And, if you are a Cisco reseller, we’re here to help you.

Get the sales edge

Get the sales edge

With a dispersed workforce, collaboration can feel difficult to achieve. Remote workers can often feel separated from their colleagues and their visibility of business operations can feel restricted. In departments that have a lot of direct contact with customers, this can cause customer interactions to feel disjointed.

Collaboration is critical to sales

According to Salesforce’s State of Sales report, 77% of sales teams rate collaboration across departments as critical or very important to the sales process. Customers increasingly expect salespeople to be informed about any previous interactions with a business, even if this was with a different department. Having complete visibility of a customer’s journey with the company is invaluable when trying to understand their needs and how they can be met.

An interconnected way of working with colleagues and other departments within a business can lead to the discovery of new opportunities. It is becoming increasingly common for sales and customer service teams to securely share information with each other to work more effectively. When customer interactions are correctly documented within a CRM such as Salesforce, everyone with access to a customer account can assess how well that account is performing, and understand the status of the relationship with that customer.

End not knowing with a record of customer interactions

Of course, documenting customer interactions takes time and effort. What if you had a solution that captured every single customer call, even when they were handled by a remote worker on their mobile device, or over an IP connection? And, even better, those calls were fully transcribed by speech-to-text AI for an accurate record of exactly what was said?

Where traditional call recording solutions rely on expensive on-premise storage, and only capture a small fraction of calls made across a business. Unified Call Recording captures voice conversations directly from the service provider network, and from communication solutions such as Microsoft Teams. With work no longer confined to an office or contact centre, companies who are looking for complete visibility across their business are looking for agile communication solutions that match our new dispersed way of working.

Keeping customer data secure

It is important that collaboration does not compromise on data security. While sharing detailed records of customer conversations can benefit sales and customer service teams, it is vital that customer information is not shared with more parties than necessary. Businesses should look for a solution that allows for secure sharing of data. Audio files should not be downloaded, as this could open up risks for the data being shared with multiple parties. Instead, sharing should be undertaken with expiring links that only allow access for that user, with a restricted time period and a cap on the number of playbacks.

Organisations should also check that any solution allows for the creation of teams with specific access permissions. Depending on the requirements of the team, recordings may only be accessed by supervisors with administrator controls, or may be shared with other team members for greater visibility over customer interactions.

Case study: APAC-Central

APAC-Central, Inc. supplies materials, paving and construction services across Northwest Arkansas, the Arkansas River Valley, Oklahoma and Southwestern Missouri. We spoke to their IT systems analyst Dustin Bowden about how Dubber has facilitated collaboration across the business.

Dubber: What was the challenge that brought you to choosing Dubber?

Dustin Bowden: We wanted a call recording solution that was compatible with our new phone system to ensure our customers are billed correctly.

D: How did Dubber help you solve this problem?

DB: The Dubber solution gives us the ability to error check ourselves after taking an order. If a dispatcher gets a call and then can’t remember a detail when inputting the order, they can just check the recording rather than calling the customer back. The team like that they have the ability to share recordings as well as being able to set up teams. This means they can reference each other’s recordings when talking to a customer who has previously spoken to a different representative.

D: What was the process of going live with Dubber like?

DB: I have received great customer service. Paul has been very helpful with everything we needed to get up and going. The Dubber system is easy to use and our users like it better than what we used on our old phone system. It fits seamlessly with our phone systems: it just works, and works well.


How Dubber is unlocking the potential of voice data

How Dubber is unlocking the potential of voice data

Adrian Di Pietrantonio is the co-founder and EVP, global channels at Dubber. At the recent Cavell Cloud Comms Summit, Adrian spoke about Dubber’s vision of becoming the global leader in unified call recording and voice data as a service. Here he gives us an overview of Dubber’s mission and how we are answering business problems with our Unified Call Recording and voice AI cloud platform.

We started with a simple question – why is the value of every conversation lost the moment the call ends?

How many times do you have a call, meeting, or presentation, only to lose the value of the conversation instantly? Details are forgotten, there’s no agreement on the key points that were made, no evidence of agreements, and the conversation can’t be easily recorded for compliance, training and more.

How often do you wonder what sales, customer support or team members are saying to customers? Why can’t you get real-time visibility of customer satisfaction?

It became clear that service providers were making connections – but not realising the full potential of those connections.

Voice data – held within every call – was clearly one of the great untapped sources of value for any service provider due to the ability to address three critical business pain points:

  • improving customer satisfaction
  • improving business performance
  • meeting compliance mandates

The need for a new approach

As we looked at existing approaches it was clear they were built for the pre-cloud era and restricted the ability of service providers to participate in the voice data race. We saw a multitude of challenges:

  • High-cost, inflexible infrastructure limited call recording to a small set of customers
  • The cost of applications and infrastructure frequently meant less than 1% of voice calls were captured
  • Call capture was confined to a single line or device – most frequently in the call centre – not reflecting how workers operate across devices and networks
  • Solutions required significant investment with no way to economically add end-points or start with a flexible, scalable plan that reflected real-life use cases
  • AI and the cloud were limited in their use. Data was trapped in the vendor application – limiting the ability to integrate with applications and Big Data

The Dubber answer

We created Dubber to unlock the potential of voice data for service providers, with the ability to capture every call on the network and infinitely scale.

Our innovative new model records directly from the service provider network and can be provisioned as a feature by the service provider. Offering affordable plans that are charged per user per month. Our solution captures conversations across SIP connections, mobile networks, Broadsoft, Cisco, Microsoft Teams and more: all with single-click provisioning. We call this new approach Unified Call Recording because all recordings are unified in one place – reflecting how businesses work today – via the Dubber app or web portal.

In order to answer data compliance mandates, such as GDPR, we needed a unified storage solution. So we created the Voice Intelligence Cloud. This needed to be, well, intelligent. Capturing calls and transcribing them is a commodity service today. We wanted our AI to bring value by delivering alerts, full and accurate transcriptions, customer sentiment analysis, and much much more.

Finally, we wanted the data captured from voice calls to be available for enterprises to connect to their systems of record. Through the Dubber API, we enable simple and easy connections to Big Data sets, applications like Salesforce, and dashboards in Google Data Studio, Tableau and other business intelligence tools.

Real world applications of Dubber

The Dubber solution is deployed across over 200 Service Provider networks globally today. Our Foundation Partners work with us to unlock significant revenue, retention, and differentiation by offering voice data as a service for diverse use cases:

The independent auto parts trader

Unified Call Recording enables the business to create a record of every call, and attach it to orders as evidence of the customer request. This solves two problems – giving distributors clarity on what was being asked for and providing the company with evidence of the order. They see customer satisfaction data in real-time and can view the performance of every customer contact.

The mid-sized betting company

Dubber provides chain-of-custody over customer orders and requests – eliminating costly dispute resolution processes on bets placed. Voice data also indicates trends based on sentiment, keywords, and operator – allowing business decisions to be driven by insights.

The large financial institution

Unified Call Recording is the only way for large banks to meet the compliance mandates set out for lenders. Real-time recording retrieval replaced slow and time-consuming SQL searches on legacy call recording – which often showed that the call wasn’t ever recorded. The Dubber solution ensures call recording across any device in any location and automatically sends custom notifications for specific keywords and call sentiment scores.

The question for service providers is: if data is the new oil – and voice data is its richest form – are you ready to create value from it?


FCA: bankers should record all work calls at home

FCA: bankers should record all work calls at home

Accurate records of voice conversations – and their related data – are crucial to fuelling financial services compliance. Best practice extends beyond direct regulatory mandates to how data is stored and captured.

Current call recording solutions on applications and devices fail to address the full spectrum of compliance requirements faced by financial services organisations. Their approach to data retention and security increases risks rather than meeting the challenges set out by regulators.

The solution is Unified Call Recording which takes place inside service provider networks and popular solutions such as WebEx Calling and Microsoft Teams. And, as a bonus, enterprises can eliminate the costs of legacy platforms.

Risk and compliance managers who want to take a more proactive approach to meeting regulations and engendering trust in their customers will be looking for more than basic record keeping solutions. Providers need to be offering AI, transcription, real-time search, automated alerts and APIs as standard. Here are six critical features that should be considered in any compliant call recording solution.

Six critical features every financial services organisation should look for

Retention periods

Regulations such as the GDPR state that organisations must not keep data for longer than is necessary for the purpose the data was obtained for. It is best practice to not keep personal data for longer than is necessary and businesses need to be able to justify how long they store personal data. Financial services institutions require the ability to set retention periods in order to define the length of time that recorded calls are stored for, and to automate their deletion once this time period has been reached.

Unlimited secure storage

Is your data being stored with market-leading AES-256 encryption? Industry leading security practices are crucial. Most legacy call recording solutions require on premise storage at an incremental cost to the service and the more you store, the more it costs. By using Universal Call Recording and storing data in a Voice Intelligence Cloud, enterprises benefit from infinite storage at no additional cost – all provisioned with a click. And, by deploying the platform across dedicated regional data centres with geographic redundancy, organisations can be assured of data sovereignty.

Access permissions

In order to protect data, financial institutions need to ensure that they can restrict access to personal information such as recorded calls, depending on the role the user has been allocated. Depending on the information security policy of the firm, not every user whose calls are recorded should have access to them, or may only be allowed to listen to their calls and nobody else’s. Administrator permissions should be available so that supervisors and management with appropriate authority can access recordings.

Instant retrieval

Audit and compliance investigations require real-time access to data. Legacy call recording platforms depend on SQL searches often taking many minutes to render results. Instead, require that your Voice Intelligence Cloud provides immediate and secure access to all recordings – with search delivering results in real-time. Users should be able to search for calls using data including the date, time, and call participants. By choosing a solution with added voice AI, recorded calls can even be retrieved by searching for words spoken during a conversation. All recordings should be available for instant retrieval, playback, and secure download, with appropriate permission settings.

Call metadata

Compliance with financial services regulations relies on transparency, so call recording solutions should include call metadata alongside each conversation for a detailed record of customer interactions. This provides full transparency in the case of a request for information from a regulator. Ensure your solution provides rich call metadata – including timestamps on conversations – to allow for quick and easy search and retrieval of information. This gives firms the upper hand in compliance and risk management. Voice AI that can detect keywords and send tailored alerts to management makes it quicker and easier to detect and deter suspicious trading activities to prevent penalties from regulators.

Legal hold

Legal hold is an important feature that allows users to tag single or multiple recordings as held. These recordings can be played, downloaded, and shared as any other recording; but cannot be deleted under any circumstances. Held recordings remain even after their retention period expires, if the user associated with that recording is deleted, or if the storage period expires. This ensures that recordings required for legal reasons will always remain available for review.

Six ways Resellers win by creating value for customers

Six ways Resellers win by creating value for customers

This week Russell Evans, Dubber’s global head of sales and channels looks at the most common challenge faced by resellers today – how to maximise revenue and reduce the prospect of churn in the booming demand for communications services.

Resellers of communications services – from mobile and SIP connections to UC, Teams, and more – have seen a Covid-driven boom in demand for services. The shift to the Cloud has been matched by an equal demand for data enriched AI to automate processes, gain extra functionality, and work more efficiently. Resellers that can demonstrate not simply the efficiency of the connection but also how to extract more value from every connection are winning more and seeing less churn.

So what does the new reseller playbook for resellers look like?

  1. Sell more than the utility and connection: What if the content created in every conversation was a source of insights and alerts? Unified Call Recording – available on the products you are selling today does just that – it converts the conversation to data to create beautiful transcriptions, sentiment analysis, real-time search and more.
  2. Create more value: That data becomes a source of immense value for your customers, ending not knowing what was said across the business. Sales leaders get an immediate read on every customer’s conversation. Customer service leaders can understand customer sentiment in real-time. Compliance managers get a secure and protected record of conversations and can instantly be alerted as to when to undertake investigations.
  3. Differentiate your offering and increase your value: While others sell Apps and connections, you are now differentiated, exposing the value of every conversation across the business. You stand-out because you are talking to the business outcomes the solution is meant to drive. Your relationship with your customer is elevated, driven by your ability to create quantifiable business benefits. You will occupy the space of trusted advisor for your clients.
  4. Unlock the power of voice data: Call recording helps businesses meet their compliance mandates, but it does so much more. Customers are crucial for any sustainable business. Voice data helps them gain greater visibility of transactions taking place within their business, and it provides the data for customer service employees to help with dispute resolution, leading to reduced churn and improved customer experiences.
  1. Target the burning needs: Every Enterprise in regulated industries – and most undertaking crucial conversations in which orders are taken, material information exchanged and issues are resolved – have a requirement to both record calls and manage voice data in compliant ways. Unified Call Recording isn’t just a way of selling more to your existing customers, it’s a natural add-on to every new connection.

Fuel big data: Big Data only captures a small proportion of data generated by a company. While companies have seen the value of big data, they are missing out on a huge chunk of data that is left uncaptured from voice calls. Imagine the value of combining both online and voice data to gain a holistic customer picture. Businesses can use these insights to inform new product lines, aid in cross-selling, and gain a better understanding of the reasons behind their customer’s decisions. Exporting this data to visualisation tools such as Google Data Studio, makes it easier than ever to extract these insights. More and more businesses are realising this, and using this voice data intelligence to gain a competitive advantage.

Are your sales dependent on hearsay and intuition?

Are your sales dependent on hearsay and intuition?

Sales reps are using their intuition, rather than data insights, to prioritise leads. As data becomes the driving force behind business decisions, here’s how voice data and AI can help sales teams to succeed.

End not knowing

What is more important to a sales person than a conversation with a customer? The most valuable of these most commonly occur over the phone, when a back-and-forth over email is just not good enough. But as soon as the call ends, the information and insight held within the conversation vanishes. With 67% of salespeople saying that enforcement of activity logging is stricter than in 2019, accurately recording customer interactions is more important than ever.

A sales person could try to capture the substance of a conversation themselves, taking notes either during the call or trying to remember the key takeaways once the conversation has ended. This is a drain on their productivity, and isn’t all that efficient: they will be distracted if they try to take notes while they are talking, and might not remember every detail if they are writing after the conversation is over.

Recording calls is the only way to preserve the value in a conversation, but traditional approaches have been focused on fixed lines within an office environment and things have moved on – even more so in a post-COVID world. At a time where offices are hastily erected at kitchen counters around the world, calls are being taken over the web, on mobile devices, and IP connections. It’s impossible to capture these conversations without a solution that is built in the cloud with the agility to record every call, no matter where it happens.

As businesses adapt to operating in a world with face masks, social distancing, and an increased reliance on technology for communication, customer service and satisfaction is more important than ever before. Sales teams are differentiating themselves from the competition by using AI to improve internal processes and customer experiences, with 57% of high-performing sales organisations using the technology. A true understanding of a customer’s needs and their feelings about a brand or product can give a salesperson the edge, but this takes time. With huge volumes of call data, it’s impossible to drill down to insights at such scale. The solution is voice AI.

How to boost conversion rates by up to 30%

What if every single conversation within a business could be harnessed to power data-driven decision making? Voice AI transforms recorded conversations into data that can be used by businesses to gain insights into everything from the efficiency of business processes, to product development, to the success of marketing campaigns, to customer satisfaction. Not only can companies combine this with other business data for 360º visibility, they can even use conversational content to power automation within the business.

By recording customer conversations and transcribing them from speech to text, voice AI can then be used to make day-to-day decisions more effectively. Using AI in sales has even been shown to boost conversion rates by up to 30% when interacting with sales leads1. With voice AI, call data can be integrated with a CRM to automatically populate accounts with records of every single voice conversation, including a full transcript. Sales reps can refer to call transcripts to recap customer needs and formulate tailored offerings based on their exact requirements. 69% of the highest performing salespeople had automated logging of customer notes.

Transcripts and recordings also act as evidence, meaning that crucial conversation with a customer will never be lost. Agreements can be referred to, and disputes can be resolved quickly and easily with an exact record of what was said.

The cure for churn

Sentiment analysis can also be used to gauge a customer’s feelings about a brand and even indicate those who might be about to churn. Voice AI analyses the words spoken by a customer to rate each part of a conversation, and the call as a whole, with positive, negative, or neutral sentiment. Using APIs, calls rated with a negative sentiment score can trigger an alert or even automate process, such as creating a task in a CRM such as Salesforce.

With the detailed records of previous interactions, salespeople can make hyper-personalised contact with leads and existing customers to help to nurture a relationship. Where once a customer might churn after a negative conversation, with automated alerts and task creation sales reps can proactively maintain relationships with contact that puts their needs first. Understanding customer needs was the number one reason for AI adoption, as stated by sales teams surveyed by Salesforce.

Not only are calls rated by sentiment, but voice AI can actually identify specific emotions based on what a caller said, allowing for an even more tailored approach to selling. Questions might indicate an analytical or tentative customer who might require more evidence of the benefits of a product or service, whereas someone making more active statements might be more confident in their opinions and be more ready to close the sale.

Case study: Dorsey & Dorsey

Dorsey & Dorsey Inc. is an insurance provider in Oklahoma. We spoke to their call centre manager Drew LeHew about how Dubber has improved sales performance at the company.

Dubber: What was the challenge that brought you to choosing Dubber?

Drew LeHew: We weren’t happy with our old call recording provider as calls had to be manually recorded, which resulted in us missing important conversations. We wanted to protect ourselves against liability and have recorded calls to use as part of staff training.

D: How did Dubber help you solve this problem?

DLH: The simplicity of the solution was the most important thing for us. We have complete peace of mind knowing that every call will be recorded automatically and will be easy to find when we need to. Recording our calls has allowed us to diffuse disputes very quickly and we’ve seen an improvement in the overall performance of our agents due to the enhanced training we can now offer using recorded conversations.

D: What was the process of going live with Dubber like?

DLH: The Dubber solution has given us a great system for monitoring calls and then using them as a training tool for our agents. Not only is every call recorded but we can easily retrieve important conversations and tag them for future use.

As a manager of a high call volume call center, Dubber call recording provides reassurance knowing all of our calls are recorded and easily accessible. Recording our calls with Dubber has allowed us to take our training to new heights as managers can listen to more calls and share them with their agents to find areas for improvement. I’d highly recommend the solution.

If you’d like to learn more about how Dubber Unified Call Recording and voice AI can improve sales performance, speak to a member of the team today.

1Hansen, I., Hilbert, M., Travis, T. and Zijadic, A. (2019) Predicts 2020: AI for CRM Sales Technology Must be Balanced With Analytics, Training and Change Management Considerations. Stamford, USA: Gartner.

The biggest compliance issues affecting the financial services industry

The biggest compliance issues affecting the financial services industry

1. Regulatory change and political uncertainty

Regulations are continuously changing and, particularly as many financial services organisations operate globally, it can be difficult to make sure that measures are in place to comply with evolving requirements. With Brexit deal negotiations continuing and the exit date rapidly looming, financial institutions who deal with clients in the UK and the EU will be facing uncertainty when it comes to compliance.

Recording information is a key requirement for the majority of financial regulators around the world. There are varying standards depending on the country of operation, such as the US Generally Accepted Accounting Principles or the International Financial Reporting Standards, meaning that recording information can use vast amounts of company resources.

The solution to record keeping compliance worries is an agile call capture service with no limits on storage. Financial services organisations can record their calls and store them for as long as they need to – keeping them for 5-7 years to comply with regulations such as MiFID II at no extra cost.

2. Data protection and cybersecurity

With sensitive information being shared with banks every day by customers, data protection is a key challenge for banks. Regulations such as the GDPR can result in fines of up to 4% of annual turnover for firms that fail to comply with data protection laws. Not only is data protection a legal requirement, banks can leverage their information security policies to engender trust in their customers.

Cybersecurity is at the forefront of the minds of risk and compliance managers, as they work to protect the vast amounts of sensitive information that financial institutions process. Further regulations such as PCI DSS and SOX require formal data security policies, communication of data security policies, and consistent enforcement of data security policies.

Advances in cloud technology can really help with the burden of compliance, with secure and geographically redundant data centres ensuring the safe processing and storage of consumer conversations. Data can be encrypted and access can be restricted to reduce risk.

Data also provides a unique opportunity for financial service providers to learn more about their customers and improve products and processes within their organisations. The unstructured data held within customer communications can initially seem inaccessible, but with voice AI it can be transformed into actionable intelligence that can fuel business decisions.

3. Fintech disruptors

Established banks are beginning to feel the threat of newer, more agile players within the financial services industry. The introduction of open banking in the UK has made it even easier for fintech disruptors to lure customers away with easier switching and more competitive offerings. This initiative was introduced by the government to encourage competition in an industry that has previously been dominated by a handful of powerful institutions.

Traditional banks are realising that they will need to innovate, and embrace technology that will allow them to become more agile. This extends to compliance, where technology can facilitate adaptation to changing requirements and create a more proactive approach to risk mitigation. This forward-thinking culture of compliance utilises AI to perform in-depth data analysis to provide insightful reporting that can identify and minimise risky activity. With automated reports and customisable alerts, supervisors and managers can reduce undesirable behaviours without increasing their workloads.

Embracing the potential of technology gives financial institutions the ability to differentiate themselves from the competition and win the trust of their customers by demonstrating their commitment to risk management and data protection.

4. Minimising risk

Regulations put on financial services organisations largely focus on transparency in their aim to increase trust and protect consumers. With adequate data gathering and surveillance capabilities, firms can identify and minimise violations such as insider trading.

A recording solution that can track and timestamp conversations, and allows for quick and easy search and retrieval of information will give firms the upper hand in compliance and risk management. Voice AI that can detect keywords and send tailored alerts to management makes it quicker and easier to detect and deter suspicious trading activities to prevent penalties from regulators.

Talk to a member of the Dubber team to find out how our services can ease the burden of financial compliance.

Financial compliance during Covid-19

Financial compliance during Covid-19

Regulatory drivers such as MiFID II and the Dodd-Frank Act require the secure and accurate recording and long-term storage of conversations relating to financial transactions. Where once on-premise call recording that captured conversations made on fixed lines in an office were a partial, and expensive, solution to this directive, with many people working from home, they no longer offer full compliance coverage.

While web- and app-based recording may seem like a solution to this problem, these options can come with risks of insecure storage and can’t provide the instant discoverability required by regulators. The only way to record every conversation from a dispersed workforce is to find a solution that can record every call, no matter where it takes place.

Unified Call Recording enables organisations to meet compliance requirements by collecting and storing voice data at scale and across devices and channels. By recording directly from the service provider network, organisations can record calls not just from fixed lines but from mobiles and any IP connected device. It doesn’t matter where in the world employees are working from, the company can rest assured that their conversations will be accurately captured and securely stored in the cloud.

All voice data is protected with AES-256 encryption and is stored in regional data centres for sovereignty. There aren’t any limits on recordings or storage. Businesses can capture as many minutes of calls as they need and store them for as long as their compliance requirements specify. They can even set a limit on their data retention so that recorded calls are automatically deleted. This prevents businesses from holding on to old or outdated data for too long and ensures the information they have is relevant.

Compliance box ticked: what’s next?

Financial services organisations are looking for a solution that will reduce the cost and complexity of meeting compliance requirements. But as well as ticking the box for the compliance basics, they want to go above and beyond to ensure that their organisation is operating effectively.

What if their call recording solution could do more than just capture conversations? What if it used AI to allow a business to conduct its own investigations into employee conduct? What if AI transcribed each and every call, allowing users to search for a recorded conversation by a single word that was spoken?

Automation is the future

When every recorded call is transcribed, there is an accurate record of what was said that can be referred to in the event of an investigation. But this is just the beginning. Transcription can automate processes that can enable a more proactive examination of company practices.

Organisations can identify keywords that indicate policy breaches and create early warning systems through automated alerts for such keywords. Emails can be sent to supervisors to warn of suspicious activity and, through an API, these actions can trigger processes in existing business applications. Transcription also facilitates keyword search, allowing users to find conversations based on a word spoken during a call – just like an email.

Transcribing speech to text also opens up huge opportunities to learn more about an organisation’s customers and also their internal processes. Voice data can be exported to be integrated with other business data to get a 360º view of a company – allowing for analysis within business intelligence tools to identify trends and opportunities for improvement.

Get in touch with a member of the team to find out how financial services organisations are getting the compliance and performance edge with Dubber.

Five questions with James Slaney

Five questions with James Slaney

James Slaney is co-founder of Dubber and General Manager of Product.

1. How do you think data and analytics will change the way customers interact with their clients?

With the impacts on business we have seen from COVID, encouraging customer loyalty is more important than ever. Companies that want to provide consumer-centric products and services will be looking to analytics to inform every business decision.

An example of how voice data can be used is through sentiment analysis. Calls can be analysed to detect customer emotions, allowing businesses to use this data to identify opportunities for cross-selling or new sales, as well as identifying potential churn risks. By distilling vast amounts of call data, businesses can gain a more accurate reflection of general customer sentiment than, for example, customer satisfaction surveys. Understanding these potential risks and opportunities can be lucrative for businesses who want to put the customer at the centre of every business decision.

2. What are the major compliance issues impacting the use of call recording applications?

With regulations governing a variety of industries, and businesses increasingly operating globally, compliance is a key issue for many companies. Secure storage is a top priority when complying with regulatory frameworks, and this needs to scale to meet the 5+ year requirements of legislation such as MiFID II. Businesses can struggle to meet the high demands of regulations. On-premise solutions, and even some cloud providers, are unable to offer long-term storage that ensures businesses are compliant. Concerns about running out of storage space, data leaving the European Economic Area, or a lack of functionality such as audit logging, can mean businesses risk fines. When businesses are looking for call recording solutions, they need to ask themselves, does the call recording solution offer unlimited storage? Does it comply with global compliance standards? Can it provide back-up storage options for outages? How easy is it to set up? Is recalling specific records easy so the cost of ad hoc requests is kept to a minimum?

3. Where do you see the biggest opportunities for resellers today?

As Enterprises are seeing the importance of data, it’s possible for them to collect more data than they know what to do with or can practically use. Limited time and resources mean that, unless they are given the right tools to help segment and analyse data, any sustainable, repeatable business value that can be gained from data will be lost. This is where we see the biggest opportunities for resellers today: being a trusted advisor for businesses looking to access and understand their data. Analytics, powered by AI, offers businesses a way to extract value from the huge amount of data available to them: allowing them to improve their decision making through actionable insights.

Our most successful partners are able to show customers how an open API can allow for integrations with other products – like Salesforce – to make finding the value in data even easier. By demonstrating integrations with data visualisation tools such as Tableau, even customers with little experience of data science quickly see how easy it is to spot trends in the data they are collecting and how these can inform their business operations.

4. What kind of innovations would you like to see in 2021 and beyond?

Voice data and AI will become a natural part of understanding what is happening in every corner of a business – listening to phone calls is going to seem as outdated as receiving a fax. Advances in language technology will give us the ability to find meaning in voice data in ways that seemed like science fiction only a few years ago. Insights from voice AI are not only something that will drive better business decisions in customer-facing businesses and call centres. We will be able to use deep insights from calls to places like emergency services and COVID-19 helplines to help with decision making that will directly affect people’s lives.

5. Where do you see the future of voice data intelligence?

In today’s data-driven world of business, voice data is becoming more and more important. As organisations begin to realise the power of voice data, they are turning to unified call recording to help them harness that valuable call data they receive every day. Significant development has been put into voice-to-text transcription, and this is only going to improve as automatic speech recognition models are trained to understand more languages, dialects, and accents. It’s not only what was said that is important, but how it is said. Sentiment and tone analysis are areas of further development, allowing businesses to truly understand how their customers feel about them. These innovations give rise to a whole host of business use cases: from churn prevention through the early detection of unhappy customers, to product development by identifying trends in customer needs.