Effective mobile call monitoring compliance has become a crucial regulatory component of many financial services institutions. Regulators are increasingly finding the current voice calling recording and monitoring practices in many financial companies that needs improvement. Failure to establish that they are the foundation of your regulatory compliance strategy can expose your firm to enforcement actions.

Call monitoring prevents unethical business practices and improves customer service. Financial advisors must show compliance when communicating with customers via mobile phones. Financial regulators often require call monitoring within financial firms to permit compliance officers to monitor ethical behaviour. Notable regulations include:

• The UK FCA requires that financial institutions implement call monitoring solutions to ensure that their internal controls permit treating customers according to their standards.
• The MiFID II regulation requires European financial institutions to have a call-monitoring plan. It includes recording phone conversations and electronic communications such as mobile calls, text messages, and instant messaging chats. 
• GPDR involves recording and monitoring phone calls using the most stringent data protection principles.

The need for a proactive approach to communication compliance

Technology has moved past traditional phone calls. Financial firms are now responsible for monitoring all mobile, instant messaging, or social media calls. Regulated firms should invest in monitoring solutions to prevent fraud or other regulatory compliance violations.

This proactive compliance system should be able:

• Automated raise alerts when calls are not in compliance.
• Construct all trade conversations via different communication channels as they occur.
• Facilitate efficient, intelligent searching

Call monitoring solutions with speech-to-text analytics are essential for proactive communication compliance. This technology transforms voice communications into a readable format that firms can analyze further. This technology allows compliance officers to detect non-compliant terms early on and to take remedial steps to stop them from being used in future conversations. Additionally, it enables compliance officers to create filters that filter out specific phrases or words that are not compliant.

The monitoring solution flags all calls in which the words or phrases appear. This makes it easier to perform on-site audits than reactive compliance measures. AI-powered call surveillance tools are more advanced and can convert voice or voice recordings to searchable texts. They also learn the voice patterns from the speaker. 

These systems can recognize the meanings of abbreviations and technical terms over time. Firms can also create a contextual understanding from phone conversations using Natural Language Processing (NLP) and machine learning to know the customer’s behaviour based on their language.

To know more about call monitoring program, here is an infographic from Telemessage