Finance is big business – how to offer EU-compliant mobile call recording solutions and make money
Call recording in the financial services industry is becoming a mandatory requirement. More and more companies depend on their mobile for communications, which means there is a huge opportunity for MNOs to offer call recording as a service – and to augment it with storage and search capabilities, among others.
Mobile call recording is set to become a huge topic. Some years ago, the European Union issued a directive that mandated the recording of all calls for certain kinds of financial transactions, including commodity derivatives and financial instruments.
This is all part of the Markets for Financial Instruments directives, which has gone through a number of revisions to accommodate the increasing complexity of financial transactions and the need to protect all parties involved.
The most recent update (Directive 2014/65/EU) includes a number of terms that have particular implications for businesses – and which present an excellent opportunity for MNOs.
It’s already clear that all calls need to be recorded but today, more and more people working in the financial services industry depend on their mobile device. This means MNOs need to be able to offer this facility to customers in the financial services industry, enabling them to record all calls made to and from their mobile devices.
Adding mobile to existing call recording solutions isn’t easy. A better approach is to offer a dedicated solution for mobile users, which depends on triggering to make efficient use of network resources. Since recording is not optional, any incoming or outgoing call can be recorded across all devices supported. MNOs can easily offer such services as a subscription, bringing them within the reach of any financial services company and creating a valuable revenue opportunity.
But the really interesting thing is that it isn’t just about recording. Once a call has been recorded, it needs to be stored and made accessible when required. It might need to be correlated with other calls that relate to the same transaction. It might need to be searchable, so that employees can find relevant information or check details, or even be made available to the authorities.
This means that MNOs have an even bigger opportunity. They can create systems that offer both regulatory compliance in the mobile environment and provide rich functionality in terms of storage, processing, accessibility and so on – all of which can be delivered via subscription packages.
The financial services industry is highly fragmented. While there are many giants, there are also many, many more companies that are considerably smaller. Mobile solutions would be perfect for them, as well as more elegant all round.
Mobile call recording is now an absolute necessity for employees in this sector. But MNOs have an opportunity to offer a cost-effective solution that meets regulatory requirements and offers exceptional added value to even the smallest boutique firms. We’ve already deployed such a system for a Tier 1 MNO. It means that all companies active in the financial services market can access a robust solution that is fully compliant to all EU and local regulatory requirements.
If you’re thinking about how to grow your business among SME and enterprise customers in 2015, then mobile call recording solutions for financial services companies should be towards the top of your list. Why not find out how to deliver such a solution by talking to Gintel?