Call recording for business should never be a grudge purchase, but many organisations are still unaware of the benefits a solution can bring.

Whether your business is big or small, no decision maker wants to invest in something that won’t add value. However, many challenges that businesses face could be overcome with a call recording solution. Perhaps you’re seeing a slump in sales? Need to achieve PCI or MiFID II compliance? Losing thousands in solving disputes? If you’re still sceptical about the benefits of call recording, it’s time to erase any doubts.

1. Become compliant
The Financial Conduct Authority (FCA) has set rules requiring firms to record telephone conversations to help deter and detect market abuse in the UK. With MiFID II taking effect in January 2018, call recording and monitoring is vital if you offer financial services so ensure you have a robust solution in place. Furthermore, if you’re taking credit card payments over the phone, you’ll need to be PCI-DSS compliant with a secure payment provider and ensure sensitive data is not recorded.

2. Staff training and monitoring
Having recordings of calls accessible and able to play back to a trainee, existing employee or even a veteran member of staff is always a valuable asset. You can select previous calls, those illustrating both model techniques and things to avoid, which can be used to help improve sales, support or general customer service technique.

3. Reduce faults/errors
As a result of improving staff performance, naturally the number of errors will be reduced. Not only can call recording benefit staff, it can also be valuable when addressing simple problems such as remembering a customer’s telephone number or clarifying a quote or order. Playing back a call to answer these questions ensures both the initial mistake and the cost of putting it right are avoided.

4. Greater customer satisfaction
Through analysing the communication between clients and staff, you can easily highlight good service and practice. This results in less complaints and greater overall customer satisfaction. Think of it this way: if you serve a customer the wrong dish in a restaurant, they’ll more than likely send it away and ask for the correct dish, costing your business time, resources and possibly money. Serve a delicious dish correctly the first time and you’ve got a happy and fulfilled, paying customer who may even recommend you to their friends. If you apply this notion to phone service, who wouldn’t want to get it right first time?

5. Dispute resolution
Not convinced that call recording is worth the investment? How many disputes have you had to deal with in the last year? They can be expensive and time-consuming when it is not clear ‘who said what’. If calls are recorded, you can listen back to the call and ascertain what was said by both parties, allowing you to efficiently settle such matters with no money lost on court fees – undoubtedly one of the greatest benefits of call recording when it comes to saving money.

6. Reduce fraud
While having a call recording solution in place does not prevent fraud in itself, informing callers is likely to deter fraudsters, or otherwise provides evidence of scam phone calls, should you wish to report an incident. It may also benefit you to integrate a Firewall feature into your system as this will prevents calls being made during hours that you select, alleviating the risk of toll fraud.

If you’re really looking to reap the benefits of call recording, consider all the data that is at your fingertips. If you utilise the tools, you have a huge opportunity to not only see a return on your investment but maximise your team’s potential and exceed customer expectations.