Financial Trader floors are required to keep records of their Trader voice transactions in the form of call recordings. Typically these recordings are stored on a mix of magnetic tape and disk. There will be frequent regulatory need to retrieve a broad range of calls sometimes over a long period. The volume of the retained recordings makes this retieval process hugely time consuming and expensive, particularly as this is typically a manual task.
Time Consuming and Costly Challenge
Businesses often employ a large number of staff to carry out this task, as the retained call recordings are extensive. This is not only for the number of Trader’s recorded but also for the historical duration that has been retained which can be 7 years or more.
Because of the volume of data these files were previously transferred from disk to magnetic tape for longer term storage. This means that the process of retieving the recordings is more labor intensive as staff have to wind thorough each tape looking for the relevant files.
nTelligence Trader Voice Custodian Retrieval Solution
In a typical manual extraction scenario you may have 4 tape loaders that will be feeding up to 40 file extracting staff, with each file extractor processing 1 custodian month of data per day. To extract a years worth of data for 100 custodians would take 30 days using 40 file extractors, at a cost of 1230 days of effort
Compare that with the automated solution. PSS Trader Voice can do the same work with 1 tape loader and 1 robot reducing the manual effort to only 30 days. It is also possible to use multiple robots to retrieve data more quickly. The cost saving benefits are huge with a very quick ROI.
nTelligence Trader Voice Business Benefits Include:
- Significantly faster turnaround times for compliance requests
- A huge reduction in staff costs
- Much greater accuracy than a manual process
- Exponential increase in productivity