In today's volatile economy, financial service organizations face increased risk in their day to day business activities. Fueled by ongoing and ever-changing regulations and the heightened public scrutiny, financial institutions are turning to call recording and quality monitoring systems to not only obtain protection from compliance and liability concerns, but also to gain insight into their customer dynamics and provide better control over the quality of service provided by their agents.
While the use of the internet is giving financial institutions more of an option when it comes to providing a touch point for customers, recent studies have shown that a major deciding factor in exactly which financial institution consumers choose to do business with still hinges on the personal service the customers receive when they actually talk to the employees of that institution.
From a compliance standpoint, to illustrate the complexity of the landscape financial institutions are working in, here are just some examples of the regulations they face
- Basel II Accord- MiFID (Markets in Financial Instruments Directive)- PCI DSS (Payment Card Industry Data Security Standards)- USA Patriot Act- AML (Anti-Money Laundering)- SEC 17-a-4/NASD 3010 (Securities Exchange Act 1934)- GLBA (Gramm-Leach-Bliley Act)- ECOA (Equal Credit Opportunity Act)- TILA (Truth in Lending Act)- FDCPA (Fair Debt Collection Practices Act
In addition, the quality assurance the financial institutions offer their clientele goes a long way to insure their customer satisfaction and can be the difference in maintaining that client or having them go elsewhere where they feel more comfortable.
We at ATO can offer quality solutions for your call recording and quality monitoring needs regardless of the type of market you are in. Our systems can be molded to cover a wide range of markets from banks, credit unions, and financial traders to dept and collection agencies. Let ATO help solve your issues