Compliance Recording Archives | Call Recording

Your utility operation provides vital resources to your customers, and your compliance officer knows the risk your company faces when customer communications fail. Let’s look at a few deep pitfalls your company can avoid.

Crushed Under The Weight Of Data

How much call data does a logistics-based operation produce on a daily basis? Whether a company prospects for raw resources, refines a product for an end-seller, or retails and distributes to end-customers, the sheer volume of call data generated can put a glossy stare on the face any QA manager. Worse yet, those call recordings are often unlabeled, unsearchable, and absent of meta-data, making them functionally useless.
Every call to or from your utility operation is its own contract, loaded with legal ramifications that exist in the call data. Disputes, unpleasant as they can be, are a constant in industries that provide public essentials, and they need to be tackled head-on.

Tribal Company Culture

As federal and state legislation expands rapidly over utility industries, so rises the risk and cost associated with servicing utility customers. No company can afford failing to understand these potential risks at any level of the organization. The culture of compliance must permeate a company internally, externally, domestically and internationally. But, this can be especially challenging for companies spread over multiple locations. When a utility fails to set a standard for handling customer issues, departments break into tribes, dividing along homegrown policy lines. The lifeblood of employee training is not only knowing your industry’s regulations, but making intelligent use of well organized and analyzed call recordings.

Get Control Of Customer Service

Here are 3 ways that utility companies put themselves at risk, along with direct solutions to correct course and avoid danger.

Risk 1: Insufficient Call Compliance Recording

Whether a customer is paying a bill, calling for emergency assistance, or inquiring about additional services, utilities all experience more than half of their customer interaction over the phone. Your company policies represent legal promises, and compliance comes down to keeping those promises, most of which are made over the phone. Companies without a compliant call recording system have literally no recourse to lean on for resolving customer disputes. If the customer is being untruthful, the company cannot prove it. If your agent misled the customer, the company has no way of discovering it. Lawyers make their best money when no one can prove anything and litigation drags on, and that’s bound to happen to any company that fails to put real weight behind the phrase “this call is being monitored for quality assurance”.

Solution: Modernize Your Contact Center

Mitigating all these real and costly concerns requires a modern solution, like Cloud-based call recording with speech-to-text transcription and speaker identification. These are not features, but bare necessities for staying legally compliant within an industry. Modernizing is not just about dispute resolution, but building high customer confidence. A call recording platform doesn’t just cover your bottom line, it allows you to upgrade your customer service, respond surgically to trends, and identify new business opportunities. And, speaking of bottom lines, let’s remember that the cost of modernizing your call recording system far outweighs the cost of litigation. From software companies to financial giants, data breaches have shaken customer confidence. Modernizing your call recording solution gives you safeguards like automatic PCI redaction, which permanently removes social security and credit card numbers from your recordings.

Risk 2: Big Data Drift

Utilities are large entities with numerous departments spread over multiple geographic locations. Recording your calls is the first line of defense, but when recorded data is spread over multiple locations, a company suffers from the left hand not knowing what the right hand is doing. To complicate matters, sharing call data from one location to another, even when needful, makes that call data insecure, and therefore non-compliant. If your current platform can’t organize your data for you, your response to disputes will be ineffective and slow.

Solution: Invest in a Secure, Multi-Tenant Solution

Just collecting big data is not enough. That data must be accessible from location to location while remaining secure and compliant. A Cloud-based call recording platform centralizes the storage and retrieval of call data securely in the Cloud. Companies can then consolidate the collected data from all locations, and provide secure access to recordings without breaking compliance. Cloud-based call recording also allows a utility to bring all its recorded locations up to the same high standard of data security without the need for new hardware, eliminating maintenance costs. CallCabinet’s Atmos Call Recording platform even structures itself as a monthly service, eliminating the need for burdensome long-term contracts.

Risk 3: Antiquated Quality Assurance

HOW DO YOU RATE OUR LAST CONVERSATION WITH YOU?
(Poor) (Fair) (Good) (Excellent)
You can call, email, text, and write your customers with surveys, but those questionnaires limit your understanding of customer satisfaction and agent performance because they’re generic. Even if you provide a space for direct customer feedback, your understanding is still limited to your customer’s ability and willingness to clearly express what they have to say to you. What’s more, your customer often can’t tell you which employee gave them a problem, and you can’t prove whether the customer was just hard-to-please or if your employee really did fail to keep your standards. Your understanding of your customer is, at best (Fair).

Solution: Convert Your Call Data Into Actionable QA

Your need for QA is as much about understanding your customer’s experience as it is evaluating your agent performance. There’s no better way to get control of your QA than by witnessing the actual transactions between your agents and customers. However, no QA manager on earth has the time to sift through hundreds of hours of recorded calls. That’s where AI-driven analytics put an end to antiquated QA techniques like random call sampling. AI lets your call recording platform extract incredibly accurate caller sentiment from each recording. This allows a QA manager to take the temperature of a single call, a week’s worth of calls, calls to a particular department, call to a single agent, calls with unhappy customers, calls with swearing, yelling, or even ones that went perfectly (you know, the ones you want to play back when training new agents). With the ability to detect custom keywords and key phrases, you can react to trends before they actually become larger issues. Being able to search through transcribed calls for the criteria your company is concerned with takes your listless pile of data and converts it into an ever-growing knowledge base that not only helps your customer insight, but also bolsters your ability to evaluate and train your agents.

Conclusion

We depend on utilities to deliver power, heat, water, and more. Utilities need a platform they can depend on to protect them and help build customer confidence. Nobody prefers damage control to preemptive action, and your call data is practically begging you to listen closer. Equipping your operation with a fully featured Call Recording and QA solution like CallCabinet’s Atmos helps you stop running damage control so you can get in front of your competition.

businesscallrecordingsIn the modern world where a wide variety of transactions are conducted via telephone, regulatory compliance plays a most fundamental role. There are various acts that regulate telephone transactions, and call centres are always highly focused on remaining compliant at all times. On the other hand, call centre managers often find themselves dealing with other, employee related challenges such as customer service, employee retention, hitting targets and objectives, and improving productivity. They also have to deal with customer issues such as quality of service, client recruitment and retention and effective sales.

Continue reading “Improving Compliance And Service Excellence With Business Call Recording Systems”

It is always vital that supervisors are able to evaluate the performance of their agents and to train them effectively to perform better and to avoid mistakes. One of the most effective ways of doing this is to use call recording software that enables the supervisor to listen to the calls and to identify weak points and mistakes in the conversation.

Continue reading “Efficient Cisco Agent Evaluation with Atmos Call Recording Software from Call Cabinet”

It is almost normal to hear the phrase “this call is being recorded” when dealing with agents or call centres via telephone. Call recording ensures regulatory compliance, evaluates agent performance, provides material proof in disputes, and identifies training and development opportunities. It is, however, no longer enough to only record a call – the content of the call also has to be securely stored, and information gathered or discussed during the call has to be protected. This is why call recording systems now add several layers of additional security in the form of encryption to their recording and storage of data. Various laws throughout South Africa, such as the Data Protection Act, Consumer Act, and legislation regarding electronic communications apply to call recording, and compliance with these laws is vital for all organisations. There are also a variety of security standards to adhere to, such as the Electronic Communications and Transactions, Financial Advisory and Intermediary Services and others to ensure that data is recorded, transferred and stored securely.

Continue reading “How to ensure Call Recording Regulatory Compliance with Call Cabinet”

Because people are at the centre of any business, mistakes are common, and communication is not always as clear or as succinct as we would like, misunderstandings may slip into important conversations. It’s easy for two people to disagree on what was said and by whom, which could turn into bigger disputes that may have dire consequences for any business.

Continue reading “He said, She Said: Solving Disputes through Call Recording”

In this age of immediate gratification without commitment, we are driven towards subscription services rather than spending on permanent solutions.  From streaming video services, to online overnight delivery shopping, the business world has certainly changed from the days when long term capital investments helped plan for the future growth of companies.  Today, everything is about change and flexibility.  The ability to adapt dynamically to customer needs is critical to today’s success factors in business.  Customers expect that their vendors can change on a dime and offer services that are as dynamic as their needs.  The business world has gone from a product centric environment to a services model.

The same holds true for communications in the business world.  The trend has been to migrate to a hosted Software as a Service Model, where companies no longer need to invest in large scale Enterprise PBX systems, but rather a subscription PBX where the company can scale up and or down as their requirements dictate.  The need for compliance recording is facing the same trend.  Compliance recording in the Enterprise protects the consumer as well as the companies they do business with.  Why, you ask?   To start with, any verbal transaction that takes place between a consumer and company should always be recorded as a safeguard in dispute resolution.  The recording positively identifies who said what to whom, thus eliminating any doubt of what was promised as well as whether the service/product was verbally purchased.  Legally, this transaction actually expands into a whole host of regulatory compliance standards such as Sarbanes-Oxley, Dodd-Frank, MIFID II, Truth in Lending, and many more legislations that require theses transaction recordings take place.  And, with GDPR standards, consumers have the right to ask for the recording in the event of the dispute.

As compliance recording begins to spread throughout the Enterprise, so does the need to reduce the vast cost of recording systems so that it becomes affordable for the Enterprise.  Just like the communications system, companies are looking to reduce costs and deploy dynamic recording systems without having to spend huge amounts of money.  That’s where cloud recording comes in.

Software as a Service is taking the business community by storm.  “Cloud Based” solutions offer a flexible and scalable service for a low monthly operational cost rather than a hardened capital investment where the Enterprise has to plan for the future.   CallCabinet has a SaaS model recording platform that offers the Enterprise flexibility and scalability without the burden of a capital investment.  Through CallCabinet Atmos, Enterprises can subscribe to a call recording service and get the same features that are found in large, on-premise expensive systems, at a fraction of the cost!  Features such as screen capture, PCI-DSS voice and screen redaction, compliance call recording and even Agent Evaluation can be subscribed to with the CallCabinet Atmos service.  To learn more about CallCabinet and Atmos, find us at www.callcabinet.com.

Continue reading “Is Today’s Businesses Becoming The Age of Renters?”

On October 27th, the FCA (Financial Conduct Authority) announced in their Mifid II document that all Financial Advisors will be expected to record their telephone conversations. The regulator confirmed it would require the recording of “services that relate to the reception, transmission and execution of orders” to be recorded at all times. Applicable to all Article 3 firms, including investment advisers, recordings of client calls will have to be stored for a minimum of five years once the rules come into force by January 3, 2018.

In response to the announcement, industry analysts expressed concern for smaller firms, citing that the cost of protecting their clients and advisors may outweigh the overall benefit of the regulation. Dean Mullaly, managing director of Mark Dean Wealth Management, said, “I don’t think it will necessarily be about the headache or the intrusion on secrecy where client-adviser relationships are concerned, but it will come down more to cost than anything else. Smaller firms are probably more concerned [about the changes], and not necessarily because they’ve got anything to hide.”

Call Recording systems in general have been an expensive solution, however have been mandatory in many transaction oriented environments such as trading floors, contact centers as well as other areas of the Financial Services enterprise. The deployment of such a system for a small firm can be very expensive, however according to this latest regulation, a requirement to competing and surviving in this volatile industry.

CallCabinet’s ATMOS cloud based compliance recorder solves the problem for the small firm. ATMOS is a unique solution that solves the transaction recording issue while taking the benefits of a cloud based environment. Even if the customer has their own communication network on-premise, ATMOS can record conversations into the cloud in a seamless, reliable environment, while guarding important information about the conversation by providing 256 bit encryption and secure transmissions between the ATMOS client and the ATMOS cloud.

ATMOS is unique where the customer can pay as they grow. ATMOS customers only pay for usage, thus limiting the investment into bulky, on-premise systems that have to be installed, maintained and upgraded on an as needed basis. With ATMOS, all of the infrastructure is in the cloud, making it simple for small and large firms to get the latest software and reliability without the investment in costly infrastructure, service contracts and hardware!

“The latest regulations by the FCA put a financial burden on smaller investment firms and make it difficult to get a return on their investment. Call recording is like an insurance policy, there when you need it most”, states Ryan Kahan, CEO of CallCabinet. “ATMOS alleviates the financial burden by offering a low cost, scalable and reliable call recording solution for all financial advisory firms. The firms pays as they grow, only adding more recording channels as they need them and only paying for the storage they use. ATMOS provides the firm with a fixed monthly cost, rather than a never ending investment in an on-premise call recording system.”

CallCabinet is offering financial advisor firms an introductory package to “test drive” ATMOS for 30 days. If they are not satisfied with the product and support, It can be simply removed within minutes. Kahan is confident that small firms will find that ATMOS will meet their call recording needs and provide a low cost solution for the current and any future regulations to come.

Find out more about ATMOS by visiting the CallCabinet website at www.callcabinet.com.