With the growing rate of fraud and misinformed people being taken advantage of, it is becoming increasingly important to protect customer information. For a financial company of any type, maintaining appropriate documentation is almost a must. Here is how call recording software can help protect your company against these issues.
Call Recording Software for the Finance Industry
Call recording is a service that allows you to record incoming and outgoing business calls. You can store these calls for up to 6 years, in most cases, and review them in the future. You can record these calls manually by using a recording system or you can get a recording software that is integrated with your office phone system.
Get call recording software by purchasing it or adding it to a virtual phone service plan from a provider like Global Call Forwarding. This way, all calls related to your business phone system can be recorded, as predetermined by you.
Why Should You Record Business Calls?
So, you’ve got call recording software and you’ve been recording almost all incoming and outgoing calls. Now, what? What’s the purpose of these recordings? Here are some tasks you can complete with such software:
- Record new customer information
- Document transactions and payments
- Increase quality assurance
- Use as training material for new employees
- Collect feedback from customers
As you can see, recording can help your company document and store customer information needed for the smooth running of your business. Additionally, it can help with training employees by helping them identify appropriate and desirable customer service behavior.
You can also use these recordings as part of annual performance analyses and reward good employee behavior. This provides employees incentives to follow suit and maintain standards set by your company. And by doing so, you will be increasing the overall quality assurance and customer experience.
Important Regulations Regarding Call Recording
And here are some issues you can prevent with call recording software:
- Record misunderstandings
- Record or help identify errors
- Protect against liabilities (personal and business)
- Reduce fraud and false claims
- Remain in compliance with regulations such as Dodd-Frank, MiFID II, etc.
Furthermore, call recording can also help your company stay out of trouble by providing evidence against fraudulent behavior and possible liabilities. You can also stay in compliance with regulations mandated specifically for financial service companies.
The reason these regulations exist is to ensure transparency, protect customers and clients from bad financial advice, and prevent fraud. Depending on where your company is located, you may need to follow set regulations as required by your local, state, and federal law. This pertains to what type of calls need to be recorded, who needs to give consent, who needs to be aware of being recorded, and so on. Maintaining compliance becomes extremely crucial.
How to Get Call Recording for Your Finance Company?
Start by researching various service providers to see which offers you the best service for a price that fits your budget. Do you need software that works automatically with your office phone system? Do you want it to record up to 100% of all inbound and outbound calls? Determining your recording needs will help you identify the service and software that is right for you. Then, all you will need to do is simply sign up and start using it!
About the Author
Meryl D’Sa is a content writer focusing on stories about travel, international communication, business, and more.