We hear it all the time from customers in regulated industries such as financial services, healthcare or even retail: “I need a call recording analytics solution that meets regulatory requirements.” It’s usually followed by a sigh of concern about how much “compliance” will cost and how much overhead can be expected as a result of implementing solutions that help companies comply with regulations such as Dodd-Frank, HIPAA or PCI. While it’s true that these regulations can be the motivator for investigating secure voice and data networking and call recording analytics, the actual business benefits of efficiency, customer loyalty and even greater profit far outweigh the benefits associated with compliance.
DMG Consulting's Speech Analytics Product and Market Report 2014–2015 sets call recording analytics apart as a strategic enterprise solution that can be used to quickly identify operational, technical, policy and staff-related issues that may be affecting customer experience. According to a spring 2014 Gartner® report, 90% of all customer conversations are still happening on the phone despite changes in the digital world. And, nearly a quarter of all organizations (24%) use call recording analytics solutions to improve customer relations. Research shows that 77% of voice analytics users can monitor customer satisfaction results in real-time to identify and re-engage unhappy clients. These progressive companies are already reaping the business benefits of call recording analytics.
Voice and data records can be captured, stored, made searchable and analyzed to reveal business insights--in addition to keeping the company safe with the regulators. One example is mobile and fixed-line call recording analytics. These solutions make it possible to create secure, searchable records of phone conversations between a company and its customers. This information is essential to improving customer loyalty, retention and satisfaction. In addition, these solutions meet many stringent compliance requirements.
Call recording analytics in both mobile and fixed-line environments are critical as companies strive to improve customer call center operations. Voice data can indicate the likelihood of a sales conversion, drive better quality leads and provide an opportunity to re-engage with customers who might have been lost. Automated analysis of communications between companies and customers helps contact center managers and supervisors determine where their agents excel and where they need improvement, ultimately improving performance and customer experience. Cloud-based solutions eliminate the headache of managing an application or building proprietary applications and infrastructure. Because these solutions are available as a service, they can be easily customized for any type or size of enterprise, and can include a variety of services that meet specific business needs.
Call Retention - Automated archiving should store call recordings for a pre-defined retention period and completely deletes them upon the expiration date.
Dispute Management - Advanced search, retrieval and call replay functionality is essential. It can help resolve customer disputes quickly and cost-effectively.
Unified management with voice and data networks and PBX - Call recording analytics solutions should integrate with and leverage the capabilities of voice and data networks, applications, and PBX. Automatic call recording and analytics must be integrated into the data and cellular network, always be on. The solution must make it easy to search for and identify key words and/or phrases in all recorded conversations. Records of all customer interactions, whether they originate from a mobile phone or include participants who are on a mobile phone, should be archived, easily searched and analyzed.
Regulatory Compliance – Last, but not least, the best solutions ensure compliance with regulations such as Dodd-Frank, HIPAA and internal business policies.
NetFortris call recording analytics solutions are at the forefront of innovation in the areas of real-time speech analytics and integration to real-time solutions. In the future, we plan to be a force in the market and will continue to drive the integration between speech, text, desktop and predictive analytics, networks and applications. It will be exciting to watch this space.