Call Recording for Liability protection, Compliance and Quality

Banks, Insurance companies, Call centers, stock brokers, mortgage services and other businesses that regularly communicate with customers are exposed to risk associated with every interaction. Many businesses are legally required to monitor these interactions as a means of managing risk and liability. There are industry self-regulatory groups that mandate the protection of personal data and adherence to best practices of its members.

Monitoring the high volume of interactions daily is a huge challenge, more so for companies that operate large or multi-site contact centers. In order to maintain compliance with the numerous legal and industry body requirements, these businesses must implement total call recording solutions that can effectively capture, archive, monitor, and retrieve any customer interaction.

Compliance with legal and regulatory requirements is a primary reason for voice and data recording. In addition, call recording and reporting solutions help in monitoring quality, reduce telecom costs, capacity management, training agents.

Industries which need Liability protection

Financial Services : Insurance, Banks, Stock Broker, Mortgage
Transportation : Airlines, Shipping,
Sales departments : sales contracts
Emergency Services : Police and Fire, 911 centers, Ambulance services
Professionals, Lawyers, Doctors,
Healthcare : Hospitals

Benefits of Call Recording

Regulatory Compliance

Call recording solution provides proof of compliance by recording verbal contracts and providing accurate records of customer transactions.

Dispute Resolution and Liability Protection

Customer disputes start with a miscommunication and end up in a lawsuit when there is no easy way to prove who is right. A phone system recorder easily resolves disputes by providing an impartial record. In case dispute leads to a lawsuit, call recordings are admissible as evidence in a court of law.

Risk Reduction : Protecting against fraud, Monitoring for threatening & abusive calls

Quality Management

Ensures that the employees are providing the right information to the customers and provide high quality service and support. Provides a set of good and bad calls as a part of training to a new employee. Ensures consistency and accuracy across the agents giving information over phone.

Increased Efficiency and Performance

Scheduling and optimizing staff based on the call volume. Helps in capacity management of your trunk lines. Ensures you are not you are not paying for trunks that are not in use; ensure there are enough trunks to take all your customer calls so that calls are not lost.

Regulatory acts

The following is a partial list of the regulatory acts in the United States and EU that the Finance and Insurance industries need to comply with:

AML (Anti-Money Laundering)
Basel II Accord
ECOA (Equal Credit Opportunity Act)
FDCPA (Fair Debt Collection Practices Act)
GLBA (Gramm-Leach-Bliley Act)
MiFID (Markets in Financial Instruments Directive)
PCI DSS (Payment Card Industry Data Security Standards)
SEC 17-a-4/NASD 3010 (Securities Exchange Act 1934)

Voice recording for Quality

Improve quality

By recording calls, errors can be detected and corrected before they become costly mistakes. A call center employee might mistype customer information, or enter order details incorrectly, such the wrong product size or quantity. However, by routinely verifying their own call recordings before processing order or contract, the agent can be verify data or correct errors, thereby preventing disputes or material returns. The recording can be reviewed and the mistake corrected without the customer even knowing.
Supervisors can also use the call logging software to ensure that the agents are providing the right information to the customers and provide high quality service and support.
Trading organizations use call replay and call marking capabilities to verify prices and volumes mentioned on the call, during their after call wrap-up

Improve training

Training and performance reviews are made easier when call recordings are easily available to trainers and managers.
Trainers can search and find a set of good and bad calls as a part of training to new agents. Poor quality calls can be found by managers and sent to the employees that made them to allow them to learn from their mistakes and improve.

Sales and marketing data

A telephone recorder gives your sales and marketing departments valuable data that will help them discover exactly what sales techniques or marketing campaigns are working and more importantly, why they are working. A sales manager can use the call recording software to review calls that resulted in successful sales and glean ways to improve the sales dialogs for the entire sales staff.

Tracking the Markets and Advertisement Campaigns

You can analyze which advertising campaign in what media provided the best return on investment
Understand which product line has more demand
Track where your customers and markets are based on the area code
Discover what offers are working best, or the reasons customers give for not taking those offers.