The 2024 1LoD Surveillance Benchmarking Survey & Report, featuring insights from over 30 leading global banks, has highlighted the pressing need for banks to update their call surveillance practices. Sponsored by Wordwatch, the report outlines the operational and financial risks associated with maintaining multiple legacy systems.
The report, titled “The biggest risk in voice surveillance isn’t surveillance,” delves into the dangers posed by outdated systems, especially those nearing the end of their life cycle. Banks are recognising the necessity of transitioning to a single, integrated platform to address various challenges.
One major concern is compliance. Regulatory bodies mandate that banks retain specific sets of interaction records for up to seven years. These records must be accessible and in their original, unaltered state. Banks with fragmented and outdated systems may find it difficult to meet these requirements, posing a significant compliance risk.
Additionally, legacy systems can complicate the archiving, indexing, and retrieval of voice data, which hampers compliance efforts. These outdated systems often result in over-retention of data, meaning banks may keep voice recordings longer than necessary, inadvertently increasing regulatory scrutiny. This issue not only escalates data storage and maintenance costs but also exposes banks to additional regulatory risks.
The report suggests integrating a centralised solution to manage data capture, migration, storage, and retrieval needs. Emphasising scalability, it notes the importance of being able to search through hundreds of millions (or even billions) of calls and interaction data within seconds. Proactive action is needed to stay ahead of regulatory requirements.
The key message from the report is clear: “doing nothing is not an option.” There are significant risks and costs associated with legacy voice-retention programmes. Without robust foundations, even the most advanced machine learning or AI tools will not help banks meet their core compliance requirements. For banks looking to invest in this area, the advice is to evaluate their voice programmes comprehensively and prioritise spending where the risks are highest.
Read the full report here.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
Copyright © 2018 RegTech Analyst
