PCI Compliance must sound more than familiar to any agency that serves the worlds of Finance and Collections (accounts receivable); PCI Compliance is the very spine of smooth operation. If you in any way accept, store, or process a customer’s card data, you are bound by a set of policies, collectively called the PCI - DSS. Since the Finance & Collections industry is governed closely by state and federal regulations, it is important to note that recording ALL calls is mandated for various legal reasons. CFPB and FDCPA strictly monitor the processes of the collection agencies and regulate the accounts receivable practice, where any violation can be a huge liability. Recording and increasing the number of audits every day makes the agency more compliant in the eyes of these regulators.
The increasing benefits of the Speech Analytics solution in the banking and financial sector are hard to ignore. VoizTrail is an intuitive and affordable Speech analytics Solution that provides financial institutions with a fully loaded voice interaction management system. Compared to other closed solution offerings, VoizTrail carves a niche in the Finance and Collections domains as a powerful tool for quality assurance, compliance, and liability issues. VoizTrail helps solve two major issues that are common to collections:
1. The need to record ALL calls- every inbound and outbound call
2. PCI Compliance – the need to eliminate sensitive card data from the recordings
The latest Real Time Speech Analytics (RTSA) technology can enable organizations across the financial sector to do more than just identify someone and secure their id. RTSA can monitor speech ratios between the agent and the customer, detect cross-talking and interruptions. Organizations can instantly spot if the employee or agent fails to meet the compliance requirements or agreed code of conduct. Recent research with speech analytic solutions for collections revealed that more than half the time, agents failed to understand the company’s process related to payment which resulted in increased number of callbacks and a failed debt collection process. Using VoizTrail’s technology, users will be able to find the root cause of the problems arising and provide the required training initiatives to address those problems.
VoizTrail gives you complete control over your data since the data resides within your own established secure and PCI Complaint infrastructure.
- Secure recording for authorized personnel only
- Minimized disputes over phone conversations that lead to penalties or refunds
- Assurance that business operations is compliant under the regulatory standards and free from liability and legal actions
- Complete availability and access to the present and past call recording for referencing, monitoring and training
- Tracking and targeting insider trading
- Automatic analysis of calls Simple search forparticular keyword or phrase from the recorded call
- Reduction of compliance and risk complexities