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Hidden Costs of NOT Recording Customer Calls - Numonix - ContactCenterWorld.com Blog

Hidden Costs of NOT Recording Customer Calls

Although interaction recording software can be quite reasonable when you consider subscription pricing and a low total cost of ownership (TCO), there is an enormous cost for choosing NOT to record customer interactions. This price comes in the form of lost revenue as well as costs associated with dispute resolution, compliance infractions, customer loyalty and agent retention.

A business or contact center that does not currently capture, store and (at least occasionally) review its customer interactions is at risk for costly problems. Here’s what can happen.

Dispute resolution - Customer disputes can negatively impact your organization in a variety of ways. First, it can cost upwards of five times as much to acquire a new customer than to retain an existing one. When you consider your average customer acquisition cost, losing customers can be quite expensive. What’s more, you also must consider the potential lost revenue when customers defect over a contentious dispute. The average success rate for selling to an existing customer is 40-50% greater than selling to a new customer. Even more costly can be the expense of settling the dispute itself. Many times, businesses have to absorb product and service costs to resolve a customer complaint and keep the customer happy and loyal.


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Interaction recording software can help mitigate these issues. Your recordings enable you to:

  • Evaluate interactions to identify potential problems and help resolve disputes;
  • Identify skill gaps that need to be addressed to thwart future disputes; and
  • Access real, verifiable evidence you can share with a customer which details precisely what was (and was not) said.

Compliance Infractions – PCI, HIPAA, GDPR and other regulations carry steep price tags when your company is in violation. In the case of Europe’s GDPR, for example, a single infraction can cost your organization 20M euros or 4% of worldwide annual revenue. Think about that for a moment. Such penalties can literally cripple a business. British Airways, for example, was recently slapped with a $237M penalty for a breach of customer data.

Futura Internationale of France was cited for several data privacy breaches. Some of their call center agents used offensive language, some health data was not protected from unauthorized users and data subjects were not informed of the recording of calls.

Without recordings, you virtually have no defense against compliance infractions as you cannot prove your side of the issue. As well, without recordings, you are essentially blind to potential violations by your agents. You can’t fix what you don’t know about.

Capturing all your customer interactions with the versatility to choose which calls are recorded and stored (and for how long) and playback permission restrictions allows your call center to protect customer data. Furthermore, team leaders and QA analysts can uncover potential infractions and those agents committing them so new training and workflow corrections can be instituted to avoid future problems.

Agent Retention

It costs upwards of $7,000 to recruit and train a new agent. In some call centers, agent attrition can reach double digits, and in the case of BPOs, it can go as high as 40%. When you elect not to record all your agents’ interactions, you run the risk of not identifying dissatisfied or disgruntled agents before it’s too late. Some agents may feel undertrained while others may feel unrecognized. Monitoring their calls can help you reveal these issues so you can offer more training and incentivize them before they impact your customer relationships and/or leave your organization.

Customer Service

Without recording interactions, whether they be VoIP, landline, mobile or even chat (such as Microsoft Teams), it’s hard to know if your business is incurring a reputation for poor customer service. When inadequate and ill-trained agents are left unchecked, they can wreak havoc on customer loyalty and satisfaction rates.

Issues like these, whether in isolation or when combined, can carry significant monetary, reputational and opportunity-lost consequences – ones your business can’t afford. Interaction recording software, including quality management, can help you avoid these and other avoidable, costly mistakes.

Source: https://numonixrecording.com/blog/hidden-costs-of-not-recording-customer-calls/

Publish Date: February 17, 2020 5:00 AM


2021 Buyers Guide Inbound Call Handling Services

 
1.) 
2Ring

2Ring Gadgets for Cisco Finesse
2Ring Gadgets for Cisco Finesse, offered in three bundles (standard, enhanced, premium), empowers supervisors and enables agents to become more efficient.

Supervisors are able to handle everyday tasks on their own from within Cisco Finesse: reskill agents, view detailed information about agents and customer interactions in real-time, receive alerts about important call center events (RONA, Calls in Queue, ..), send messages to agents, or even change wallboards on the fly. Be flexible to provide help when needed.

Agents gain all the features that they need to serve customers faster - repetitive tasks are automated, alerts about important call center events pop-up on top of all the appli...
(read more)

2.) 
3Fiftynine

Branches
Calls are received by the right person or department. The right corresponding information is shown to the agent which makes that appointments are handled quicker and more secure.

3.) 
Agara

Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.

Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.

4.) 
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.

5.) 
Connect Assist

Contact Centre Services
We’re a specialist Contact Centre business and market leaders helping socially focused organisations deliver quality support to their clients and service users. We do this by providing 24/7 helplines, software solutions and consultancy services.

Since launching in 2006, we’ve operated at the sharp end of customer service, supporting some of society’s most vulnerable people. We’ve pioneered in our space to become a specialist in helplines, whilst using the most advanced communication and database technologies available.

Our social mission has remained a constant throughout, providing many meaningful career prospects and growth opportunities to people within our local communities and fur...
(read more)

6.) 
Jointly International Inc.

Front Office Solutions
Front office is your Company’s first line of customer interaction and serves as the mirror of your business. Focus on your core business and let our competent staff handle your various front office needs such as:

* Customer Service via chat, email or phone
* Technical Support via chat, email or phone
* Helpdesk
* Virtual Assistant/Receptionist
* Answering Service
* Lead Generation
* Appointment Setting
* Verification
* Surveys
* Debt Recover, Collections

7.) 
MattsenKumar LLC

Contact Center Outsourcing
By catering valuable, usable and enjoyable customer service, businesses can increase their CSAT Score and Customer Retention Rate. We help organizations to provide quality customer service through varied channels like email, phone and live chat. Ensuring quality after-sales support is our USP and we rely on proven approaches to ensure quality customer service.

8.) 
OpsTel Services

SPEED
The SPEED solution solves for service level issues while cost optimizing the environment with automation.

Provides an enhanced way to speed up & optimize invoking temporary agent skills configuration changes into the contact center environment.

Speed allows you to schedule both future changes & temporary changes that auto-revert back to the original state when scheduled time expires.

Speed features:

*Automated / Scheduled Temporary Agent Skills Configuration Management
*Immediate Temporary or Reoccurring Schedule Skills Configuration Changes
*Easy to Use/Operations Administration Focused
*Descriptive Monitoring Activity Dashboard
*Detailed “End to End’ Audit Trail and Performance Monitoring

9.) 
Vads

VADS Inbound Contact Center
VADS Inbound Contact Center Services provide live operators who answer incoming calls as you would yourself. A team of professional script writers is available to help you script a greeting and experience programmers will set up a time and money saving program. Our unique approach to call center services is client-focused, and takes each project’s unique needs into account to our client’s satisfaction. We offer solution as part of our service to keep you in touch with your client and drive sales.

- Customer Service
- Walk In Center
- Service Desk

10.) 
Technosys IT Management

Customer Support
Technosys IT Management Bpo, the business process Outsourcing, gives end-to-end transformative administrations for its customers over the globe. The organization's coordinated IT and BPO arrangements approach empowers it to open business esteem crosswise over ventures and administration lines, and address business challenges for its customers. Using inventive business perfection structures, progressing profitability changes, process reengineering, mechanization, and front line innovation stages, Technosys IT Management empowers its customers to accomplish their cost diminishment goals, enhance process efficiencies, upgrade viability, and convey unrivaled client encounter

11.) 
Tru29 Outsource Solutions Inc.

Front Office Solutions
Any part of your business operations that requires constant end-customer facing task is an essential part of your business.

This task requires a good customer experience results for every customer interaction. Our extensive experience in handling Front Office related tasks can help you focus on your core business while being cost-efficient at the same time.
 



View more from Numonix

Recent Blog Posts:
Numonix Among First to Release a Fully Managed Cloud Compliance Recording Service for Microsoft TeamsJune 9, 2020 5:00 AM
IXCloud Helps you Comply with MiFID IIMay 28, 2020 5:00 AM
Don’t Let Data Privacy and Compliance Lapse During COVID-19April 22, 2020 5:00 AM
Why you Must Start Recording Your At-Home Business InteractionsApril 13, 2020 5:00 AM
Hidden Costs of NOT Recording Customer CallsFebruary 17, 2020 5:00 AM
How Long Should You Keep that Call Recording?December 3, 2019 5:00 AM
Contact Center 2020: Asset or Liability?October 11, 2019 5:00 AM
Are your Agents Really Listening to your Customers?August 26, 2019 5:00 AM
Recording Calls at Universities: What you Need to KnowJuly 2, 2019 5:00 AM
Call Recording for Legal Firms: What you Need to KnowJune 14, 2019 5:00 AM

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