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February 27, 2018
CallMiner, a leading platform provider of award-winning speech and customer engagement analytics, and Aspect Software, a leading provider of customer engagement, workforce management, and self-service solutions, announced a joint solution to help financial services organisations address and meet the compliance regulations of the Markets in Financial Instruments Directive II (MiFID II).
MiFID was originally introduced in 2007 to improve the functioning of financial markets in light of the financial crisis. Enacted January 3, 2018, MiFID II extends the MiFID requirements in several areas to strengthen investor protection, including new requirements in relation to transparency and curbing conflicts of interest.Under MiFID II, financial services organisations who do business within the European Union are required to store communications, including phone conversations, for seven years to give regulators the ability to investigate and reconstruct events of market abuse.
Aspect and CallMiner’s joint solution helps identify, measure, and mitigate risk for financial institutions across multiple communication channels by automatically identifying any calls, texts, web chats, or emails that represent a risk to the organization’s compliance. The solution brings data from disparate systems together to enable easy reconstruction of transaction records that are necessary to demonstrate compliance required for the seven-year period and do so across any dimension, e.g. by caller ID, banker, product, date and time, etc.
Stephen Ball, Aspect’s Senior VP Europe & Africa, says: “Our expertise in the financial sector and our market leadership in customer interaction management means Aspect possesses a unique understanding in helping financial services companies address the new MiFID II regulations. We are thrilled to be collaborating with our longtime partner CallMiner on this innovative solution. Our partnership will help our joint customers successfully navigate these new rules, further secure the safety of their end user customer data and help strengthen the bond of trust with their customers.”
“Our approach avoids the time and costs associated with manual quality sampling and provides 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 customer experience, as well as helping with MIFID II compliance. Our API allows organisations to extend these analytics insights across the company to combine with other data sources,” adds Frank Sherlock, General Manager UK at CallMiner Eureka.
For more information on how CallMiner Eureka speech and customer engagement analytics supports MiFID II compliance, visit callminer.com/MiFID. For more information on Aspect Software solutions, visit http://www.aspect.com/uk.
About CallMiner CallMiner believes that resolution is the fundamental driver of positive customer experiences. When contact center agents and others responsible for customer engagement are empowered by insight and feedback in near real-time, they can dramatically improve the rate of positive outcomes. With the tagline “Listen to Your Customers, Improve Your Business” our goal is to help companies automate the overwhelming process of extracting insight from phone calls, chats, emails and social media to dramatically improve customer service and sales, reduce the cost of service delivery, mitigate risk, and identify areas for process and product improvement. Highlighted by multiple customer achievement awards, including seven Speech Technology implementation awards in the past five years, CallMiner customers have been recognized for unparalleled success in leveraging Eureka interaction analytics to attain their business goals and objectives. For more information, visit https://callminer.com.
About Aspect Aspect helps enterprises break down the walls between people, processes, systems and data sources, allowing organizations to unite around the customer journey. By developing fully native interaction management, workforce optimization and self-service capabilities within a single customer engagement center, we enable dynamic, conversational interactions and create a truly frictionless omni-channel customer experience. Leveraging a worldwide cloud infrastructure and over 40 years of industry ingenuity, Aspect conveniently and easily connects questions to answers while helping enterprises keep service levels high and operational costs contained. For more information, visit www.aspect.com. Follow Aspect on Twitter at @AspectSoftware. Read our blogs at http://blogs.aspect.com.Back to Press Releases
CallMiner is the global leader in conversation analytics to drive business performance improvement. Powered by artificial intelligence and machine learning, CallMiner delivers the industry’s most comprehensive platform to analyze omnichannel customer interactions at scale, allowing organizations to interpret sentiment and identify patterns to reveal deep understanding from every conversation. By connecting the dots between insights and action, CallMiner enables companies to identify areas of opportunity to drive business improvement, growth and transformational change more effectively than ever before. CallMiner is trusted by the world’s leading organizations across retail, financial services, healthcare and insurance, travel and hospitality, and more.