2024 Recap: A Year of Transformation in Data Capture for Financial Services 

Published 18/12/24 under:

We’ve had an amazing year at Kerv and have been fortunate enough to host & attend some fantastic events. So, what better way to reflect on the key takeaways and trends that emerged from these sessions than in a (fairly comprehensive!) blog?

Many of our sessions have focussed on highlighting the advancements in Voice Recording technology, the application of AI and machine learning, the benefits of storing data in the cloud and how all this plus the absolute completeness of records is imperative for financial institutions to proactively avoid breaches.

There’s a lot to get through, so let’s dive in!

AI and Cloud Computing: Driving Innovation in Voice Recording

A common theme that was consistently emphasised throughout 2024, was the transformative power of AI and cloud computing in relation to voice recording. These technologies are revolutionising how institutions capture, store, analyse, and utilise voice data.

AI can be leveraged for enhanced insights, freeing up the time for multiple teams across financial institutions and boosting their performance at the same time – win-win!!

These advancements in AI and cloud computing also means that voice data has the potential to be a strategic asset for institutions, with benefits such as:

• Real-time insights: AI-powered tools like Pulse, within Kerv’s Compliance Cloud provide real-time analysis of system logs and call data, enabling proactive issue identification and resolution. This leads to enhanced system performance and reduced downtime.
• Predictive monitoring: AI models such as can analyse historical data to predict future trends, such as call concurrency and resource usage. This predictive capability facilitates proactive resource allocation, optimises infrastructure, and prevents potential issues.
• Automated transcription and analysis: AI significantly improves the speed and accuracy of voice data transcription, making it easier to search, analyse, and extract insights. This is crucial for investigations, surveillance, and identifying market trends.

“Insight is actually looking at all of the metrics from our systems… to predict what’s happening inside the infrastructure and get in front of what’s going on.” Kyle Ansari, CTO, Kerv

Whilst AI powers operational efficiency for regulated firms, it provides other benefits as we heard from our colleagues in Kerv’s Digital Transformation Team at our Compliance & AI Event in Summers;

Human-Centric AI Applications can enhance Customer Service, assisting CX agents by:

• Providing unified customer profiles with data from various sources.
• Generating empathetic and informative responses to customer queries.
• Automating routine tasks, allowing agents to focus on complex issues.
• Emphasising the importance of using curated knowledge bases to train AI models, ensuring accuracy and relevancy of information provided to agents and customers.

 

The Shift to Cloud-Based Voice Recording

Cloud-based voice recording solutions are becoming the industry standard. Whilst a few institutions are reluctant to embrace the cloud, its not going anywhere! Colin Foster, a Voice Recording Specialist at Verint explained at our Cloud focussed event that cloud solutions offer several advantages, including:

• Enhanced security: Cloud providers like Microsoft Azure offer robust security measures, such as encryption, key management, and access control, ensuring the protection of sensitive voice data.
• Automated deployments: Cloud platforms such as Kerv’s Compliance Cloud enable automated deployments and upgrades, reducing manual errors and downtime.
• Advanced monitoring capabilities: Cloud-based solutions provide comprehensive monitoring tools that track system performance, proactively identifying potential issues, and ensuring the integrity of the voice recording infrastructure.

In addition to housing data securely, cloud solutions allow institutions to easily scale their voice recording infrastructure based on their needs, eliminating the need for costly on-premise hardware and maintenance systems

 

Ensuring Data Completeness: A Critical Focus for 2024

As the industry continues to evolve, ensuring the completeness and integrity of voice recording data remains a critical challenge for financial institutions even in the coming year. This was highlighted in a case study shared at XLoD London in November by our resident expert Ravi Sharma. The case involved a regulator identifying discrepancies in call records between two institutions, revealing a misconfiguration in the recording process.

Such incidents underscore the importance of robust processes and the implementation of the correct tools to guarantee the capture of all calls. Accurate configuration of recording systems to prevent data loss, and regular testing/monitoring to ensure data integrity are key as failure to address these areas can lead to regulatory scrutiny, reputational damage, and financial penalties.

 

Looking Ahead: The Future of Voice Recording in Financial Services

One topic that is ever present and poised for continued growth and innovation is . Ravi Sharma, our Head of Strategy and Cloud Technology touched on the fact that voice recording is no longer a dark art, stating that ‘Regulators and surveillance teams are increasingly understanding its importance in ensuring compliance and detecting market anomalies.’

This shift is driving a need for faster retrieval of recordings and more accurate transcription and industry experts predict:

• Increased adoption of cloud-based solutions, driven by their security, scalability, and cost-effectiveness.
• Pervasive AI integration across all aspects of voice recording, from capture and transcription to analysis and surveillance.
• A shift in focus from compliance to ROI and business value, with institutions leveraging voice data to gain a competitive advantage.

 

 

One for all!

The final theme that has been prevalent this year (phew – what a year!) is the use of ‘other’ communication tools. Email, voice and text are no longer the only platforms that traders are using.

With countless options including Instant Messaging platforms like WhatsApp, Bloomberg, WeChat, iMessage and of course, not forgetting UC platforms such as Microsoft Teams, Zoom, Webex – financial institutions face a much bigger challenge to ensure no interaction is missed, regardless of modality.

We’ve all witnessed the millions of dollars’ worth of fines being issued for WhatsApp breaches in 2024 – it’s evident that the regulators are becoming more stringent, requiring financial institutions to step up their game if they want to avoid financial and reputational repercussions.

Here at Kerv, we’ve been inundated with queries and concerns around the capture of multiple modalities, and the challenge institutions have in finding a single solution that ingests all data formats! Well, we’re proud to say Compliance Cloud does just that!

With exciting new features coming for 2025, it’s no wonder so many customers are choosing to work with Kerv. Make it a top priority on your New Years Resolution List to learn more!

 

Conclusion

All that’s left to do is conclude this monster of a blog!

There’s no denying that communication capture is undergoing a rapid and continuously evolving transformation. The shift to cloud-based solutions, coupled with advancements in AI and transcription technology, is creating new opportunities to leverage voice data for compliance, surveillance, and beyond.

With technological advancements continuing in every area, regulated industries can no longer hide from regulators – as the auditors’ ability to detect breaches improves, financial institutions must adhere and embrace compliance solutions to keep themselves compliant as well as their data secure whilst leveraging it to provide the best possible customer experience.

As we move forward, staying informed about these trends and embracing cutting-edge technologies will be crucial for financial institutions to effectively leverage the power of voice data and navigate the ever-evolving regulations that are thrown their way.

If you want to hear first-hand from the experts in 2025, pop us an email to make sure you’re kept up to date of upcoming events, or if you simply can’t wait and want to talk to an expert, get in touch via our website or by emailing your query and area of interest to hello@kerv.com