Cognia integrates its global communication archive platform with Oracle Communications to enable telecoms companies to dramatically reduce the cost and complexity of providing mobile recording to the European finance industry, for “MiFID II” compliance.
On 3rd January 2018, the Market in Financial Instruments Directive 2014/65/EU —MiFID II — comes into force in all 27 EU states. One of the most wide-ranging Directives to hit the financial sector, it is causing headaches not just for investment firms but also for telcos.
Intended to strengthen investor protection, MiFID II requires traders, investment managers and advisors across Europe to implement wide-ranging recordkeeping and monitoring — including conversations taking place on mobile phones. Many European mobile telcos are yet to provide call recording, finding it as an expensive investment for a small — albeit valuable — subset of business users.
Ian Hook, Chief Operations Officer at Cognia, says “Carriers can get trapped not just by legacy architecture, but also legacy thinking — the result being overly complex recording and in-house storage systems that offer limited customer value and limited longevity.”
Hook continues, “Yet in a world where carriers are squeezed by over-the-top services, declining voice traffic and regulation, if done correctly, recording can provide the foundation for precisely the kind of high-ARPU, sticky services that telcos covet. And it doesn’t need to cost the earth.”
Cognia and Oracle have teamed up to offer carriers a complete, end-to-end solution that removes the cost and complexity of building recording-based services, and provides a platform for high-value services that lock in customers and offer broad market appeal.
Using Oracle’s Session Border Controller (SBC) and Interactive Session Recorder (ISR), the solution dramatically reduces the time and cost of deployment. Installed at the network edge, it can record complete conversations —including interactions with IVR systems, speech recognition solutions or other automated systems — without affecting network performance or impairing voice quality.
Captured media and events are pushed to the Cognia platform where it is aggregated with recordings from other carriers and sources — such as text, landline, video and social — archived, analysed, and outputs integrated into customers’ day-to-day operations using simple, pre-built plug-ins. All for a fraction of the cost of traditional approaches.
Cognia helps organisations — from small businesses to international enterprises — address some of their most pressing compliance, service-assurance and productivity challenges. Used by businesses in sectors such as finance, energy, and retail, the Cognia Communications Archive platform transforms the cost and ease of capturing, storing and analysing mobile, landline and digital interactions, and integrating them with day-to-day processes and the applications that underpin them.
Cognia is an Oracle Gold Partner. Headquartered in London, the company is backed by Vodafone, Swisscom and Oxford Capital.