OpinionMar 29 2016

Phone alone: the protocol for recording calls

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“This call is being recorded for training or monitoring purposes”.

We’re all well-used to this mantra when calling a financial services business – but few financial advice firms routinely record mobile telephone calls.

Should we, or is this more evidence of unnecessary Nanny State interference?

There’s no doubt mobile phone recording has a role in delivering an improved service to customers. For example I recently travelled to Liverpool to see the city’s latest landmark, a marvellous statue of the Fab Four by the Pier Head.

After being incorrectly issued the wrong train ticket, I resolved the problem after the customer service manager listened to my original call ordering the ticket. A small victory for the customer.

So what can mobile phone recording do for financial advisers? Nowadays many business calls are made by mobile phone rather than fixed line. Being able to resolve a dispute by listening to a recorded call with a client, or recalling a client discussion months later can help improve customer service.

There are business advantages too, particularly for larger firms and networks which provide compliance and support to a large number of advisers. Data from mobile phone recording can help to prove that Treating Customers Fairly principles have been followed.

Recordings can also protect advisory firms from ‘off-piste’ advice given by an adviser failing to follow company policy. Call recording may also help control business expenses by discouraging company mobiles being used for long personal calls.

Being able to prove what happened through files backed up by voice recording can quickly resolve matters

Finally, data from calls can also provide valuable insight into call volumes and highlight any company wide training issues that may need to be addressed.

Regulation also has a part to play. Recording mobile calls in the Capital Markets environment has been mandated by regulation since 2011 and proposed legislation may extend this requirement to other financial services functions.

Advisers and their employers will inevitably need to get used to the idea of mobile calls being recorded in the future.

Recording mobile calls has not always been easy. Early solutions suffered from call delays, had data security issues and users often had to change their SIM card or mobile phone number – divorcing them from a familiar phone number and contact lists.

Now advances in mobile telephone recording technology have consigned these issues to history. The most convenient solutions can be easily downloaded as a mobile App, with no need to change numbers or a SIM card, calls are connected without delays and all call recordings are fully encrypted.

Advances also include letting users make individual notes on a call and synching with contact lists while providing management with the ability to monitor all calls through a powerful central dashboard.

In the event of a complaint, regulatory or Financial Ombudsman Service intervention, being able to quickly prove what happened through accurate files backed up by voice recording can quickly resolve matters.

If you haven’t thought about it already, mobile call recording is an additional tool helping advisors to protect their clients and business, treat customers fairly and anticipate increasing legislative demands.

John Bradley is business consultant for Outsourced Professional Administration Limited (OPAL)