CallCabinet’s data migration service can free your voice data from legacy on-premise recording platforms.
It seems somewhat hard to believe that nearly all financial services regulations have been in effect for less than 20 years, but it’s true. Compliance is actually a teenage concern for the enterprises of the world.
These regulations were implemented over the concern of protecting both consumers and organizations as they moved from traditional working methodologies into new hybrid working environments. They address how and what data is gathered, stored and secured, as well as how it can be used.
And, just like the technology itself, they continue to change over time.
For example, the Markets in Financial Instruments Directive, or MiFID, was adopted by the European Union in 2007. MiFID II then replaced it in 2018 to keep it current with technology and changes within financial services markets over the ensuing 11 years.
Payment card industry digital security standards (PCI DSS) were originally implemented by the world’s leading credit card companies in 2004. Version 4 has been released.
Yet, despite all of the changes to technology and compliance in the past decade, many organizations are still bound to outmoded legacy “premise-based” recording platforms to capture the voice data required for regulatory compliance.
On-Premise Recording Platforms
As these regulations were being implemented, many enterprises invested in expensive on-premise recording platforms as their compliance solution. These premise-based recording systems were built mostly of hardware with enormous storage capacity that was wired directly into a company’s phone system. Software provided interfacing for administering the system and retrieving data when necessary. But that’s about it.
On-premise recording systems were built simply as compliance solutions that recorded and stored voice data on-site for a single location. Enterprises with multiple office locations required the networking of multiple systems, and backups for all of the data in these systems still needed to be stored off-site to protect the data in the case of a fire or other disaster.
Contrast this with CallCabinet, the compliant cloud-based recording solution originally pioneered by CallCabinet in 2012, which allows organizations to share voice data and requires no hardware whatsoever.
Cloud-based Call Recording
CallCabinet changed the game for compliance recording. Not only does the cloud offer infinite storage, but it also allows for enterprises to easily share voice data between locations, and even record remote employees compliantly.
Unlike on-premise recording platforms that store voice data in proprietary formats, CallCabinet uses standard formatting that allows voice data to be used by business intelligence and quality assurance systems. It integrates natively with virtually all of the systems and software used by enterprises today.
Even better, cloud-based SaaS recording platforms like CallCabinet are essentially future-proof. The software is centrally maintained and constantly updated to continue to conform with the needs of organizations and the requirements of regulatory compliance. The voice data, which is stored with military-grade 256-bit rotating AES encryption, is always available to those who need it and will continue to be for as long as the system is in use.
But how do enterprises that are still stuck with legacy on-premise recording systems make the move to the cloud?
Data Migration is Data Liberation
Because some regulations require voice data to be retained for a set period of time, organizations wanting to upgrade to cloud-based platforms face the barrier of having to have both systems employed for up to seven years or more. During that time, new recordings would be made to the cloud-based platform, but the legacy system would still need to be paid for throughout. This “double jeopardy” barrier is exactly why many of these premise-based recording systems are still being used today.
In order to help organizations upgrade, CallCabinet developed a unique system of data migration. The data migration process involves re-formatting and restructuring voice data from legacy recording systems to build voice databases into a normalized format within a CallCabinet implementation. It can be a time-intensive process, especially for organizations with vast quantities of legacy data, but it is much quicker and less costly than the alternative.
CallCabinet’s data migration solution can cut the crossover time between platforms down from years to months, or even weeks. Not only does data migration eliminate the expense of maintaining two platforms concurrently, but it also unlocks the value of the data itself.
In this way, data migration actually liberates an enterprise’s voice data, allowing it to be mined for business intelligence and customer experience insights and shared seamlessly across the enterprise.
Call recording isn’t just about compliance anymore. Businesses are coming to recognize the substantial value hidden in their voice data, and CallCabinet’s data migration service enables them to finally put it to good use.
After all, it’s not the 2000s anymore. Technology has changed. Regulations have changed. Enterprise has changed. And voice recording has changed. Perhaps it’s time for your business to change as well.