MIFID II – Law on voice recording in the financial sector

Significant change for financial service providers, banks and contact center operators that target end consumers with investment products. A new EU directive on voice recording came into force on 03.01.2018. All discussions in the context of financial and investment advice – even the mere initiation – must be recorded in a legally secure manner and stored for 5 years. Little help can be expected from the legislator here. The responsibility lies with the bank, the insurance companies and their agencies and contact centers. Cloud services from NFON AG provide a remedy here. In everyday practice, it is difficult to determine whether a call is subject to recording or not. The problem here is that many on-premise solutions in the financial sector have grown over decades and the conversion can only take place at high cost. The NFON product “Neorecording” can be a better solution here. Telephone communication is automatically archived and encrypted. The cloud service provider maintains and updates the systems in accordance with the rules of the German Federal Data Protection Act.

Conclusion

IT decision-makers in affected industries are now subject to a significantly higher obligation to document their business processes. Relying on on-premise solutions here entails risks, as the legal situation can change at any time – with unforeseeable consequences for the hardware purchased – there is the threat of a cost trap. A cloud solution such as “Neorecording” from NFON, which can be implemented quickly, is simply more flexible. The service can be booked at any time. Since you are relying on a hosted solution, you are not responsible for system maintenance and updates. The Savecall experts will be happy to help you directly. Contact us at any time without obligation.