Cloud contact center solutions are no longer the wave of the future. They are the wave of today.
Widespread adoption is well underway, and cloud contact centers are revolutionizing the customer service capabilities of companies of all sizes. Smaller organization especially now have access to full contact center functionality just like large enterprises, and at a price point they can afford.
Regardless of the size of your contact center or whether you are using a premise or cloud contact center solution, compliance requirements remain the same, and so does the risk associated with violating these regulations. When your contact center agents, sales reps, collectors or support representatives speak with customers, prospects or payers on the telephone, they are subject to a variety of rules which must be followed, or your organization can face substantial fines and penalties. With Europe’s GDPR and MiFID II privacy regulations, for example, one violation can cost your organization 4% and 10% of worldwide annual revenue, respectively. A single violation of PCI-DSS in the U.S. can result in lost credit card merchant capabilities, which can easily cripple an organization.
Here is a quick rundown of many of the regulations contact centers can fall under:
GDPR (General Data Protection Regulation)
European governmental regulation which stipulates when an organization can and cannot record a call. For instance, you may record during the fulfillment of a contract; imposed by the European Commission.
MiFID II (Markets in Financial Instruments Directive II)
European governmental regulation which stipulates when you must record, such as during all reception, transmission, and execution of client orders; imposed by the European Securities and Markets Authority
PCI-DSS (Payment Card Industry Data Security Standard)
United States industry regulation which mandates what can and cannot be stored in a telephone recording. For example, a customer’s credit card or pin number cannot be captured in a call recording; imposed by leading U.S. credit card companies.
HIPAA (Health Insurance Portability and Accountability Act)
United States governmental regulation which mandates which private health information must be left out of a call recording and cannot be stored; imposed by the U.S. Department of Health & Human Services.
United States regulation which stipulates what information must be disclosed by the agent, such as the identity of the seller and that the call is a sales call; imposed by U.S. Federal Trade Commission.
Unites States regulation which regulates which pieces of information a mortgage broker or credit union must disclose to prospects and customers, such as the full terms of the proposed loan and all the specifics surrounding the interest rate; imposed by U.S. Federal Deposit Insurance Corporation.
Contact Centers which fall under one or more of these regulations can benefit greatly from deploying robust call recording functionality within their cloud contact center environment. Compliance call recording helps managers monitor what is and is not being said on the telephone and allows quality supervisors to review calls with agents to ensure proper compliance. Compliance call recording (aka Total Recording) captures every single call the contact center makes and stores these interactions securely for later recall and replay when necessary to resolve a dispute or prove compliance.
Kevin Levi, VP of Marketing for OrecX
Kevin has been working in the contact center field for 15 years, helping companies like OrecX address the growing and diverse needs of customers across all industries.