From CCTV on every street corner to ‘smart technology’ that can track your every move, many detractors have denounced the explosion of technology and monitoring solutions as the slippery slope to a ‘Big Brother’ state. But while some individuals may resent what is perceived to be an intrusion into their lives, there are numerous examples of technology and monitoring solutions that have improved the customer experience.
Inspiring greater customer loyalty
One such solution, and the focus of this blog, is conversation recording. The rise of conversation recording in the financial services industry has led to many advantages for firms, from enabling compliance with MiFID II requirements, to better monitoring of customer service and staff competency levels.
One of the key resulting benefits of conversation recording lies in the subsequent data. This data is a window into organisations, automatically highlighting areas where process improvements can be made, or where aspects of the service delivery are causing friction. In turn, this enables firms to make continuous improvements to their offering. Successful firms know that a great service and the right product inspires greater loyalty amongst customers and are reaping the positive impact that has on the bottom line.
The detailed management information delivered by our own compliance monitoring solution Recordsure, enables our clients to identify individuals, teams, business areas and products that are not operating according to business and regulatory standards and therefore apply remedial measures quickly and efficiently. This puts them in a better position than ever before to provide a service and products that match customer needs and desires.
Turning hesitancy into confidence
Despite the obvious benefits of conversation recording, not everyone is convinced. Objections have been raised that consumers may not be happy having the details of their financial affairs and sensitive personal data recorded and stored.
This is indeed an argument echoed by some consumers, but it is by no means unanimous. Recordsure research conducted last year uncovered almost 2/3 consumers are happy to be recorded. Plus, with 71% wanting to receive an audio copy of the conversation to recall what was said in the event of a complaint, the majority of customers are obviously recognising the protection that authentic recording can have.
So, the benefits are clear to us, but not to customers. We need to be better as an industry at educating consumers about the advantages. This will no doubt win over many of the ‘Big Brother’ concerns, turning hesitancy into confidence that financial services firms are taking measures to protect customers and enhance the customer experience.