Big Banks & Call Recording: How Technology Can Help

 

These days, we’re inundated with news about fraudulent big bank activity. The offenses run the gamut from falsifying accounts to currency exchange fraud. We’ve seen major corporations fined and bailed out – yet deemed ‘too big to fail’.

Big banks play an essential role in the economy, and having the right technology in place can improve their business practices, enhance accountability, and better protect customers. While technology alone can’t change individual human error and lack of judgement, it can create and improve a culture of compliance.

Specifically, Call Recording software can help:   

  • Record and analyze customer interactions on helplines, social media, SMS, online, and more
  • Investigate interactions using analytics and automated surveillance features
  • Alert and respond to high volume queries and complaints

The damage of fraud and non-compliance is severe; we’ve seen scandals cost big banks hundreds of millions of dollars in fines, payments, and legal fees – as well as tremendous loss of business. Recording technology is also able to assist in that regard. Not only can it help prevent fraud, it can also better protect customers with automated fraud monitoring and detection and alerts for suspicious behavior.

Technology may not be able to prevent points of ethical failure – the human element isn’t going away any time soon – but the right technology can help prevent systemic fraud and protect customers and their interests. Customers are better protected when the right technologies and processes are put in place.



Financial Services General Services   Tags: Compliance Financial Compliance Compliance Recording Solutions Automated Testing and Monitoring