Call Recording Compliance: Banks Hit by Spiralling Costs
In recent years we have seen banks hit by weighty regulation, fines and face the spiralling costs of call recording compliance. When added together have taken their toll on profits and on brand value.
Tighter regulation from the US to the EU have led to Banks facing the choice of either significant ramping up of compliance efforts, including new reporting systems and procedures, or exiting the market.
Few Businesses Can Sustain Financial & Brand Damage
Even for banks that can absorb heavy fines, damage is inevitably done to the brand. Some established names are able to sustain both financial and brand damage.
In the UK, consultancy ComPeer surveyed the local operations of 147 wealth managers, including 27 private banks, and found that private banks had to increase compliance staff numbers by 20% between 2007 and 2012, with a sharp rise since 2009. It estimates that the total compliance cost for UK wealth managers was $420m last year and expects this to rise to $500m by 2015. Half of this total cost is represented by hidden costs outside of the compliance department and related to front office and senior management, which account for just under one-fifth of profits.
Compliance costs have suffered a low double-digit percentage increase over the past five years. To make things worse, not all are convinced that the new rules will provide the intended transparency.
nVoice from PSS Revolutionizes Monitoring & Testing of Call Recording Compliance
nVoice is a leading automated, data-driven voice recorder testing and monitoring platform with real-time dashboards, SLAs and reporting for the financial sector. It can significantly reduce the time and cost of call recording compliance, and provide peace of mind by automating both the testing process and the test audit trace.
It provides an independent, verifiable view of the performance of call recording solutions, for both compliance and business improvement. It even allows you to monitor SLAs and proactively intervene to avoid SLA breaches and will save you money.
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