Compliance and call recording requirements are growing across the board, with almost every organisation touched by personal data and financial regulation requirements, such as GDPR and MiFID II. This offers mobile providers and MNOs a significant opportunity to offer Touch’s comprehensive, in-network compliance call recording service to their enterprise customers, enabling new revenue streams.
In recent years, mobile operators have sought to diversify their services portfolios to stay relevant and competitive in a growing marketplace. Digital transformation, mobile and remote workforces, and the growth of IoT and 5G mean that operators, MNOs and MVNOs have had to adapt to a more complex value chain of services and ensure that they offer the right services to the right customers at the time... or risk losing out to competitors. All of these initiatives create risk, since many new IoT and 5G services are based on uncertain business models.
At the same time the market for traditional mobile business services has become relatively saturated, which means that mobile providers and MNOs are challenged to provide differentiation that will enable them to build more attractive offers. What’s required is an approach that addresses the needs of different segments – while minimising the risk of launching new, unproven service.
Personal data and compliance regulations touch almost every organisation
But there is one service that’s a legal obligation for many businesses, particularly in the financial services sector – compliance. In many countries, the financial services regulator requires regulated companies to record, for compliance purposes, all customer communications, including fixed and mobile calls that may result in an agreement, or with a view to reaching an agreement.
For example, in 2011 the Norwegian Financial Supervisory Authority mandated that mobile calls needed to be recorded. With the growing trend towards ‘mobile-first’ approaches, the need for seamless mobile call recording is growing rapidly.
Regulation hasn’t stood still, either. Since then, we have seen the introduction of the General Data Protection Act 2018, which governs the protection, retrieval, processing and sharing (and deletion) of personal data. While, throughout the world, different compliance regulations apply, including the Dodd-Frank Act in the US and the Personal Data Protection Act 2012 in Singapore.
It means that most organisations – and not just those operating in heavily regulated industries such as financial services and healthcare – require a data compliance strategy and process to meet their legal requirements.
As a result, the compliance management (CM) market – CM is defined as an integrated system of functions, processes, controls, and tools that help an organisation comply with legal requirements – is forecast to more than double from $32.1 billion in 2020 to $84.8 billion in 2028, growing at a CAGR of just under 11%. Compliance recording is an essential element of any compliance programme.
Unfortunately, many businesses have neither the expertise or resources to deploy a fully integrated, company-wide compliance strategy, nor the knowledge of the tools and services required to do that.
Compliance call recording service: A new business stream for mobile providers
This offers a significant opportunity for MNOs and mobile providers. Again though, like enterprises, compliance is not a core specialism of mobile providers. What’s required is a specialist in the field of call recording and compliance, an expert with decades of experience helping multinational organisations, and small businesses, to ensure that they meet their compliance obligations. Fortunately, that’s where Touch can help.
Touch Call Recording Service is a complete managed call recording solution that allows mobile operators to deliver hosted call recording services – enabling them to launch a new, differentiated offer, while avoiding the risk of unproven services.
Our solution records calls directly within the mobile network, closely integrated with our storage facility and security levels required by our customers.
We have a growing ecosystem of certified mobile operator partners in the Nordics, Europe and Asia. Two well-known partners of Touch is Telenor in the Nordics and Singtel in Asia. Please contact us for more information and supported operators.
Touch Call Recording Services requires no hardware deployment, and can be quickly deployed, so you can launch a new compliance recording service within a short time frame, enabling MNOs and mobile providers to offer a fully integrated, fully compliant solution to their enterprise customers.
Touch enables MNOs to offer a complete hosted call recording service to enterprise customers
Your business customers gain access to all of the features and capabilities offered by Touch Call Recording Service – all call recordings are easily accessible from our easy-to-use web interface with advanced search capabilities. Searches can be restricted to authorised personnel, with every search logged by name, date, and time to ensure absolute accountability and transparency.
Likewise, your customers can on-board any employee easily, and once an employee’s number has been set up, calls are recorded automatically. No end-user intervention is required, and users cannot turn recordings on or off, making the solution tamper-proof.
Touch Call Recording Service is compliant with all existing legal, statutory and industry requirements, including:
- MiFID II (including MiFID)
- General Data Protection Regulation (GDPR)
But our solution is also compliant with all industry, national or international regulations or legislation, ensuring that your customers meet all of their legal and compliance obligations.
If you’re a mobile operator, provider or MNO wanting to offer a fully comprehensive, in-network, tamper-proof, state-of-the-art call recording and compliance service to your enterprise customers, then contact Touch today and find out how we can help you to take your slice of the call recording services market.
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