With the implementation of the MiFID II second round of regulations, come new challenges and obligations for businesses. These changes in WhatsApp call recording regulations are profound and affect all UK banks and financial organizations.
Recordkeeping is essential to MiFID II, andcall recording has become vital for organizations to comply with regulatory requirements and to review customer interaction.
As the years go by, the call recording market’s development will continue as companies seek to not only comply with the rules but also to use their data for improving their services. Businesses must consider the following to better comply with MiFID II’s call recording requirements.
- Migrating to Cloud- With technology fast improving, more companies are now using cloud technology to record calls. This is a much faster way as cloud-based services are quicker to set up and easier to use.
- Looking for Comprehensive Call Recording Solutions- MiFID’s new regulations have required companies to record certain types of calls. This has led to the demand for call monitoring and recording solutions. Call recording vendors will need to be creative and flexible to the ever-changing regulatory landscape so they can help their clients remain compliant with the rules.
- COVID-19 Motivated Relaxed Call-Recording Regulations- The outbreak of the Corona virus has led to the European Securities and Markets Authority to issue a statement to relax the call recording rules for companies. Firms also let their staff members work from their own homes as it may be challenging to comply with the regulations.
For more information about this topic, refer to this infographic by Telemessage.