Compliance is an area of business that may not seem that exciting. That said, mobile recording (MR) is emerging as an exciting way to innovate the organisation whilst ensuring it stays compliant when it comes to laws and regulations.
We’ve all noticed it: our organisations are facing an increasing volume of governance, risk management, and compliance (GRC) demands. They come as governments and industry bodies respond with new regulation to cope with global economic uncertainty, customer data protection concerns, and rising levels of data breaches and cybercrime.
Many businesses view their rising compliance costs as a burden, and with some justification. “Talk to any Compliance Manager and they will tell you team sizes have doubled or trebled over the last few years to manage the increasing regulation and risk,” notes Mark Baggs, Recording Product Manager at Telefónica O2UK.
Also over the last few years, it has become essential to be able to record both fixed and mobile audio communications in order to achieve compliance.
The problem is that more and more customers, employees and partners are using their smartphones, tablets and mobile devices to communicate in and out of the office, which can make recording mobile calls difficult. Meanwhile, both public and private sector organisations are moving to a flexible working environment, with staff working part- or full-time from home, or remote offices, or travelling with their job. In other words, mobile has become a way of life.
According to analysis by Deloitte, global spending on audio communication monitoring is set to treble from $795.4 million in 2015, to $2.145 billion by 2020. “This will be due to increased regulation and rule changes moving towards near ‘real time’ monitoring,” explains Sarah Mather, Digital Solution Specialist, Telefónica O2UK.
She adds, “There will also be new Markets in Financial Instruments Regulation (MiFIR), which will require all telephone conversations to be monitored and potentially retained for up to seven years for institutions that provide client order services.” This is planned to come into place on 3 January 2018, but may be delayed.
To help organisations stay compliant when it comes to mobile recording, O2 has developed a unique proposition - Mobile Recording (MR) from O2. This is a service that was originally designed to meet the requirements of the financial services industry under MFID 2, but it has more profound implications for industry sectors beyond banking and finance.
O2’s MR services came about when legislation emerged that prompted mobile network operators (MNOs) to look at how recording could be enabled for mobiles. Since November 2011, various UK financial institutions have been required by regulators to record mobile calls between traders and their customers. For example, the Financial Conduct Authority requires certain business conversations conducted on mobile phones to be recorded and stored. Similarly, the Dodd-Frank Act requires conversations with US customers to be recorded.
O2 therefore developed its mobile recording capabilities as a next-generation solution, with the power to capture calls and text messages made and received on any mobile device regardless of its operating system.
Even though fixed-line recording is widely used, few businesses are aware that this can also be done on mobiles. Or else, they find it problematic to do in practice.
However, O2 Mobile Recording enables organisations to meet their regulatory requirements when it comes to capturing mobile conversations easily. O2 Mobile Recording is seamless: there’s no need to manually log calls or launch an app; and it works with your existing equipment, enabling you to dual-stream recordings and on any device. Most importantly, it’s secure: being delivered via O2’s CAS(T) accredited network and certified by NICE Systems for SIP on NICE Trading Recording (NTR).
As a result, O2 Mobile Recording can offer organisations the ability to track and demonstrate compliance to regulators for mobile interactions with their customers and business partners.
Using mobile to innovate
Rather than simply regarding it as a cost, it’s important to look at GRC-initiated investment in audio recording as an opportunity that can benefit the business in other areas.
“Regardless of where a call, SMS or even an email is directed, organisations can use mobile recording to gain understanding of their customers’ experiences and journeys when interacting with them. This helps businesses gather vital intelligence, which can be put to use in several key areas,” says D’Arcy.
He adds that MR can also improve employee productivity: “Mobile recording allows for far better time management. For instance, unnecessary notes don’t need to be made during a call, as all the details are being recorded. In turn, this means that your people can be more productive and efficient, and avoid wasting both their valuable time and that of your customers.”
Whilst MR has great value in highly-regulated market sectors, it can also innovate processes in customer and community-service settings, where detailed records of interactions with clients, across all channels, are necessary.
For example, healthcare practitioners could use it to record instructions for patients to ensure there’s a record of their treatment. There are also applications for law enforcement, education, local authorities: we haven’t even begun to scratch the surface.
Telefónica O2UK’s Sarah Mather comments, “It’s also likely that call recording will become commonplace across other markets, including insurance and other financial products (credit cards, store loans, pensions, mortgages etc.) and for high value transactions, e.g. with estate agents, housing associations, online betting, car sales and professional advisors.”
Looking to the future, MR could be integrated into CRM and sales systems, customer experience initiatives, and possibly Big Data and data mining projects that use anonymised, aggregated data to gain customer insights and detect searching and buying trends. So, when it comes to mobile recording, don’t be afraid to dream big dreams.
This article is bought to you in association with O2