CallMiner has partnered with Aspect Software, to help financial services address storing data communications in compliance with the second Markets in Financial Instruments Directive II (MiFID II).
Under MiFID II, financial services organisations who do business within the EU are required to store communications, including phone conversations, for seven years to give regulators the ability to investigate market abuse.
Aspect and CallMiner’s joint solution identifies, measures, and mitigates risk for financial institutions across communication channels by automatically identifying any calls, texts, web chats, or emails that represent a risk to the organisation’s compliance.
The solution brings data from disparate systems together to allow easy reconstruction of transaction records that are necessary to demonstrate compliance.
Senior vice president of Europe and Africa at Aspect, Stephen Ball, said: “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 of CallMiner Eureka UK, commented: “Our approach avoids the time and costs associated with manual quality sampling and provides a holistic, automated MiFID II quality assurance framework.”
He added: “The same engagement analytics solution can also be used to identify trends, process inefficiencies and recognise opportunities to improve customer experience, as well as helping with MIFID II compliance.”
