Call Recording for Financial Service Companies

Financial service companies often deal with sensitive and confidential information relating to their clients. Because of this, it is necessary that they maintain accurate documentation to avoid any conflicts. Call recording can help record and store business conversations for long-term reference.

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Recording Business Calls

Call recording enables businesses to record incoming and outgoing VoIP calls. You can do so by recording manually, with a recording device, or through your virtual phone service provider’s control panel. The last option gives the added benefit of not requiring additional equipment or manual labor since the call is being made through this control panel. You simply click ‘Record’ as your call gets connected.

Businesses of every kind use call recording software to document their calls so that they can be referred to in the future. Here’s an example: a client has filed a complaint that needs to be disputed. Recordings can serve as evidence for or against them, protecting your financial business from false claims and fraudulent activity. In fact, some countries have regulations for call centers that offer financial services.

Which Financial Service Companies Can Benefit From Call Recording?

More and more businesses are integrating call recording into their office communication system. Companies offering the below financial services should especially take advantage of call recording software:financial srevices

  • Commercial and universal banks
  • Insurance services
  • Investment companies
  • Debt resolution and collection
  • Forex services
  • Family investment and wealth management
  • Credit card networking
  • Private equity
  • Venture capital, and more

Many financial service companies use call recording as an extra layer of documentation. Note-taking and memory are not always reliable ways to store information, especially during periods of high call volume. In order to offer good customer service, keeping track of client information, interactions, and needs is essential.


What Can You Achieve with Call Recording?

Financial service companies must be in close contact with clients to understand their needs and serve them better. Therefore, important conversations occur over the phone, email, and in person. Not all customers may be able to access your office, especially international customers. And so, in order to serve them well, you need to easily access their information and cases. These are the benefits of recording VoIP calls can help. With this software, you can:

  • Handle and record new client information
  • Schedule meetings
  • Record transactions and payments
  • Reduce misunderstandings and errors
  • Collect customer feedback
  • Increase quality assurance
  • Provide training for new employees
  • Protect against personal and business liabilities
  • Reduce fraud and false claims
  • Remain in compliance with regulations

Call recording is becoming an essential part of doing business over the phone. You can use this software alongside your CRM for maximum efficiency.

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Getting Call Recording for Your Business

You can get call recording software from Global Call Forwarding by adding it to your virtual phone number plan. To do this:
  1. Sign up for a new business number on our homepage.
  2. Follow the prompts to purchase a new number or port an existing one.
  3. On the next page, add Call Recording from the additional features offered.
  4. You can also get Call Recording for outgoing calls by adding Outbound Calling to your plan.
  5. Lastly, complete your payment and start recording calls!
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Call Recording Regulations for Financial Services

Different states and countries have different call recording regulations placed by telecom regulatory forces. Furthermore, businesses of a certain type have more regulations to adhere to for safe and transparent dealings.

If you are a financial company in the EU or are dealing with clients from the EU, then you are required to follow the MiFID II legislation. This legislation outlines what types of calls and transactions need to be recorded.

US banks and financial institutions, on the other hand, must comply with the Dodd-Frank Act. This regulation aims to increase transparency and protect clients from abusive financial advice. Like the MiFID II, the Dodd-Frank Act also details what types of calls need to be recorded and how those recordings must be stored.

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Increase Trust and Reliability

Increase the credibility of your financial service company by giving your clients more reasons to trust your service and employees. Record calls to demonstrate transparency and improve employee-customer interaction. To learn more, speak with one of our account managers at 1 (888) 908 6171.
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