Source: Aspect Software
Aspect Software, a leading provider of customer engagement, workforce optimisation, and self-service solutions and CallMiner, a leading provider of award-winning speech and customer engagement analytics, have announced a joint solution to help financial services organisations meet the compliance regulations of the Markets in Financial Instruments Directive II (MiFID II).
MiFID was originally introduced in 2007 to improve the functioning of financial markets in the wake of the financial crisis. Brought into effect on 3rd January 2018, MiFID II extends the MiFID requirements in several areas to strengthen investor protection, including new requirements relating to transparency and curbing conflicts of interest.
Under MiFID II, financial services organisations that do business within the European Union are required to store communications, including phone conversations, for seven years to give regulators the ability to investigate and reconstruct instances of market abuse.
The Aspect and CallMiner joint solution helps identify, measure, and mitigate risk for financial institutions across multiple communication channels by automatically identifying any calls, texts, web chats or emails that represent a risk as far as regulatory compliance is concerned. The solution brings data from disparate systems together to enable easy reconstruction of transaction records that are necessary to demonstrate compliance across the entire seven-year period, and can do so across any dimension e.g. by caller ID, banker, product, date and time etc.
Stephen Ball, Aspect’s Senior VP Europe & Africa, says: “Our expertise in the financial sector and our market leadership in customer interaction management means Aspect possesses a unique understanding in helping financial services companies address the new MiFID II regulations. We are thrilled to be collaborating with our longtime partner CallMiner on this innovative solution. Our partnership will help our joint customers successfully navigate these new rules, further secure the safety of their end user customer data and help strengthen the bond of trust with their customers.”
Frank Sherlock, General Manager UK at CallMiner Eureka, adds: “Our approach avoids the time and costs associated with manual quality sampling and provides a holistic, automated MiFID II QA framework. The same engagement analytics solution can also be used to identify trends, process inefficiencies and recognise opportunities to improve the customer experience, as well as help with MIFID II compliance. Our API allows organisations to extend these analytics insights across the company to combine with other data sources.”