Summary
What this article covers in 30 seconds
- Conversation recording can support MiFID II compliance and better monitoring of customer service.
- Recorded data can show where service delivery causes friction and where processes need improvement.
- Recordsure research said almost two-thirds of consumers were happy to be recorded.
From CCTV on every street corner to “smart technology” that can track every move, many detractors have denounced the growth 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 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 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 service delivery are causing friction. This enables firms to make continuous improvements to their offering.
Successful firms know that great service and the right product inspire greater loyalty among customers and are benefiting from the positive impact this has on the bottom line.
The detailed management information delivered by Recordsure’s compliance monitoring solution enables 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 to provide service and products that match customer needs and desires.
Turning hesitancy into confidence
Despite the 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 argument is echoed by some consumers, but it is by no means unanimous. Recordsure research conducted the previous year found that almost 2/3 consumers are happy to be recorded. 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 were recognising the protection that authentic recording can provide.
The industry needs to be better at educating consumers about these advantages. This can help address “Big Brother” concerns and turn hesitancy into confidence that financial services firms are taking measures to protect customers and enhance the customer experience.
Frequently asked questions
It supports MiFID II compliance, monitoring of customer service, staff competency and process improvement.
Almost two-thirds of consumers were happy to be recorded, and 71% wanted an audio copy after a conversation.