What’s Driving the Call Recording Market?

In the UK, the need to maintain precise call records is a growing one for regulated industries such as the banking and financial services sector, whilst in the US, new legislation in the shape of the Dodd–Frank Wall Street Reform and Consumer Protection Act has seen some of the most significant changes to US financial regulation since the Great Depression.

These changes – which affect almost every facet of the US financial services industry – mandate, amongst many other matters, that auditable call records are maintained of all communications between financial services staff and – as you might expect – between staff and their clients.

As a direct result customers are looking to their service provider to help them achieve compliance. CSP’s who rise to this challenge by delivering a robust product experience which also differentiates them from the competition are the ones most likely to win their customers hearts, minds and more importantly – their loyalty.

The adoption of the Dodd-Frank legislation in the US – like the Sarbanes-Oxley legislation – means that UK or European organisations which wish to trade with a US entity are increasingly being requested to maintain an audit and compliance communications platform that meets the needs of this important regulation.

The FSA has suggested that UK organisations operate a six-month retention period for calls - compared to retention periods of between three months and 10 years in Europe - with calls being fully auditable and available for future reference.

 More and more everyday businesses are recognizing value far beyond the regulatory protection provided by a call recorder, as they discover the mining of these calls reveals tremendous customer insight.

Know your customer – Deliver Good Advice - Keep Records; are three key components for any contact centre. However, it’s not just about delivery to the customer, any contact centre tasked with customer service objectives also needs to ensure their staff are both confident and competent in how they undertake that delivery. This is where call recording can benefit both the customer service delivery team and the customer service experience.

Call recording has become an essential training component for contact center staff. By analyzing inbound and outbound calls regularly it is easier to identify issues and problems and put preventative measures in place. Live statistics enable managers to base decisions on accurate and invaluable data. Listening to calls helps to establish trends, pick and correct areas for improvement and evaluate other ‘Key’ information which would otherwise be lost. Businesses are now realising that it’s no longer just about expanding the ROI of a call recording investment, it’s about expanding your customer intelligence.