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Financial Services Regulation

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22 September 2011  |  4483 views  |  0

Speaking to prospects and customers about their experiences in trialing and using different mobile-recording systems, I’m surprised by some of the myths that I hear.


If you’ve still not implemented a mobile recording system to meet the Financial Service Authority’s 14 November deadline for the recording of mobile calls, then here’s a few debunked:


Myth 1: SIM-based solutions are easier to set up and manage than app-based systems
Not the case. SIM-based mobile-recording solutions require new mobile contracts, manual installation of new SIMs, unlocked phones and often porting of numbers.


In contrast, well developed applications can be installed, activated and deactivated remotely en masse, and software updates implemented automatically.


Myth 2: Low or no license or subscription means low-cost
Treat mobile recording like any other technology purchase. Look at the total cost of ownership: call charges—especially when roaming— and any other infrastructure, implementation or storage costs. One disgruntled SIM-based mobile recording user reported that their monthly charges during a trial were over £500. Conference-call based and store-and-forward solutions will significantly increase call charges.


Myth 3: You can meet the regulations by blocking the use of mobiles.
Technically you can. In practice, however, ask yourself this: what proportion of your traders still use mobiles even though you no doubt already ban their use for relevant conversations? The more you restrict communication options the more likely some will find uncontrolled ways to do their job.


Myth 4: SIM-based mobile recording offers better user experience than app-based products
Never assume this about any solution—app or SIM-based. Routing calls through central recording infrastructure is no trivial matter, whether its network-controlled or application-managed. It may mean changing your base network if you go the SIM approach and could also impact your SLAs.


Make sure your traders try before you buy. Especially if you are contemplating using a conference call-based or a store-and-forward product.


Myth 5: SIM solutions are the future
Today’s first-generation SIM solutions give us a glimpse of the strengths, flaws and limitations of pure network-controlled systems. Are we entering an app-less world? In short, no. This is something that we’ll delve deeper into, in a future blog.

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