Demand for Wordwatch grows in FSI
A leader in voice recording and enterprise workforce optimization solutions provider, Business Systems (UK) (www.bslgroup.com) has announced a sharp rise in demand for Wordwatch, its multi-vendor call recording management portal that brings together recording data from multiple call recording systems from multiple systems all in one place, for easy access, management, extraction and reporting.
A number of major global investment banks have adopted Wordwatch, as they attempt to improve access to, and management of, live and legacy call data for regulatory compliance purposes.
The surge in demand follows a new wave of requirements affecting the financial services industry, including those under MiFID II, which are designed to ensure greater transparency and process auditability, and make financial institutions more accountable for their advice and actions.
“All of this presents a significant and costly challenge,” explains Richard Mill, Business Systems (UK)’s Managing Director. “Organisations must account for every deal and be able to produce records or address queries at short notice; Dodd-Frank specifies within 72 hours.”
“Wordwatch is unique in its ability to curate and provide access to call data from legacy, live, cloud based or on-premise call recording systems, from any vendor. All records are presented via a single portal through which users can easily manage, replay, store, extract and report on. The ability to locate, replay or report on any call content, whatever the format or original recording system is a substantial aid to productivity, while at the same time contributing directly to regulatory compliance.”
A further facet to Wordwatch’s appeal is its modular and highly scalable make-up. This means organizations can start by rolling out the immediate functionality they need, and then expand the scope over time as required.
“Our market is exploding, as organzations understand the difference Wordwatch can make,” says Mill. “We are essentially providing them with a single pane of glass across multi-vendor systems, and one single point of access for all data, with centralised management over all data for a whole range of purposes such as compliance, policy administration, and business intelligence/analytics. In this litigious and strictly-regulated age, that’s a very valuable capability.”