Best in Compliance and Reporting: NICE05.04.2021
NICE won Best in Compliance and Reporting at the 2021 Markets Choice Awards.
Markets Media caught up with Lee Garf, General Manager, Compliance at NICE, to learn more.
What is your reaction to NICE winning Best in Compliance and Reporting in the 2021 Markets Choice Awards?
A massive effort went into making NICE’s NTR-X a reality, and we are gratified that the exceptional product that we created received this important recognition. The NICE development team spent the last 18 months writing more than 500,000 lines of code in order to build NTR-X from the ground up, a modern recording platform on a completely new architecture. This award is a testament to the efforts of our talented development team, and the industry-leading technology that emerged.
Please describe what the NICE’s compliance and reporting offering is all about — what are the primary capabilities and how does the firm differentiate in a competitive landscape?
NICE’s compliance and reporting offering, NTR-X, is transforming communication compliance for the financial services enterprise. For the first time, financial services firms will be able to centrally capture, record, assure and report their compliance with global recording regulations for regulated users.
A big differentiator for NICE is that the NTR-X solution is fully cloud-ready, so while firms can still decide whether or not they want to host recording in their own data centers, they also can completely outsource to our recording expertise as a service. This will massively reduce server footprint and dramatically lower total cost of ownership. Another key differentiator is the solution’s openness. NICE built NTR-X on a new microservices architecture which makes it extremely flexible. We have built open APIs, and clients can decide on the features and services they want, which gives them greater flexibility. With this extremely open architecture, customers are able to integrate to a number of different communication channels and downstream solutions like surveillance.
What are market participants’ primary needs in the area of compliance and reporting, and how is this evolving?
In today’s complex environment, financial services firms need more flexibility than ever before, but they also need extremely secure and reliable recording with 100% accuracy – that requirement hasn’t changed. This is where 20 years’ experience as a leader in recording, combined with next generation cloud-native recording and assurance, is really able to change the game for financial services firms.
Because data volumes are increasing, and because the number of communication channels needing to be captured and recorded has increased dramatically, firms are often dealing with the increased costs as well as resource-draining manual processes. One of the things we’re really excited about is that we’re bringing together the management of a firm’s entire global estate into a centrally-managed solution with an extremely modern user interface. This approach will help teams reduce the number of clicks required to perform their tasks, but also improve many of the manual processes with new built-in automations. Also addressing the markets current needs, NICE NTR-X has sophisticated, built-in reporting capabilities allowing for powerful search, data interrogation and discovery.
What does the future hold for NICE’s compliance and reporting?
NICE is excited about the future of NTR-X Compliance and Reporting and how this advanced solution supports our customers’ transformation with communication compliance and recording-as-a-service. Because of our new architecture and overall approach, we’ll be able to ensure that our customers receive maximum value from their recording and assurance solutions, both within their compliance team, but also across various business units within the firm. NICE is continuing to develop further enhancements to this, along with other groundbreaking solutions to address the changing needs of our customers. A specific area of focus is expanding support of unified communications platforms such as Microsoft Teams, where NICE was the first solution to be certified by Microsoft.
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