Across industries, recording calls is essential for many reasons, including regulatory compliance and agent training.
Call recordings can be used as a tool to ensure the customer experience your agents are providing meets or exceeds customer expectations.
For financial institutions in particular, having call recordings available can avoid steep regulatory fines and legal consequences.
And in any industry, it’s difficult to legally resolve a transaction dispute without the full, intelligible version of the recordings.
With so much at stake, it’s no wonder that many enterprises are looking for additional levels of assurance that their call recording systems are working they way they should be.
The top 4 reasons for assuring your call recordings are to:
1. Avoid fines for non-compliance with necessary regulations
Without full, intelligible call recordings, enterprises can leave themselves open to fines for non-compliance. For example, one UK financial services company had to pay more than £30,000 in fines because it did not have a call recording system in place. In April 2017, as part of the EU’s Markets in Financial Instruments Directive (Mifid II), the UK’s Financial Conduct Authority ruled that by 2018 it would be mandatory for investment banks and asset managers to record all calls, voicemails, and even instant messages. And in 2013, a record £472 million in fines was issued by regulators in the UK — a 52% increase on 2012. With regulation on the rise around the world, it has never been more important to have recordings available.
2. Avoid losses through transaction disputes
A recent report showed that consumer problems cost Australian businesses $18.03 billion, and the true cost per transaction dispute in the US ranges from $10 to $40, according to a 2010 estimate by the consultants at First Annapolis. Multiplied by the 15 million questionable transactions MasterCard reported it would handle in 2013, this figure quickly adds up. Having call recordings in place to defend against these disputes is clearly worth the investment.
3. Minimize damage to an enterprise’s public image and reputation and retain customer confidence
A poor agent interaction can lead to a bad customer experience, and dissatisfied customers are more likely to tell their friends what happened than satisfied customers. In fact, on average, unhappy customers will tell sixteen of their friends, versus the 9 happy customers that will tell their friends.
From the regulatory perspective, if your enterprise receives a fine for non-compliance or becomes subject to legal action, the resulting media attention can extensively damage your reputation.
4. Avoid lost customers and business opportunities
As well as telling others about their bad customer experiences in higher numbers, unhappy customers are also more likely to leave your company. Groove HQ reported that 82% of customers have left a company because of a bad experience. And customers may not even tell you that they’re leaving. Customer retention is a key way to improve profits, so anything you can do to consistently provide a good customer experience is valuable.
Providing Brand Assurance
It’s clearly important to have a call recording system for the reasons we’ve just covered. But once you’ve made the investment, how can you be sure it’s working the way it should be?
With Cyara Recording Validation (CRV), you can ensure your Verint and NICE call recording software systems are performing as intended, that the recordings accurately capture what happened on a call, and that the recording quality meets prescribed standards.
CRV helps protect your enterprise from the risks of not having the necessary recordings when it matters.
