Call monitoring is a valuable tool for many companies. It helps businesses maintain a higher standard of service by recording calls and comparing them to a set standard. These systems can also be used to control the quality of work that is being performed by the team. Whether you are a big brand or a small business, random spot checks on recorded phone calls can help gauge the overall quality of service being offered.
Using this technology, managers can see what is happening in the call center and intervene before things get out of hand. This practice can benefit all employees, including customer-facing agents. Real-time monitoring also enables businesses to understand customer demands and satisfaction better. Call monitoring provides relevant direction to agents and ensures that all clients’ concerns are addressed on time.
But more than for personal use of enterprises, mobile call monitoring is a critical regulatory component, especially for financial services institutions. In the UK, one of the regulators that implements call monitoring rules is the Financial Conduct Authority (FCA).
Under their requirements, financial firms must have internal controls to ensure that all their customers are treated fairly and up to par with their standards. And call monitoring is one of the solutions they thought would allow the compliance officer to identify whether or not financial advisors are demonstrating compliant behavior when speaking with their customers over the mobile phone.
Another legislation that requires European financial industries to comply with call monitoring regulations is Markets in Financial Instruments Directive II or MiFID II. This law necessitates the recording of telephone conversations and electronic communications. This includes but is not limited to mobile calls, text messages, and WhatsApp cats.
These strict regulations, however, are just the tip of the iceberg. Local laws and global industry regulators and groups also enforce guidelines that should be respected and followed by businesses from different industries. That said, more comprehensive information that details the importance of call monitoring programs can be found in this infographic by Telemessage.