Financial Services firms have embraced call recording requirements and both customers and staff members are comfortable with the idea that their conversations are being routinely recorded.
Obtaining a record of the interactions between your customers and customer-facing staff should be an integral component of evidencing suitability and demonstrating fair consumer outcomes. Unfortunately, there are three issues with current call recording:
- It doesn’t provide complete coverage
Although there are many systems available for capturing conversations that occur over the phone, every day there are countless conversations occurring in branches or in the field which are not recorded. These are often documented only by meeting notes, which run the risk of being inaccurate or incomplete.
2. Time is money
Audio files can take a long time to review. Especially if you are only checking for one part of the conversation i.e. discussion of the client’s attitude to risk. This can take up a significant amount of your employee’s time and can result in higher compliance costs.
3. Inadequate assurance
Using current quality monitoring methods, it is virtually impossible to monitor the majority of business written, with many firms able to average just 5% – 10%. This means underlying issues are less likely to be uncovered until consumer detriment has occurred.
Recordsure can address all of these issues.
1. It provides much better coverage
The Recordsure solution records a significantly greater proportion of conversations occurring within your business, with particular emphasis on recording those occurring face-to-face.
2. It segments your audio files
To reduce the time required to review transactions, Recordsure segments each conversation to allow reviewers to target key areas of risk without the need to listen to the whole conversation.
3. It provides greater assurance
Recordsure enables firms to conduct file checking quicker and more efficiently. Therefore a greater proportion of business can be checked.
Don’t worry if you’ve already invested in a call recording infrastructure – Recordsure is built to integrate with existing systems. Why not get in touch today to discuss Recordsure’s full range of features and how your firm could benefit?