The rise of call recording in conjunction with analytics to achieve excellence in customer service
It is estimated that the UK call recording and quality monitoring market today is worth in the region of £2.0 billion according to industry estimates from two separate analysts Frost and Sullivan and Data Monitor. Frost & Sullivan forecasts that hosted agent performance optimisation (APO), which includes call recording, customer interaction analytics, performance and quality management, and workforce management, will have the strongest growth of any contact centre product segment.
The industry continues to be fuelled by the ‘claim culture’ and as a result businesses are looking to be more accountable and have more control over the services they are delivering. Governmental regulations in the UK also contribute to the rise in call recording adoption. The UK’s Financial Conduct Authority (FCA) mandates the recording and archiving of all phone calls dealing with orders, negotiation or arrangement of transactions in its financial services industry. These regulations drive the need for a secure, call recording solution that can capture and store 100 percent of calls. This would enable brokerages to access specific calls if necessary to prove compliance with the government, upon request.
However, more and more everyday businesses are recognising value far beyond the regulatory protection call recording provides. Demand continues to grow as they discover that the mining of these calls reveals invaluable customer insight. The widespread adoption of call management solutions has meant they have become more available at more competitive prices. Gone are the days when such systems were deployed solely in large enterprises. This means that these solutions are now accessible to not just large corporates, but to a huge SME market. Cost effective call recording together with innovation in call management solutions with Unified Communications and CRM integration has meant that this market is now taking advantage of powerful solutions that deliver real business intelligence.
Every business can now expect not only to achieve a return on their telecoms investment, but also when using call recording in conjunction with call analytics can expect to achieve excellence in customer service, thus creating a real point of differentiation from competitors.