Aspect Software and CallMiner have introduced a joint solution to help financial services organisations meet the compliance regulations of the Markets in Financial Instruments Directive II (MiFID II).
The solution helps to identify, measure and mitigate risk in an omni-channel environment by detecting any doubtful activity concerning calls, texts, web chats or emails.
The new technology accumulates data from numerous systems to create complete and easy display of transaction records across a seven-year period across any aspects such as by caller ID, banker, product, date and time, among others.
CallMiner Eureka general manager of UK Frank Sherlock said: “Our approach avoids the time and costs associated with manual quality sampling and provide 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.”
MiFID was launched in 2007 to improve the work of financial markets in the wake of the financial crisis. MiFID II, which became effective from 3 January 2018, advances the MiFID requirements, in several aspects to strengthen investor protection.
As per the MiFID II, financial services institutions with business operations within the European Union are mandated to store communications, including phone conversations, for period of seven years to enable regulators to probe and then reconstruct instances in case of any market violations.