Dialogsafe
Ireland and the rest of Europe are expected to follow with the pending regulation changes being announced by ESMA (European Securities and Markets Authority) in October as part of the review of the MiFID (Markets in Financial Instruments Directive) which has recently changed to MiFIR (Markets in Financial Instruments Regulation).
MiFIR will be implemented centrally from Brussels rather than being allowed to be individually (and less uniformly) implemented by national regulators. In its previous incarnation, we have seen some European states water down the directive, while others have seemed to ignore it outright, leading to major discrepancies in equity best execution practices between nations within the European bloc.
This will no longer be tolerated under MiFIR.
This can be seen as a welcomed positive response for the troubled Irish financial sector
For example, it will bring a number of benefits to financial services organisations, such as improved dispute resolution. This becomes important in the area of wealth management and trading where relationship managers frequently have ‘relevant conversations’
Until now these calls have not been recorded, unlike those on fixed-line phones. As a result, when a mistake is made, such as misinterpreting a customer’s order, the bank or the client cannot adequately defend any claim. This means that they must bear the sometimes substantial cost of any error or misinterpretation. Not only does recording protect the business, equally importantly it improves customer service.
DialogSafe is a smartphone application which controls all incoming and outgoing calls as well as SMS communications. The DialogSafe recording solution addresses a number of key issues. Bearing in mind the sensitivity of the financial data typically involved, from a security stand point the data will always stay in the bank’s environment and not that of the carrier. DialogSafe integrates with the recording system that is currently being used for the banks fixed line recording platform ensuring that both mobile and fixed line recording are centrally located. . The system will automatically record every single interaction and not rely on the agent or trader to activate the recording process. DialogSafe is a global solution, which takes account of the high level of roaming by users and meets local regulatory compliance rules.
For more information on this product and how it will affect the dealing of financial businesses throughout Europe please contact :
Eddie Steede,
Sales Director, CT-Solutions
Telephone: +353 1 6106837
Email: e.steede@ct-
