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Why your business needs mobile recording
By Sarah Mather: Digital Solution Specialist, O2 Business
Back in November 2007, the FSA (as it was then known) made it compulsory for UK financial institutions to record mobile calls between traders and customers. But while fixed line recording solutions are widely used by all types of businesses, it seems to be more of a challenge for many organisations to deploy this to their mobile devices.
And that can be a problem, not least because of the impact of fines through failing to meet regulatory requirements. These fines can be in the tens of thousands for each and every transaction since the breach, and any breach of security could be very damaging to your organisation’s reputation and brand image.
But mobile recording has other advantages for your business. If a dispute arises from a call, there’s always a danger that it will come down to the ‘he said, she said’ argument. This isn’t usually an issue with landline calls, as everyone knows that the call is recorded due to the announcement at the beginning of the call. Mobile recording can provide the cover that you need as a business, an ‘insurance policy’ that gives you with an online portal so you can listen to these calls and hear first-hand what has been said or agreed. This gives you the power to get disputes or allegations resolved quickly and professionally, which is ultimately going to protect your brand image. This will also help you if you’re looking to manage performance and improvement, as it gives you statistics on inbound vs outbound usage.
Spending on audio communication monitoring is set to treble from $795.4 million in 2015, to $2.145 billion by 2020, according to analysis by Deloitte. This will be due to increased regulation and rule changes moving towards near ‘real time’ monitoring. There will also be new Markets in Financial Instruments Regulation (MiFIR) regulation which will require all telephone conversations to be monitored and potentially retained for up to seven years for institutions that provide client order services. This is due to come into place on 3 January 2017, though discussions are taking place between the European Commission, European Parliament and the Council of the European Union about the possibility of delaying implementation.
With more businesses moving to a flexible working environment whether staff are working from home, remote offices or travelling with their job, mobile devices are now a must. Making and taking business calls at all hours on the go has become the norm and the majority of business interactions are now being done on smartphone and tablet devices rather than via a traditional landline. It’s also likely that call recording will become commonplace across other markets, including insurance and other financial products (credit cards, store loans, pensions, mortgages etc) and for high value transactions, e.g. with estate agents, housing associations, online betting, car sales and professional advisors.
Watch this space, because things are about to change for mobile recording requirements and it looks like this is going to be a major requirement for business over the next couple of years. I’m not yet convinced that businesses will take it up quite as quickly as Deloitte suggests but I do believe they won’t be far behind. Giving yourself the same cover for mobile devices as you have for landline makes perfect business sense, so why wouldn’t you want to protect your business with mobile recording?