Contact Center Solutions Featured Article

MiFID II Compliance is Quite NICE

December 13, 2017

For the contact center and firms worldwide January signals a new era in data collection regulations. As of January 3, 2018 MiFID comes into effect, and financial service organizations (FSOs) are tasked in the meantime to ensure compliance.

Today, NICE unveiled the Automated Voice Trade Communication and Recording System Health Check capabilities as part of the NICE COMPASS suite. The NICE solution promises to replace time-consuming and error-prone manual process with automation to drive efficiency and compliance.

For decades, call monitoring required a human being to physically listen to each call, make notes and take the appropriate steps – from agent training on compliance issues or quality assurance. One could sum these archaic processes with two words: inefficient and daunting. Taking our digital, omnichannel era into account, the volumes and volumes of data collected require much in the way of attention.

With the new Automated System Health Check feature carries out scheduled and automated system tests to ensure exceptional call quality. As part of the NICE COMPASS suite, the two new additions make for a comprehensive, robust offering ready to meet requirements head on.

“Under MiFID II business-as-usual ways of performing this testing are no longer going to work,” said Chris Wooten, Executive Vice President, NICE. “In addition to increasing the number of regulated users who need to be recorded, MiFID is raising the regulatory hurdle for FSOs by requiring complete transparency and accountability. It’s no longer sufficient simply to have systems in place that enable conversations to be conducted, recorded and retained; FSOs need to ensure those systems are fully operational and all working together as planned, and provide evidence around the auditing process and results.”

MiFID II is a sign of our customer-centric world. With hacks and horror stories happening at an alarming rate, it is mission critical that customers know their best interest is taken into account.

Is your contact center ready for MiFID II?

Edited by Mandi Nowitz