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Secure Voice Recording - Can you Afford not to have it...?

Historically voice recording has proved to be a major asset in dispute resolution and employee management – yet up to now the prohibitive cost of traditional proprietary technology has made it the preserve of those with no alternative but to invest to meet compliance requirements. An increasingly litigious business environment and the ever broadening impact of compliance has meant it is time manufacturers faced up to the technology’s commodity status and delivered cost effective voice recording for all, which is exactly what we have done, says Graham Chick, chief executive of GemaTech the UK based telecoms design and development subsidiary of Guernsey registered investment company Telinvest Ltd.

Over the past decade reliance upon telephone communication as a key business tool has increased exponentially. And, for many organisations within the financial sector, that reliance has resulted in a need to record calls to meet compliance regulations. Increasingly these regulations will apply not only to banks and trust companies but to insurance companies, Independent Financial Advisors (IFAs) and even law firms – in fact any individual providing telephone based client advice.

However, it is not only large organisations or those within the financial sector that need to record customer facing calls. Most organisations have endured expensive, time consuming and potentially reputation damaging disputes with customers or suppliers as a result of disagreements over the content of voice based communications. Without accurate, easily accessible recordings of each and every conversation, such disputes are hard to resolve.

Such disputes can be easily resolved if reliable and accessible voice recording is used across the organisation. Offshore investment trust experts Richmond Corporate Service attained immediate benefits from its voice recording investment when a client threatened to sue for a delay in implementing financial transaction requests that had, he claimed, cost several thousand pounds in lost investment. Within minutes, the company was able to collate all calls relating to the transaction – from initial client request to implementation – proving the client’s claims were totally spurious. Not only did this ensure the dispute was resolved immediately but the company avoided expensive legal advice and the business disruption that would have arisen.

Furthermore the technology also enabled Richmond to support a member of staff who claimed to have been verbally abused by a new client. Listening to the voice recording confirmed the claims, enabling the company to confidently support its member of staff and refuse the business of the client without hesitation. Without this verification, many companies would struggle with the ‘client versus staff member conflict’ – not only losing business but also damaging staff morale during the investigation.

The good news for organisations of all sizes is that with new products delivering the same (and often a far superior) level of voice recording quality, ease of use and security at a fraction of the price of older systems – often around £10,000 for recording up to 30 concurrent calls – opting for a brand new system is on a par with the legacy upgrade path.

As a leading developer of next generation secure voice recording equipment, GemaTech have recognised the need for high quality, cost effective voice recording solutions in the Channel Islands and, as a consequence have recently appointed Sourcing Solutions as their Authorised Agent in Jersey.

“Sourcing Solutions have recognised that, in Jersey, voice recording is fast becoming a natural requirement for doing business over the telephone, and has become a technological necessity for many of Jersey’s financial institutions, in particular for dispute resolution or training” says Director, Peter Walsh, “Indeed, in treasury and dealing based firms, this has been the case for quite some time. It is now widely recognised that in most areas of wealth management it is increasingly necessary to be able to verify details of conversations with clients and intermediaries - call recording puts the individual and the company in complete control of their most prolific communication medium.”

Compliance is becoming a fact of life for an increasing number of companies, and no organisation, whatever its size is immune from the demands of both legislation and customers to prove the veracity of decisions. With verbal orders now standard business practice, in this litigious society avoiding disputes and the attendant costs and damage to reputation and staff morale is a serious objective.

The resultant growth in demand for voice recording and the commodity status of this technology is driving prices down - dramatically. With new solutions available at approximately a third of traditional proprietary solutions, the implications for dispute resolution and improved staff effectiveness will undoubtedly be significant.