“Calls may be recorded for training and quality purposes” – It’s a phrase we’ve all heard when calling a company or organisation, but do you know what it entails, and what these recorded calls are used for?
Call Recording is something most people are aware of, however, not many are familiar with why organisations record those calls and what happens with those recordings after they are captured.
6 Reasons Why Organisations Record Calls
Staff Training and Development
It’s a competitive world out there, and providing excellent customer service is paramount, not only to business success but business survival. Recording and monitoring calls is the best way to train & coach staff on how to handle telephone calls and customer enquiries effectively.
If you want to find out more about Call Recording, check out our article:
5 Benefits of Having a Call Recording System
Protection and Dispute Resolution
Call Recording can help protect a business by easily proving ‘who said what’ in a dispute, quickly bringing the matter to a resolution, saving everyone time, energy, resources and money.
Confirmation of Agreements
Call Recording can help avoid problems associated with inaccurate order taking, lost delivery details or disputes about prices. Call Recording will enable you to transact business over the telephone, often avoiding the need for written confirmation, which reduces business overheads and increases sales.
Meeting Regulatory Compliance
In some cases, recording telephone conversations is mandatory to comply with governmental regulations. This is particularly relevant to organisations who are regulated by the Financial Conduct Authority (FCA) and similar regulatory bodies, such as Banks, Investment Firms, Credit Institutions, Stockbrokers, Pension Funds etc.
If you are a firm that provides or advises on financial instruments and services in the EU, you will need to comply with the revised MiFID II regulations.
Best Practice, Advice and Instructions for Quality Assurance
Sometimes advice or instructions are given over the telephone (e.g., medical advice lines or technical support centres). Recording these calls enables organisations to check correct procedures are being followed and to quickly resolve disputes. Customers feel more protected knowing the necessary checks are in place, providing the organisation with credibility and ensuring calls are being recorded for quality purposes.
Insurance
Do customers give the correct information for insurance quotes over the telephone? Having Call Recording in place can discourage fraudulent information being given in the first place and provides the company with a lasting record of what was said when the insurance contract was accepted.
ROI From Using Call Recording
- Measurable Returns
- Increase in sales revenue from improved sales techniques
- Increase in first-time resolution due to improved customer service skills
- Reduction in call handling and hold times due to improved product knowledge
- Increased efficiency due to better trained, but less agents handling more calls in the same period of time
- Identifies targeted training, resulting in reduced training costs
- Company liability is protected by proving call content to resolve disputes
- Reduction in time taken to bring new recruits up to speed
- Non-measurable Returns
- Client satisfaction and loyalty are improved
- Improved staff motivation and morale
- Ability to better manage customer expectation
- Reduction in disputes, complaints and abusive calls
- Ability to resolve disputes and complaints with greater ease
- Improvement in staff call handling skills
- Ability for agents to ‘self-evaluate’ calls
If you want to find out more about the ROI from Call Recording, check out our article:
How much does Call Recording cost?
Call Recording Laws – How Long Do Companies Keep Recorded Phone Calls For?
According to the Financial Conduct Authority (FCA), firms need to retain records of specific telephone conversations and electronic communication of client order services. This includes communications that are intended to result in a transaction, even if they do not end up doing so.
Once recorded, firms must keep electronic communications, including tapes, for a period of at least six months from the date the record was created.
Which organisations are obliged to keep recorded communications?
The following organisations are legally obliged to record conversations:
- Banks
- Stockbrokers
- Investment Managers
- Financial and commodity derivatives firms
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