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Category: Business Insights

Insights and strategies for growing your business in international markets.

What is Call Analytics?

13th January 2025 blog, Call Management
what is call analytics

Wouldn’t it be valuable to know where your best leads come from, what marketing channels drive the most calls, and how your customers feel about their interactions with your business? …Read More »

Global Call Forwarding Releases Updated Softphone Apps for iOS, macOS, and Android Users with New Features

16th December 2024 Press
phone app press release

Global Call Forwarding has released updated iOS, macOS, and Android softphone apps. DELRAY BEACH, FL, November 2024 Global Call Forwarding, a leading provider of global telecommunications solutions, is excited to …Read More »

Telecom Observations from the Seamless Expo in Saudi Arabia

7th November 2024 blog
Observations and takeaways from Saudi Arabia Seamless Expo

I had the opportunity to represent Global Call Forwarding at the Seamless Middle East 2024 Expo in Riyadh. Having worked in telephony and communications for so many years, I’m always …Read More »

What is Call Transcription? 8 Use Cases

22nd October 2024 blog
what is call transcription

Managing numerous sales and support calls daily can often lead to missed details and oversights due to multitasking or information overload. With AI Call Transcription, your team doesn’t have to …Read More »

What are Phone Number Tags? 6 Ways to Use

14th October 2024 blog
what are phone number tags

Managing a myriad of inbound and outbound phone lines efficiently can often become chaotic and disorganized. This is especially true for businesses that may have different phone numbers for different …Read More »

AI in VoIP Technology Trends [2026]

3rd October 2024 blog
AI in VoIP Technology Trends

VoIP and cloud telephony have become staple tools for global business communication. Its ability to deliver voice calls over the internet has changed how we stay connected—both in businesses and …Read More »

What is Call Tracking?

8th April 2020 blog, Business Insights, Call Management

Want to get insights into customer preferences and behaviors? Call tracking can help you determine the best ways to reach your target audience and sell to them. Learn how virtual numbers can improve your call tracking process.

Call Tracking: The Basics

Call tracking is the process to identify where and how customers and prospects are interacting with your business and brand. As such, it helps you understand how your marketing efforts are performing, which can lead to more accurate forecasting. Marketing and sales teams use call tracking to determine the success of promotional campaigns and return on investment (ROI). This data and information can then help your teams strategize how to proceed with their efforts, what areas need improvement, and how.

Virtual Phone Numbers with Call Analytics

You can track incoming calls in different ways, either manually or with tracking software. The point is to find a process that suits your budget and is easy for your employees to use. You can choose to track calls manually where your reps conduct quick surveys at the end of the call. A question such as “How did you find our service?” may be enough. Or, you can use call tracking software or a tool that provides more data without taking time away from employees.

Tracking calls with a virtual phone number is one of the most inexpensive ways to get this data. A virtual phone service provider like Global Call Forwarding offers multiple virtual phone number types such as toll free, international, and local numbers. Additionally, they offer call log and activity reports that record the number of calls being made and how each call is faring.

Virtual numbers are cheaper than traditional phone lines because they route calls over the internet. Therefore, you can make and answer calls from anywhere, locally and internationally, and through any device. All you pay for is the virtual service provider’s subscription fee.

Location-Focused Tracking

You can initiate call tracking with virtual numbers by purchasing multiple numbers based on your needs and spreading them across different marketing and advertising platforms. For example, say you want to target different cities within the country or want to get the right marketing data on how different states are responding to your product. You can get local numbers for the cities you want to study and advertise those numbers in those specific areas. Then, when calls come in, you can calculate which cities your product is doing well in and which need help.

Campaign-Focused Tracking

Additionally, you could also spread virtual numbers or a range of consecutive phone numbers across different advertising platforms. You can have a different number for each marketing campaign. For example, use a toll free number for posts on social platforms such as Facebook, Instagram, etc., You can also have local numbers in local directories, print media, etc. And you can use a different one along with your emails. This way, when calls come in, you will know where your callers are finding your product and interacting with it. Then, you can target those areas further or identify areas that need improvement and work on those.

Who Should Use This Service?

Companies in practically any industry — marketing, e-commerce, travel, etc. — can use call tracking to understand where their customers come from. Any business focusing on marketing efforts and testing out various campaigns can track calls to study where they are getting their leads from. Whether you’re a small business just starting out or a large established one with connections spread across the world, tracking your calls will give you insights into your audience’s preferences and behaviors.

Understand Your Customers Better

Call tracking helps you understand your target audience’s preferences and behaviors better. You will know where they look for products like yours, what is the best way to appeal to them and how to connect with them.

For more information on how virtual numbers can help your marketing efforts, call us at 1 (888) 908 6171.

How to Create the Perfect IVR System for Your Medical Answering Service

1st April 2020 blog, Business Insights, Call Management, Cloud Telephony

As a business owner, it is your job to provide good and quality customer service to callers investing in your business. Whether it is hiring highly skilled agents or using advanced communication tools, you need to take the right steps to present your business as professional and valuable. Getting an IVR system for your medical answering service is one such step in the right direction.

IVR System: A Business Phone Solution

An Interactive Voice Response or IVR system is an automated voice response that answers calls before an agent connects. The system interacts with the caller, identifies the purpose of the call, and assists them by redirecting them to the appropriate department or by presenting more menu options. The IVR system uses pre-recorded messages and predetermined rules to do so.

Call centers and answering services generally have a large incoming call volume. Using an IVR system can help them organize and distribute calls so that customers are better served. This system can complete simple tasks and free up agents to focus on more complex duties. In some advanced cases, the caller may not even need to speak with an agent to get their query resolved.

IVR is one of the premium business phone solutions available to businesses in different industries. Virtual phone service providers, like Global Call Forwarding, offer a customizable IVR system along with their phone service plans. You can use this feature alongside call forwarding, call recording, extensions, etc.

Designing the IVR System

So, what is the best way to set up an IVR system for your medical answering service? Designing this system depends on what you want your callers to be able to do when they call your business. Before you create the system, map out the different options that callers will have and what actions you want them to complete without interacting with an agent. Consider these questions:

  • What departments will callers have access to?
  • How many levels do you want your IVR to have?
  • What actions can callers complete through automation?
  • Why should the caller be directed to an agent?
  • Would you like to distribute calls based on geographic location or language preferences?

If you have multiple office locations or want to cater to different language preferences, you can start by distributing calls based on geographic location and language. Then, you can move on to sort out new patients and existing patients:

  • If you are a new patient, press 1.
  • If you are a recurring patient, press 2.

The next level can then provide more specific options:

  • To make an appointment, press 1.
  • To request a prescription refill, press 2.
  • For our office hours, press 3.
  • To review our directory, press 4.
  • For queries regarding insurance, press 5.
  • For customer service, press 6.

Based on caller input, you can either have pre-recorded messages that provide the necessary information or direct calls to specific individuals specialized in providing the required help.

For medical answering services, it’s equally important that agents know why a call was routed to them. Features like Call Whisper can privately alert staff whether a call is for appointments, prescription refills, or a specific clinic—before they answer.

Why Does Your Medical Answering Service Need an IVR System?

Medical businesses use IVR for a variety of reasons, whether they are clinics, hospitals, pharmacies, clinical research labs, etc. It can be used to collect or provide information, process renewals and payments, and more. Your medical answering service can use such automation to:

  • Schedule appointments
  • Collect new patient information
  • Provide drug information
  • Offer company updates
  • Process payments
  • Record prescription refill requests
  • Perform basic clinical trial screenings
  • Register complaints and issues
  • Provide recall information
  • Collect feedback, and more.

Medical answering services can use IVR Scheduling to route calls differently based on office hours. For example, appointment scheduling during business hours and urgent calls routed to on-call staff after hours—ensuring patients always receive the right level of care.

Organize, Manage, Serve

Global Call Forwarding offers IVR with every one of our plans. And this is because we know how essential such a system can be for the efficient running of a business. Our IVR system is customizable and can help you organize your medical answering service’s communications better. Sign up for a new business number, or port your existing number, and take advantage of the many virtual communications tools and services available. Call us at 1 (888) 908 6171 for more information.

1800 Numbers for Hotels, Resorts, and Timeshare Properties

1st April 2020 blog, Business Insights

More and more businesses in the travel industry are using 1800 numbers as their contact numbers to offer callers a free way to call. Learn how getting a 1800 number can boost your company’s incoming call rate and help customers build trust in it.

Toll Free Numbers for the Travel and Tourism Industry

First, what are 1800 numbers? These numbers are toll free numbers provided by cloud-based phone service providers. They are a preferred communication solution because instead of charging callers, calls are charged to the business using the number. So, 1800 numbers or toll free numbers for travel agencies ensure that they remain accessible to customers traveling to or using their service. With 1800 numbers, you can:

  • Provide uninterrupted customer service and care
  • Encourage customers to call whenever they need
  • Connect with travelers from different parts of the world
  • Increase and diversify your customer base

1800 Numbers: Why They Work?

When you purchase 1800 numbers from a cloud-based phone service provider like Global Call Forwarding, you have access to toll free numbers for different countries across the globe, no matter where your hotel, resort, or timeshare is physically located. This means that you can get 1800 numbers for countries that you want to target or where you get more of your customers from. This gives travelers in these areas a free and reliable way to connect with your business. Furthermore, they can contact you even as they travel to different locations, in case there is an issue.

For instance, you can purchase 1800 numbers for the United States, Canada, Australia, or Mexico, to name a few locations. Now, travelers contacting your hotel, resort, or timeshare from these countries don’t have to think twice to call you. This makes it more likely that they will contact your business over your competitors. And, it increases your chances of converting those calls into sales.

1800 Numbers: Making International Communication Easy

The reason why travel and hospitality companies are getting 1800 numbers is because these numbers encourage people to call. Additionally, most individuals associate such toll free numbers with large and established companies, placing your business among their ranks.

Additionally, you can provide 24/7 service by having inbound calls routed to different numbers and lines during specific times of the day or based on location. This is especially helpful for travel companies that have offices in multiple locations. During your office’s off-hours, forward incoming calls to your office in a different time zone. Or, direct calls to the nearest location based on where the call is coming from. Organizing and distributing calls this way can ensure callers get the assistance and care they need in a language and culture they are familiar with.

Using Toll Free Numbers for Marketing Purposes

Most businesses are unaware of the fact that 1800 numbers can boost their marketing efforts and provide valuable insights. When you purchase multiple numbers for different locations, you can track incoming calls to understand which markets are more successful than others. In fact, you can even run different marketing campaigns and use call tracking to determine which campaign has more ROI.

Should Your Business Get 1800 Numbers

Yes, travel and hospitality businesses like hotels, resorts, and timeshares often deal with travelers from different parts of the world. It is, therefore, essential to build convenient communication channels so that these travelers can count on your business to make their experience worthwhile. Want to know more about 1800 numbers? Call us at 1 (561) 908-6171

Push Your IT Business Towards Success with Good Customer Relations

30th March 2020 blog, Business Insights

The most important part of running a business is maintaining good customer relations. Whether this relates to selling new products or offering troubleshooting services, your IT business must focus on how it interacts with its customers so that you can serve them better. This, in turn, will lead to greater customer satisfaction and retention.

Build Stronger Customer Relations

What are some ways you can create better customer relations and have them return for more?
Developing a useful and high-quality product and marketing it well must be the first step. It is, therefore, necessary to present your product as a solution or one that your target audience needs. Think from your customers’ perspective, what can you do to draw them closer to your service?

1. Make it Easier for Customers to Contact You

Not all customers are going to interact with your business in-person. They may come across your brand or product over the internet or through ads. But how do you convert the interest to sales? Give them a reason to call you. Most customers know what they are looking for and if your business provides that, they will make a purchase. But there are individuals who need more information. And so, calling your company with queries can ensure they understand your product and follow through to making the purchase.

Toll free numbers for IT companies provide a free way for interested individuals to call your employees. Whether it is a new customer or a returning one, being able to reach your company easily lets them know that you care about their business. Furthermore, high first call resolution rates, where callers are able to resolve issues on the first call, leads to higher customer satisfaction rates. And an IVR system for IT companies can help achieve this by directing callers to the right department. And in some cases, you can even set up the IVR to assist callers in completing tasks without the help of an agent or rep.

2. Track Quality Assurance

Besides making your business available and accessible, you want to ensure that employees are doing their best when interacting with customers. Here’s where quality assurance becomes significant. Do you need employees to be informative and educational? Should they follow a certain script or can they customize interactions based on who they speak with? Are they following up with callers, as promised?

Monitor quality assurance with call recording for IT companies. Use recordings to study employee interaction and customer behavior. Which tactics are more successful than others? Additionally, you can reward good customer service, further incentivizing employees to do well. You can also use recordings as training material to teach new employees what they should and should not do. Better training leads to better customer service which vastly improves customer relations.

Connect with New Customers

Another way to improve customer relations is to use outbound calling for IT companies and be in touch with potential and existing customers. You can use this service to call local and international audiences for a reasonable price and by evading high long-distance fees. With outbound calling, you can:

  • Welcome new customers
  • Help new customers with setting up products and services
  • Generate new leads
  • Collect feedback
  • Conduct market research
  • Follow up with clients
  • Offer company updates or information about new products
  • Reward customer success efforts, and more

Global Call Forwarding’s Outbound Calling service gives you the opportunity to connect with potential customers across the world. If you purchase multiple local and toll free numbers, you can override the caller ID to display specific numbers when calling certain areas or regions. For example, you can display a Dallas local number or a Mauritius toll free number when you call those regions.

Customer Satisfaction = Better Customer Relations = Closer to Success

Connect with target individuals and serve them better with these communication tools. Improve customer relations and watch your sales increase. For more information on how Global Call Forwarding’s services can help, call us at 1 (888) 908 6171.

Coronavirus: How to Keep Communicating During Isolation

24th March 2020 blog, Business Insights

Coronavirus (COVID-19) has slowed our lives down and has practically brought the entire world to lockdown. In these uncertain times, it is easier than ever to lose contact with important people and connections. So, how do you maintain relations and keep communicating during isolation?

Coronavirus: Communicating During Quarantine

Coronavirus has taken the world by surprise, causing many of us to practice social distancing and work from home, if possible. In such times, communication becomes more important than ever. Whether it is checking in on family and friends or completing business tasks, the right tools can help you stay in contact and take care of business.

Keeping Business Communications going

Most non-essential companies have been ordered to shut down in different cities, states, and countries. However, there are still many companies that can conduct operations virtually or remotely. This involves putting faith in employees while also ensuring daily and weekly tasks or projects are completed. If your business is working remotely, here are some tools you and your team can use to make communication easier:

  • Office chat tools such as Slack, Google Chat, WhatsApp groups, etc.
  • Video conferencing tools such as Skype, Google Meet, Zoom, etc.
  • Virtual numbers with call forwarding to forward incoming business calls to personal or home phone lines.
  • Toll free numbers to make it free for customers and clients to reach you.

Most chat and video conferencing tools are available for free. They work over your internet or WiFi connection and offer good quality calls. This will help you be in quick and constant contact with your remote employees. You can create group chats for different departments as well as collaborate by sharing important files and documents.

You can also get virtual numbers such as toll free numbers from Global Call Forwarding, or port your existing number. Virtual numbers work over the internet and through an online account management system. You can set up incoming customer calls to be forwarded to specific employee numbers. For example, you can have calls made to your customer service line directed to your customer service team working remotely. Or, have them sent to your receptionist who then directs them to the right department.

Presently, to keep things even more convenient and cost-effective, you can get $5 off Global Call Forwarding’s Value, Power, Premium, and Enterprise plans with the COVID19 promo code. This will help you maintain essential communications between your business and its valued customers with call forwarding, even during a pandemic like coronavirus. Purchasing and setting up a virtual number is quick and easy.

Personal Communications

Social distancing is much harder for some people over others. But it does not mean that you need to stop all kinds of interaction. With technological advances, it is possible to stay connected even in uncertain times through communication apps such as:

  • Instant messaging over the internet using iMessage, Facebook Messenger, WhatsApp, etc.
  • Social media: Facebook, Instagram, Snapchat, Twitter, etc.
  • Video chats: Google Hangouts, Skype, Google Duo, WhatsApp, etc.

These apps and tools make it easy to keep in touch with friends and family through texts and video capabilities. You can create and share audio, images, videos, GIFs, etc. In fact, Netflix has an interesting and fun “Netflix Party” feature that even lets you watch shows and movies with your loved ones along with a group chat element. While virtual, this still maintains some degree of social interaction that can be comforting during this time.

Stay Positive and Keep Talking

Everything does not need to come to a halt during the coronavirus pandemic. Thanks to the internet and virtual communication capabilities, you can still stay in touch with the people you care about. Whether it’s grandparents stuck indoors or employees working from home or keeping a sick friend company, stay positive and keep communicating.

Work from Home with These Virtual Business Options

18th March 2020 blog, Business Insights

Fears of the coronavirus (COVID-19) have put cities and countries on lockdown and forced businesses to shut down. Fortunately, most businesses and job positions have the opportunity and ability to use virtual business tools and ask employees to work from home. And this is made easy with the advancements in technology. So, what are some options your business can adopt during these uncertain times?

Virtual Business Tools

Whether you’re a small business or a large company, you may choose to allow your employees to work from home. At least, for the next few weeks as everyone keeps an eye on the growth and spread of the coronavirus. Virtual business tools can help your business stay on track even as employees work from home. These tools include virtual numbers with call forwarding abilities, management systems, chat tools, video conferencing, and more. The following article will include some options to consider:

Get a Virtual Phone Number

You can easily get a virtual number from a service provider like Global Call Forwarding or port your existing number to us today. Doing this will allow you to take advantage of other virtual communication tools that can help immediately. You can use call forwarding, call transfer, outbound calling, customized greetings, and more. This will help your business maintain communication with its customers and clients.

Getting or porting your number with us is quick and easy. You can have the number ready to use in a few minutes. And you can then have business calls forwarded to your home office or personal line, or have it directed to your customer support team members’ phone lines. In fact, our Simultaneous Ringing feature enables you to have all incoming calls ring on multiple phone lines. This could be your number, your sales team’s home or personal lines, and so on. This ensures that someone will answer the phone and business can still continue. And so, sales and customer support teams can continue to serve existing customers thereby not degrading the quality and standard of your service.

You can set up interactive voice response (IVR), an automated system, to answer calls and greet customers by offering them company updates revolving around the coronavirus. Or, simply add a custom greeting that lets callers know your business is still running and you can still provide them the service they need. Additionally, you can transfer calls to other team members or have calls forwarded to them during specific times of the day. There are many cloud communication tools available, but which ones your business needs depends on what services you want to offer.

Video Conferencing and Chat Tools

Video chatting and conferencing is another virtual business tool that can be used for remote working. You can stay connected with your employees and track their progress or conduct online meetings with video conferencing apps such as Zoom, Skype, Google Hangouts, and so on. You can schedule meetings, share screens to demonstrate the material, share important files, and documents, and more.

Online Content and Project Management Systems

Take your tasks online. Use online project management systems or apps to remain connected with employees as well as track tasks and projects that need to be completed. You can have different team members work and collaborate on a task and watch its progress. Set deadlines, due dates, and log time for important and prioritized projects. Some popular systems are Teamwork, Slack, Monday, Trello, etc.

Be Productive and Efficient Even When Working Remotely

Most businesses worry that remote working will decrease productivity and slow down the overall success rate. This can be countered with virtual options which ensure that employees can stay on task even outside the office location. For more information on how our cloud communication tools can support your work-from-home days, call us at 1 (888) 908 6171 to talk to an expert.

Avoid Coronavirus: Practical and Useful Information

17th March 2020 blog, Business Insights

It’s no secret, everyone has the coronavirus on their mind. And while a global pandemic can be overwhelming and terrifying, it is important to focus on the things that we can control. So, what are some things you and your family can do to avoid the coronavirus?

How to Avoid Coronavirus?

News outlets are flooded with information (and misinformation) about the virus, its spread, and how one can avoid contracting it. In such a time, where there is an abundance of information and data available, it becomes necessary to go to the right sources. Governmental websites and global health websites are the best places to get news about the virus on a local and global level. You can track COVID-19’s movement globally and locally with data provided by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (JHU) here. Make sure you have the right information and do as recommended by health professionals.

Keep a Watch on Symptoms

First and foremost, keep an eye on possible symptoms. According to the CDC, the main symptoms relating to COVID-19 are:

  • Fever,
  • Cough,
  • and Shortness of breath.

Emergency symptoms include:

  • Difficulty breathing,
  • Pain or pressure in the chest,
  • Disorientation, and
  • Bluish lips or face.

At the first sign of these symptoms, you must contact your healthcare provider for advice and next steps.

Work from Home and Setting Up Virtual Communications

Thanks to advancements in technology, it is quite possible to switch to virtual business mode and work from outside of your office. You can set up virtual communications for your business by buying or porting your virtual business number to a virtual phone service provider like Global Call Forwarding and forward incoming calls to your and your employees’ personal or home phones temporarily. Right now, you can get $5 off our Value, Power, Premium, and Enterprise plans with the COVID19 promo code so you can maintain important communications even during this time. You can quickly purchase and set up a toll free number and forward incoming calls to our personal or home phone. This way, customers in need of your service can still contact you free of cost and no matter where you work.

Additionally, you will want to set up video conferencing and chat opportunities to schedule and conduct online meetings and discussions. Video conferencing apps and software like Zoom or Skype can enable video conversations. Furthermore, your teams can also use online content management tools like G Suite, Microsoft Projects, etc. These systems help keep track of important tasks and projects and ensure that work continues on.

As with the threat of any disease or illness, the recommendation is to always use preventative measures. The same goes for the coronavirus. Part of social distancing includes staying and working from home. This will reduce the risk of being exposed to others who may have the virus at your workplace or ride-shares, and so on.

Social Distancing, Self Isolation, and Quarantine

You’ll notice the overuse of terms such as “social distancing,” “self-isolation,” “quarantine,” and “flattening the curve” in the media regarding COVID-19. But what do these terms mean and how do you know what needs to be done? John Hopkins Medicine defines these terms for us.

Social Distancing: Means to avoid large crowds such as social events, sporting events, festivals, concerts, and more. The general recommendation is to avoid places and groups with more than 50 people. Social distancing means deliberately increasing physical space between you and other people. Maintain at least six feet of distance. Cancel plans, switch to video meetings, work from home, and so on.

Quarantine: Individuals who may have been exposed to COVID-19 will be asked to self-quarantine. The recommendation for this quarantine is to stay at home for at least 14 days to ensure you do not have the virus and do not spread it to others. If you have recently returned from traveling to a place where the virus is currently active or have been in close contact with someone who has the virus, then self-quarantine is the next step for you.

Self Isolation: People who have confirmed they have Covid-19 will be asked to self-isolate, which basically means keeping those infected away from those who are not. You can self isolate at home or the hospital or at a care facility. Protective equipment may be used to keep the germs at bay.

Flattening the Curve: Refers to using protective measures to slow the rate of the virus’ spread. The motive behind these measures is to ensure that doctors, hospitals, and clinics have rooms and supplies for infected individuals and patients.

Be Aware and Stay Safe

Coronavirus is a fast-spreading virus affecting individuals, businesses, and economies across the world. It has been a hard few months and it may continue for a few more. Do what you need to do, to keep yourself and your family members safe.

Keep in mind, you can get $5 off our Value, Power, Premium, and Enterprise plans right now with our COVID19 promo code. So, if your business is looking to transition to entirely virtual/ working from home, there is no better time to get a virtual number. For more information about cloud communication tools offered by Global Call Forwarding, call us at 1 (888) 908 6171.

Dodd-Frank Act: Call Recording Compliance for US Banks

20th February 2020 blog, Business Insights

If you’re a network or voice administrator and work in the financial services industry, you have likely heard of the Dodd-Frank Act. Compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act is essential.

Enacted in response to the 2008 financial crisis, Dodd-Frank aims to protect consumers during financial transactions. A critical component of this Act is its obligations on call recording compliance. Financial institutions must comply with these requirements to ensure transparency and avoid legal repercussions.

Join us in understanding call recording compliance and stipulations under the Dodd-Frank Act.

The Basics of Call Recording Compliance Requirements With Dodd-Frank

The Dodd-Frank Act outlines several rules and restrictions financial institutions must follow regarding business communications. These include:

  • Recording all communications across various mediums (phone, email, text, video).
  • Storing records for the duration of the transaction and five years thereafter.
  • Time-stamping all records for accountability.
  • Organizing records for easy accessibility.

With these regulations, financial transactions and correspondences are recorded, and banks become more responsible for their behavior.

Understanding the Technical Aspects of Compliance

To comply with Dodd-Frank Act regulations, electronic records of conversations cannot be rewritten or erased. As a result, banks must use technology that supports WORM storage. Financial institutions should enlist the help of IT professionals to select appropriate call recording, video recording, and storage solutions.

The Impact of Non-Compliance

Failure to comply with the Dodd-Frank Act’s call recording requirements can have major consequences for a financial institution. These consequences include legal penalties, financial losses, and damage to reputation. Businesses must understand and respect the importance of recording and securely storing all transaction-related communications.

How to Comply with Dodd-Frank Call Recording Requirements

To ensure compliance, financial institutions should:

  1. Implement a call recording system capable of capturing all forms of communication.
  2. Ensure the system is compatible with WORM (Write Once Read Many) storage facilities, as mandated by Dodd-Frank regulations.
  3. Regularly review and update call recording practices to align with evolving compliance requirements.

Investing in a reliable call recording solution is not just about regulatory compliance; it’s about safeguarding your institution’s integrity and maintaining trust with your clients.

The Role of Voice and Network Administrators

Voice and network administrators are usually responsible for selecting, installing, and maintaining call recording systems. They must ensure that the voice infrastructure is secure, reliable, and capable of handling the volume of data generated by recordings and storage. Regular audits and updates to the system are necessary to maintain compliance and address any vulnerabilities.

Choosing a Call Recording Solutions for Dodd-Frank

Network administrators should consider cloud-based call recording services when evaluating recording solutions. Compared to traditional hardware-based systems, these offer scalability, mobility, ease of access, and cost-effectiveness. Moreover, these solutions often have advanced features like encryption and offer long-term storage as an add-on.

Start Recording Business Phone Calls

There are a few different ways you can record calls:

  • Physical recording device
  • Software application
  • Cloud-based recording tool from your business phone service provider.

Using a recording device or your computer is a good idea. However, these may not provide enough storage space to store all recordings. Plus, high-quality recording equipment and storage do not come cheap. This is why businesses should opt for a cloud-based solution.

Our system is cloud-based and records all incoming calls. You can also adjust the settings to a specific percentage if you prefer. Additionally, you can also get outbound call recording. Store recordings as MP3 files and access them in the future. Our system allows secure long-term storage for up to 6 years.

Ready to set up a call recording system for financial services? You can do so easily with Global Call Forwarding. Follow these steps:

  1. Visit our pricing page.
  2. On the left-hand side, follow the prompts to select a new number.
  3. Enter the destination number or SIP address where you want to receive calls.
  4. Look through the different plans available and pick one.
  5. Proceed to the next step and click “Add Call Recording.”
  6. Review the Terms and Conditions, enter your billing information, and complete your purchase.
  7. You now have a business phone system with call recording.

Ensure you follow federal and state laws regarding consent for recording calls.

 Add Call Recording to Your Business Phone System Today

Financial institutions must adhere to the Dodd-Frank Act’s call recording requirements.

By understanding the regulations, implementing the right technology, and involving IT professionals in the process, financial institutions can ensure compliance, protect their interests, and maintain client trust. Our voice solutions for financial services and dedicated team of telecom experts can help equip your business with the right tools.

MiFID II Call Recording Compliance for EU Banks

20th February 2020 blog, Business Insights

Keeping harmful and abusive financial practices and customer data protection in mind, the MiFID II was created to increase transparency within the financial services industry. Among the many rules, the MiFID II also regulates communications between European Union (EU) banks and its customers and clients. Let’s look at call recording compliance under this regulation.

What is MiFID II?

MiFID II or the Market in Financial Instruments Directive II came into effect in 2018. This EU legislation follows the old MiFID version by enforcing rules that prevent breaches and malpractices within the finance industry. Institutions like EU banks, interdealer brokers, stockbrokers, etc., are regulated under this ruling.

Call Recording Compliance Under MiFID II

Among others, MiFID II requires business communications — telephone and electronic correspondence — be recorded. More specifically, correspondences that “result in transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission, and execution of client orders,” according to its policy statement. Additional types of communication that fall under the legislation’s call recording requirements include those between:

  • Bank and selling shareholder or bank and buyers relating to the purchase and resale of a block of securities.
  • Bank and its corporate client and bank and sellers in relation to the purchase of securities in “buy-back” transactions.
  • Bank and buyers regarding the resale of shares purchased by an underwriting bank.
  • Bank and its clients and bank and a third-party seller/broker regarding purchase of securities as part of a stakebuilding exercise.

Complying with MiFID II

Financial services companies, as a precaution, should comply with the regulations of the MiFID II legislation. Doing so can increase transparency and reduce liabilities, especially if your company conducts business appropriately and in its best interest. So, how do you record calls to be in compliance with MiFID II?

You can invest in recording technology or a call recording software or choose a cloud-based solution. Recording technology like devices and recorders can prove expensive and may not produce high-quality recordings. Additionally, they will require physical storage space. Call recording software may be a better alternative but not all come with unlimited or cloud storage. Most virtual phone service providers, interestingly, offer call recording solutions that let you store recordings on the cloud for a certain amount of years. And the quality of such recordings is generally good, depending on which provider you work with.

Global Call Forwarding offers call recording as an additional feature for a small monthly fee. With this feature, you can record up to 100% of all inbound and outbound calls. The calls are stored as MP3 files and are stored for up to six years. Additionally, you have the ability to record over different channels and devices. And since this comes along with your business number, you don’t have to purchase special equipment.

Other Reasons to Record Your Calls

Call recording is a popular choice with businesses that carry out transactions involving sensitive information and customer data through communication systems. Recording and storing such data can help reduce liabilities, both business and personal. Additionally, it can be useful with regard to quality assurance. Utilize recordings for training purposes and to teach employees what to do and what not to do on calls. Create and uphold a company standard that is reflected in the way your business interacts with its consumers.

Get Call Recording with Global Call Forwarding

Setting up call recording for your office phone system is easy. You can purchase a business number or port your existing one to Global Call Forwarding and add the feature to your service. Then, you can record 100% of your calls or adjust to record as many as you need. Access recorded files and important customer information quickly all while following the MiFID II regulations. Sign up today or call us at 1 (888) 908 6171 to learn more.