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Why Online Gambling Operators should bet on Voice Technologies

Gambling is one of the most scrutinised sectors as large amounts of money are being moved daily. New data released by the UK Gambling Commission reveals that the gambling industry has never been healthier, with Britons spending over £3.6 billion on online gambling, £3.3 billion on the National Lottery and £3.2 billion in betting shops. Online or remote gambling has gained tremendous traction over the past decade, with advanced platforms, intuitive user interfaces and advanced self-serve capabilities. Still, the phone...

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Robotic Process Automation for Trade Reconstruction

Evolving regulatory requirements are creating complex challenges for financial institutions around the globe. Regulations such as Market Abuse Regulation (MAR), Code of Conduct, Dodd-Frank, and MiFID II, mandate organisations to ensure rapid trade reconstruction which in some cases needs to be turned around within 72 hours. Due to multi-channel communications, trade reconstruction is an operational challenge that most financial firms, regardless of size, experience. Traders now have multiple communication channels when communicating with customers such as voice calls (at a...

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Navigating the voice recording landscape of MiFID II

Business Systems’ Tim Thurston explains the challenges Financial Institutions face with recording voice for MiFID II compliance. MiFID II specifies that telephone conversations and electronic communications intended to result in transactions need to be recorded. Why do financial institutions and compliance officers struggle with voice, ie telephone conversations, when it comes to trade reconstruction? What MiFID and MAR want is a fairer, safer and more efficient market. They want to provide greater transparency and stronger investment protection because of market...

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WhatsApp Business Call Recording in the Financial Industry

WhatsApp is just one of the numerous mobile communication apps available and currently being used by traders, broker-dealers, investment and financial advisors, and many more in the financial sector. While using WhatsApp is highly convenient and effective for employees, the platform can cause severe compliance and security breaches for financial firms who are already dealing with other complex mandates from FINRA, SEC, IIROC, FCA, and MiFID II to record voice calls and archive text messages. How can financial firms meet...

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Will the RPA help the Financial Services Industry?

Originally taken from our contribution on Bobsguide Contracts, compliance, policies, bookkeeping - financial services has always been a sector burdened by a lot of administration, a lot of paperwork. Even as the industry has moved from literally recording and documenting everything on paper to digital systems, and from face-to-face service to contact centres and online, the fundamentals have remained the same. It might nowadays be via the click of a mouse or field entry into a database, but a huge chunk...

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Which Call Quality Monitoring Solution is best for you?

Which Call Quality Monitoring Solution is best for you? In your contact centre, you may be performing some type of quality monitoring (QM) or coaching of agent calls but not invested in a quality monitoring software solution yet. Without using QM software this process typically involves using manual evaluation forms and provides little reporting and statistical analysis. Investing in call centre software, such as Quality Monitoring, can greatly improve the efficiency of agent monitoring and can help your business easily...

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Insurance sector: An industry ripe for Interaction Analytics

Insurance Sector: An industry ripe for Interaction Analytics  Transparency, Fairness, Competition. These are the 3 predominant forces that are shaping the increasingly competitive landscape of the insurance sector in the UK. Regulatory bodies like the Prudential Regulation Authority (PRA), the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) are making sure that these elements are being observed by both the established ‘high street’ Insurers as well as the increasing number of new entrants. So today, within this...

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Gamification – What it is, Why it works and How you use it

Introduction to Gamification Gamification is not a new concept. We’ve seen it used in various guises  over the years, from sales teams recording the number of sales made and posting them for team members to see, to insurance companies gamifying the customer experience to build loyalty, Vitality being the perfect example with its point reward systems that rewards customers for staying active and healthy. Gamification is particularly effective for engaging employees carrying out high volume and repetitive tasks, making it the perfect...

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The Insiders' Guide to Contact Centre PCI Compliance

The Insiders' Guide to Contact Centre PCI Compliance  With PCI guidelines and explanations being in a constant state of flux, we wanted to put together a short guide to explain everything you may need to know about what being PCI DSS Compliant really means. PCI Compliance Explained  The Payment Card Industry Data Security Standard (PCI DSS) is in its simplest form a set of requirements designed to ensure all companies that process, store or transmit payment card information, whether they are credit,...

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Workforce Management within the financial services sector

'Original article and picture taken from the FStech website June 2016.' Workforce Management within the financial services sector - is there real value to be gained? Whether we are talking about a financial institution’s branch network or contact centre, both channels are still central in the delivery of personalised customer service, and indeed they are both people-intensive. Managing, however, a workforce of hundreds or thousands of employees with different skills across different locations can be a complex balancing act between the demands...

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What is WFM Software?

Workforce management (WFM) software helps organisations, in particular contact centres, with resource planning by automating the process of forecasting and scheduling when and which staff should be working, in order to operate efficiently, cost effectively and within acceptable service levels. This in turn, will help boost the customer experience (CX).  Its main purpose is to help calculate the number of agents or staff with the necessary skill sets needed at particular times of the day to manage customer interactions optimally...

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Preparing for fluctuating contact volumes with Workforce Management in Contact Centres

With one of the UK’s largest Workforce Optimisation consultancy teams, we’ve installed and provided training for Workforce Management tools across a variety of industries including Banking, Public Sector, Telecommunications, Health Services and Transport -  just to name to a few. Our experience has taught us that these industries all share a common factor - they will all experience various seasonal peaks and lows, dependant on certain variables, when it comes to their contact volumes and talk time. For example, one...

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