Most people are familiar with the message “This call may be monitored or recorded for quality assurance or training purposes.” It is seemingly ever present when you call into the contact center for any large company. But call into a smaller company and you are unlikely to hear it. Why is that? Why does this seem to be the domain of larger companies? In this two-part series, I will explain why it is less a question of technical difficulty or budget and more a question of education for smaller businesses.
There has to be a reason why almost without exception large companies use call recording in their contact centers. In fact, there is not one reason, there are several; all of them important. Each of them minimizes risk that companies face. And of course each of those risks are just as real for smaller companies as they are for large ones.
When companies reach a certain size, they often have dedicated risk management and/or legal resources to protect their interests. In such cases it is almost assured that call recording will be a required part of customer interaction processes. Laws may be evolving consistently, but hard evidence of conversations with customers will never be anything less than vital in any dispute that may arise.
In particular, certain verticals like healthcare and financial services, which have a high volume of claims or transactions cannot afford for those interactions to go un-recorded. If they do, they could find themselves with a large percentage of invalid or dragged out disputes. Each extra percentage point of gray-area disputes or disputes that cannot be nipped in the bud represents lost revenue. No wonder call recording is one of those check box items that many such organizations insist upon.
Regulatory Compliance & Dispute Resolution
Another consideration is regulatory compliance. When a company has ongoing legal representation, it should be inevitable that the companies have a greater understanding of regulations, best practices and guidelines than those that do not. Again, in certain vertical markets with well-established regulatory frameworks, call recording is more likely to be strongly recommended. It may or may not be insisted upon, but in cases of dispute or investigation, the legal team needs to make sure it has as much in its favor as possible.
>> View part two of this series, Call Recording for Small Businesses, further detailing how smaller companies can benefit from call recording software.
>> Learn more about Enghouse Interactive’s call recording and quality management software.