Your customers, just like many of your staff, can benefit from you recording calls with a call recorder. Here's a scenario to explain how.
Scenario: Customer named Jeremy
Motivation: Wants to have a pleasant phone experience and likes the idea of having the call recorded so he can ask the company to pull up his past call to verify what was said – if necessary.
Scenario: Jeremy calls his cable company about the high cost of his monthly bill. It is about $22 higher than usual. The agent quickly realizes the heightened cost is due to Jeremy’s recent approval of adding Showtime to his account. The agent claims the records show that on a date 32 days earlier, Jeremy agreed to add the premium channel while on the phone with a representative of the cable company who called to sell him on it. He asked for that call to be accessed and listened to. It was, and it was determined he in fact declined the service. His account was credited in full.
Call recording is not only a means of protecting your organization, but it can also be promoted to your client base as a means of protecting them from any unfortunate mishap or misunderstanding.
Most organizations merely state at the beginning of customer calls that "this call may be recorded", and they do so for compliance purposes. But why not promote your call recorder practices on your website to show your customers how much you are about them?
Publish Date: July 26, 2017 5:00 AM
By now you have hopefully heard of the significant new trend that is emerging around the notion of “Intelligent Contact Centers”, or contact centers that fully integrate the power of analytics into the contact center function. See “Launching an Intelligent Contact Center” by Omer Minkara of Aberdeen Group.
In his article, Minkara defines intelligent contact centers as those “…mastering the art and science of data-driven customer interactions.” At the crux of any interaction is the voice of the agent and the customer, and the only way to capture that unstructured data is with business call recording. These systems record the interaction’s audio and agent screen video and offer integrated playback. Leading call recording solutions also offer speech analytics to auto-tag key phrases or words such as “upset”, “cancel my order” or “speak to a manager”.
With all of this intelligence, combined with CRM, IVR, ACD, speech and desktop analytics data, contact centers have the rich information necessary to intelligently route calls to the best agents, intelligently classify callers by their defection potential, understand which customers likely can be upsold effectively, and so on.
The benefits of such capabilities can be enormous. According to Minkara, intelligent contact centers enjoy a 5.9% higher customer retention rate, an 8.9% reduction in customer complaints, and a 10% jump in the ability to create a unified view of customer data. Improvements like these can easily translate into significant cost reductions, increased upsell and cross-sell conversion and higher revenue.
The move to an intelligent contact center does not have to take place all at once, and your company does not have to be a Fortune 500 business. Any contact center today can take small, iterative steps and begin realizing the associated benefits along the way. For any business, here are some effective first steps to consider:
Intelligent contact centers are not just on the horizon. They are already here, and you need to start thinking about how to migrate your customer service operation to the new level of sophistication that your competitors are already trying to achieve.
Publish Date: May 30, 2017 5:00 AM
Collections agents have one of the toughest jobs out there, contacting people who are late on payments. The called party's reaction is typically unpleasant and it can certainly have an effect on the psyche of your agents and their future performance. According to IBISWorld's Dec. 2016 industry report titled "Debt Collections Agencies in the U.S.: Market Research Report", the collections industry has been on a steady -2.7% decline since 2011. The same report also states that nearly 43.5% of industry revenue comes from your staff.
What this all means is that there is an opportunity in your agency to boost performance and revenue. And this is where call recording software can help.
By capturing best-practice calls by high performing agents, you give underperforming or newer agents a glimpse into how your top agents operate. Perhaps you have an agent who is great at keeping the conversation light and somewhat upbeat, or maybe one of your agents consistently has the highest collections rate. What is it about these agents that gets would-be payers to react favorably to their rhetoric? By recording their calls, you can not only find out but also share these interactions with other agents so they can see how it's done and emulate their behavior.
It is one thing to role play with a new or underperforming agent. It is quite another to give them a direct window into the best of the best interactions and how they transpire verbatim. This is what call recording software can do for you, your collections agency and your staff.
According to Joseph Coll, Operations/Collections Manager of Bruch Law Offices (collections agency), "We (use call recording to) hold training meetings, and I have our collectors give me one good call and one bad one each week, so we can critique them as a group and come up with refined collections strategies. Having these recordings has proven very helpful in this manner.”
What's more, compliance is also a constant concern in the collections business, especially with the many regulations on the books, such as Fair Debt Collections Practices Act, Telephone Consumer Protection Act, Do Not Call List, and so on. When an agent violates one of these regulations, a penalty must be paid, and you want to avoid these payouts at all costs. Call recording can help you uncover potential violations and work with those agents to correct future behavior.
Publish Date: April 10, 2017 5:00 AM
Time is money. For the banking industry, it’s their business. Brokers need the flexibility to take orders while on the fly. Mobility is critical for banks and financial services organizations.
But it’s not as simple as taking an order. Regulations require verification for transactions like a stock trade. And sometimes an order comes in when brokers are not at their desk. That’s why financial companies need a way to record these transactions (with mobile call recording software).
Publish Date: February 27, 2017 5:00 AM
With the ringing in of the new year, it is a good time to take stock of your assets so you can effectively plan for potential needs you might have throughout the year. This inventory can and should include your call recording system and all the features and functions it provides. To help you accomplish this task, here are 7 things to check for when determining if your call recording system is up to the task, or whether it might need to be replaced.
1. Scalability - Does your system scale up to thousands of users in the event you achieve accelerated growth?
2. Interoperability - Does your system feature an open API so you can easily and quickly integrate it with new systems, applications, etc.?
3. Analytics - Does your system contain advanced analytics capabilities (i.e. speech analytics or desktop analytics), and can it easily pull data from third party sources - CRM, SFA, etc.?
4. Cloud - Is your system cloud based, or does your provider at least offer cloud recording so you can consider a migration this year to save money, time and resources?
5. Quality monitoring - Does your vendor offer quality monitoring capabilities which you can easily integrate and start benefitting from (ensure high agent performance and customer service levels)?
6. Mobile recording - Does your vendor offer mobile-phone recording which you can easily turn on to start capturing calls your employees make on their company-issued mobile phones?
7. Mask/mute - Are you able to mask or mute calls containing sensitive information, such as during a credit card transaction?
These are just some of the many variables to consider when weighing the viability of your existing call recording system.
Publish Date: January 3, 2017 5:00 AM
When you hear the word “nonprofit,” it’s easy to imagine a charitable foundation or some other such well-meaning organization aimed at making the world a better place. Yet entities that operate as nonprofits fall into two very broad categories: community-serving organizations, which include charitable enterprises, aid and development programs, educational institutions, healthcare facilities, and the like; and member-serving organizations, such as professional or industry associations, trade and credit unions, sports clubs, and more. What both kinds of nonprofits have in common, however, is that they are in the business of meeting the needs of their “customers” – that is, their students, patients, target population, or members. And, they typically must do this under strict financial constraints and with an eye towards good fiscal stewardship.
For nonprofits seeking to meet their member-serving or community-serving goals, call recording software can provide valuable insight. By recording calls that come into your organization, you can gain:
These recorded calls can also help your organization acquire other insights, such as:
The issue of cost is an important one for most nonprofits. Although call recording software may seem like a luxury for only for-profit entities with plenty of cash to spare, the reality is that these types of systems are growing more affordable than ever. If you’re looking at a call recording system for your nonprofit and are sensitive about costs and the use of your personnel and other resources, here are some questions to ask before selecting a provider:
In many ways, the mission of a nonprofit resembles that of their for-profit counterpart – to keep customers happy and to use resources wisely. Let call recording software help your nonprofit accomplish both of those goals.
Publish Date: October 14, 2016 5:00 AM
Financial institutions – commercial and investment banks, securities firms, insurance companies, and the like – handle some of the world’s most sensitive information. From confidential SEC disclosures to personal financial data to secrets that could impact the entire world economy, financial organizations need tools to ensure that the information they are privy to is handled properly.
Because of the proprietary nature of the work they do, financial institutions have compliance departments. These departments play a vitally important role within the organization, as they are responsible for setting corporate compliance policy and ensuring that all staff adhere to critical governmental, industry, and corporate regulations and policies.
For a compliance officer, call recording can prove an invaluable tool. Why? Because if a call center employee at a financial institution fails to abide by relevant regulations, the organization could incur costly fines or damaging lawsuits.
Regulations and regulators that impact financial institutions include:
Call recording software enables compliance officers at financial institutions to record the calls of their call center agents. By taking a sampling of calls (quality monitoring) or listening to all calls (total call recording), compliance staff can verify that interactions are being handled correctly. And when they’re not? Access to these calls can help the department identify potential problem areas and implement corrective actions, thereby preventing the company from exposure to potential fines or legal action.
Call recording also proves helpful should a dispute ever arise about compliance. If your organization is notified by a government or other regulatory body that a compliance infraction may have occurred, many times proof of innocence is required. When you can offer such proof through a full audio or screen recording captured by a call recording system, it’s easy to disprove the accusation. Without such concrete evidence, a financial institution faces great exposure, whether the infraction occurred or not.
Publish Date: June 17, 2016 5:00 AM
Company websites have evolved into a powerful, persuasive tool. Not only do they provide current customers with critical information, but they also are frequently the portal through which new customers learn about your enterprise. Take a look at your current website: You might have snazzy graphics, crisp copy, and user-friendly navigation. But are you doing all that you can to both promote your enterprise and capture the very best attributes of your organization?
For companies that want to take their websites to the next level, consider using recorded calls as a unique and innovative feature that will help you stand apart from your competition. Because the truth is, no one can sell your products or services better than your existing customers. They’re the best source for testimonials, and when you use call recording software, you have those testimonials captured perfectly and for all time, just waiting to be used for purposes like this.
There are various ways that you can feature recorded calls on your website. Here are a few suggestions:
How do you select which interactions or snippets from calls to feature? Consider calls where your customers:
With a little extra time and effort, you can take calls captured through call recording software and use them to boost the marketing effectiveness of your website and impress your customers, both current and potential.
Publish Date: June 9, 2016 5:00 AM
Good managers are always seeking new ways to communicate with and convey information to their staff. Directly and persuasively reaching employees can help to bolster employee performance – and better performing employees usually leads to happier employees and, as a result, more satisfied customers.
One of the most important ways that managers communicate with their staff is through meetings. They are obviously ubiquitous in today’s corporate environment, used to discuss strategy, goals, monthly or quarterly results, and countless other topics that are necessary for running a business. Sometimes these meetings are long; sometimes they’re boring; sometimes they’re useless and don’t accomplish much. But what if there were a way to help add a little extra “oomph” to those meetings – to get staff thinking about your products, services, or even entire your business, from a new perspective?
That’s just one of the many uses for recorded calls. By using select calls captured with call recording software, you can jump-start your meetings with the true voice of the customer – actual feedback from real individuals who buy your products or services and have something to say about what you’re doing (right or wrong). These calls can also reveal if your front-line employees – those who interact with your customers – are doing (or not doing) their jobs well, thus providing fodder to analyze best practices.
Recorded calls can be used for kick-off meetings by an organization’s:
Recorded calls provide a perfect springboard, both for analyzing employee performance and for developing or refining new ideas. There’s nothing like hearing something in-person to make reality come to life. Instead of starting your meetings with vague analyses or yawn-inducing spreadsheets, you can lead off your gatherings with recorded calls than accurately – and persuasively – prove the points you want to make.
Publish Date: May 24, 2016 5:00 AM
Most top executives don’t have the time to track the grass-roots views of their organization’s customers. C-suite professionals (aptly named because of the “C” in their acronym: CEO, CFO, CMO, CIO, and the like) are simply too busy. They expend most of their efforts shaping and executing the organization’s strategic direction, addressing big-picture challenges related to finance, mergers & acquisitions, or operational expansion, and making a myriad of other critical business decisions.
But while these strategic issues are vitally important to the successful running of any enterprise, so, too, is keeping a pulse on what customers are actually thinking. And that appears to be a big problem among many companies today. Indeed, a 2013 article from Forbes, titled “10 Reasons Why CEOs Do Not Understand Their Customers,” accurately summed up the challenge: “Most companies today are woefully – and perhaps disastrously – out of touch with the feelings of their customers and prospects.”
There’s a great way to access the “feelings of customers and prospects” – by using call recording software. With a call recording system, an organization can capture the actual voice of customers and potential customers and use those calls to keep senior-level executives connected to ultimate end-users of your company’s products and services.
Consider the following ways to share the needs and concerns of your customers with your executives:
By instituting even just one of these suggestions, you can help bring your top-level executives closer to the actual opinions of your customers. And consider how much more customer-focused your management meetings would be if these steps were put into place, helping your organization to make decisions based on real customer feedback, not simply statistical research or spreadsheet analysis. Recorded calls offer a great tool to help executives at every level do something vitally important: listen and learn.
Publish Date: May 9, 2016 5:00 AM
FBI estimates of the cost of insurance fraud in the U.S. are staggering: Non-health insurance fraud is estimated to be more than $40 billion per year, which impacts consumers due to higher premiums. It also harms insurers’ profits and the country’s economic stability. The insurance industry itself is massive – consisting of more than 7,000 companies that collect over $1 trillion in premiums each year – and its size contributes significantly to the cost of insurance fraud by providing numerous opportunities and greater incentives for committing illegal activities.
Here are some of the more common insurance fraud schemes:
Faced with such an enormous job, fraud officers need as many tools as possible to help identify and thwart these schemes. The trouble is, finding evidence for fraud can be tricky – but sometimes, it’s just a phone call way. That’s where call recording software can help. Call recording systems can enable a call center to flag and easily query all calls associated with a specific claim. Fraud investigators can then scrutinize each call where fraud is suspected to identify any inconsistencies or discrepancies that might indicate fraudulent activity.
Call recording can be a powerful weapon in a fraud officer’s arsenal.
Publish Date: January 18, 2016 5:00 AM
Compliance officers perform a critical function: ensuring that an organization is operating within well-defined regulatory and statutory parameters. Whether it’s making sure to abide by HIPAA, PCI-DSS, the Telemarketing Sales Rule, or a number of other mandates, your organization and your employees need to be careful, today more than ever. Why? Because the penalties associated with non-compliance can be crippling, particularly for smaller organizations. Just look at the average fines associated with these regulations:
To help your organization contend with these compliance requirements, many organizations are deploying call recording software to protect the interests of both themselves and their customers. These systems enable an organization to capture every telephone call (and accompanying screen activity, if needed) and store this information for a set period of time. By classifying calls containing sensitive cardholder information, patient data, or other compliance-related activity, call recording systems can provide assistance later on when an organization needs to provide evidence of compliance or mitigate a dispute.
In addition, compliance call recording systems can help you as a compliance professional, both in motivating staff as well as training new employees. For example, you can create a meta-tag for all calls containing sensitive information (credit card or healthcare data, for example). You can then review select interactions at team meetings to demonstrate how or how not to handle the collection of such data from customers. You can also record best practice calls that involve sensitive information and make a library of these best-in-class interactions to share with new or under-performing staff members.
If you’re a compliance officer seeking out a call recorder, here are some of the features you need to look for when evaluating a system:
In our litigious and closely monitored business environment, the question isn’t ‘should you use a call recording solution to aid your compliance efforts’. The question should be: ‘How can you afford not to?’
Publish Date: January 4, 2016 5:00 AM
Whether your job title is CEO, CFO, CMO, CCO (Chief Compliance Officer) or CTO, you’re constantly challenged to find better ways to run your organization. What’s more, employees look to you for leadership, strategic direction, motivation and vision.
To help gather the insight you need to succeed in a C-level role, consider the power that can be harnessed from recorded customer calls. These calls give you direct access into the minds of your customers, information that is invaluable as you seek to shape new strategic directions, develop new products and services, or even appoint new staff. By monitoring these calls and carefully assessing what’s being said, you can help your organization build a successful business while establishing and cultivating a viable customer base. Think of how much more informed you could be about your business if you made it a practice of listening to just three carefully selected customer calls each week.
You can use your call recording software to hand-pick select recordings which can provide real strategic intelligence. Here are some of the many ways in which select recorded calls can help senior executives within your company:
1. Tap into the true voice of the customer to better understand who your target buyer is when making important strategic decisions about the company's future direction - i.e. new products to develop, new markets to enter, new investments to make, etc.
2. Take a pulse of customer sentiment toward your brand by listening to select calls to better understand how your company stacks up to the competition.
3. Motivate staff and/or investors by replaying motivating calls at the start of staff or even investor calls/meetings to demonstrate your company's positive impact on customers, in their own words.
4. Set the tone for executive team meetings by playing select calls at the start of the meetings to demonstrate specific areas of focus for the company moving forward.
5. Woo new senior talent to the organization by having candidates listen to the best calls to demonstrate how beloved your company is by customers.
These are just some of the many ways in which call recording software can help your senior executives lead your organization.
Publish Date: December 17, 2015 5:00 AM
In a recent survey by CMO.com, Chief Marketing Officers revealed some of their most pressing challenges. Not surprisingly, things like “asking the right questions” and “understanding our customers” ranked near the top of the list, demonstrating the critical importance of maintaining a firm grasp on what your customers want and finding new and improved ways to deliver it.
For many organizations, recorded calls can provide your marketing team with just that appropriate level of insight into the minds of your customers – a true channel into how your customers actually think or feel about your products and/or services.
Call recording (aka call recorder) software can give you details related to:
Understanding the benefits of call recording to your marketing team is the first step. What’s the next one? Knowing the questions you need to ask your call recording provider to determine if a particular solution is right for you. Questions might include:
Recorded calls can prove to be a valuable tool in your marketing arsenal.
Publish Date: December 8, 2015 5:00 AM