It’s tough out there, in the financial sector. Success relies on generating wealth for existing clients and having the competitive muscle to attract new ones. All while adhering to compliance and industry best practice. Professional call recording helps with all three. And it brings several unexpected benefits too, from smarter staff training to retaining smarter staff. Here’s a short explanation.
1. Dispute resolution and agreement confirmation
The Financial Ombudsman upholds around 42% of consumer complaints about independent financial advisors*. It’s essential to protect yourself. A good telephone recording system gives you a legally recognised defence mechanism. Any advice your business has given over the phone can be played back anytime, saving the resources that disputes sap so effectively.
2. Win new clients, just by picking up the phone
In an ideal world, clients would come to you for face-to-face advice. In reality, your first interaction with a prospective client will usually be over the phone. You should make sure it goes well. With call recording you can monitor the interactions that convert prospects to paying clients, allowing you to set a benchmark and train staff in call handling to boost lead conversion.
3. Train new staff, retain your best
Financial advisors have the tricky task of explaining complex financial information in a way that’s easy for clients to understand. Call recording allows you to make an example of the staff that do it best – using their call recordings to train employees that are less proficient. In time, clients will get great service regardless of who they talk to. And call recording brings extra clarity to performance related pay arrangements too, helping you to reward (and retain) your top staff.
4. Consistency and continuity of communications
It’s not always possible to promise clients the same advisor. And sometimes one client will be served by multiple advisors. That’s okay. Good voice recording equipment allows each call handler to get up to speed with any client case history quickly. So if one of your advisors is dealing with a new client for the first time or you have an internal client handover, the customer won’t be at a loss. It makes call recording a must if consistent service is high on your agenda.
5. Boost client confidence
Business call recording provides an extra level of reassurance for customers when their money is being invested and serves as a ‘promise’ that their wishes will be enacted. Showing prospective clients that you have a foolproof system for capturing the outcomes of telephone conversations is an easy way to build trust and could be the difference between them choosing to work with you over a competitor.
6. Improve productivity with mobile call recording
Business call recording can be set up for mobile phones, enabling frontline staff to take calls out in the field. The recordings of each conversation will be immediately accessible to staff back at the office, bringing increased efficiency, productivity and agility to your operations.
In a nutshell
The days of costly, cumbersome call recording are gone. New technologies are affordable and accessible and have clear benefits for independent businesses trying to make an impact in the competitive financial sector – from boosting lead conversion to holding on to great staff.
For a no-obligation discussion on how the right call recording system can improve your business, contact Business Systems.