How to become compliant handling millions of phone calls.
Recently EU announced MiFid II(Markets in Financial Instruments Directive), the legislation that regulates firms who provide services to clients linked to ‘financial instruments’ (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded. MiFID II will take a full effect from 3 January 2018 and includes a revised MiFID and a new Markets in Financial Instruments Regulation (MiFIR).
While preparing for MiFID II, taking a full effect from January 3rd 2018, financial firms need to address several areas of the legislation. One part of MiFid II regulated recording of calls in securities trading. The legislation requires comprehensive and evidence-proof recording and archiving of calls that may result in transactions regardless of the channel: phone, video call, chat or e-mail.
A data driven AI transcribing engine making all calls 100% searchable. And compliant with Mifid2.
To be able to find a specific call, or an advice given, the recorded calls need to be searchable. To solve this, all calls need to be automatically transcribed to computer friendly format such as text. With all calls transcribed and stored into a data lake, all conversations become searchable, making it easy to find specific customer conversations or get aggregated information on popular conversation topics, sentiment analysis (number of positive/negative calls), ability to give feedback to sales reps in real time, etc.
Inovia Voice 2 Text product is doing all those things listed above, and more.
Voice 2 Text also comes with a dashboard visualizing real time information and historic data on calls transcribed. It can also be used to identify a person based on voice recognition. A full transcription on all calls are available in the Data lake where the data is stored. All this enables further customer analysis and being 100% compliant with the Mifid II regulations.
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