Summary
What this article covers in 30 seconds
- Call recording does not always capture branch or field conversations.
- Reviewing full audio files can take substantial employee time.
- Current quality monitoring may average only 5% – 10% of business written.
- Recordsure can record more interaction types and segment audio for targeted review.
Financial services firms have embraced call recording requirements, and customers and staff are now used to routine recording. A record of interactions between customers and customer-facing staff should support evidence of suitability and good consumer outcomes.
Conventional call recording still leaves firms with three recurring issues.
It does not provide complete coverage
Many systems capture telephone conversations, but large numbers of conversations still happen in branches or in the field. These may not be recorded and can be documented only through meeting notes, which may be inaccurate or incomplete.
Time is money
Audio files can take a long time to review, especially when reviewers are looking for one part of a conversation, such as discussion of a client’s attitude to risk. That review time can increase compliance costs.
Inadequate assurance
Using current quality monitoring methods, it can be difficult to monitor most business written. Many firms average only 5% – 10%, meaning issues are less likely to be identified before consumer detriment occurs.
How Recordsure responds
Recordsure can address these issues by improving coverage, segmenting audio and providing greater assurance.
Recordsure’s Capture app records conversations that happen online or face-to-face. To reduce review time, Recordsure’s Conversation Intelligence segments each conversation so reviewers can focus on key risk areas without listening to the whole conversation.
Recordsure also enables faster and more efficient file checking, so a greater proportion of business can be checked. It can integrate with existing call recording infrastructure and has been built to work with existing systems.
Frequently asked questions
Conversations in branches or in the field may not be recorded and may rely on meeting notes.
Reviewing full audio files can take a long time, especially when reviewers only need to check one part of a conversation.
Many firms can average only 5% – 10% of business written under current quality monitoring methods.
Recordsure segments conversations so reviewers can target key risk areas without listening to the whole recording.