Call Recording Poised to Buck 2008 Uncertainty
20 November 2007
Resellers with customers in the financial services sector have an opportunity to engage in meaningful dialogue and create new sales as a result of strict new rules introduced by the FSA and OFT
Mortgage, Loan and Insurance providers, for example, can now lose their trading licence if they do not meet tough new quality standards - and provide evidence of transactions.
The new laws aim to address consumer protection and business process / quality of service issues, which presents financial service providers with a range of compliance challenges. The new regulations have created a growing demand for solutions - such as call recording and call logging - that monitor and provide evidence of financial transactions and quality of service.
New rules laid out by the UK Office of Fair Trading (OFT) raise the bar in terms of industry compliance. Following implementation of the new licensing provisions by the Consumer Credit Act 2006 on 6 April 2008, a service provider must now submit a Credit Competence Plan as part of its application and should expect to be subjected to an on-site visit as part of the assessment of its competence.
From April 2008, providers can have specific requirements imposed on them if the OFT is dissatisfied with any matter in connection with the business. If such a requirement is not complied with, the business concerned could be subject to a financial penalty of up to £50,000. The OFT can also refuse or revoke a licence if it decides that a trader is not fit to hold one.
Leeds based call recording company Liquid Voice say that
following recent gloomy economic reports, many small resellers are
starting to get nervous about trading conditions in 2008. They add
that for those anxious about generating new sales, a profitable
solution is at hand.
"In a downturn, when some customers put off expensive PBX and major
hardware projects, call recording can be a life-saver for
resellers," says Chris Berry, director of Liquid Voice, who reports
continuing sales despite a slow-down in the wider end-user
environment.
"Resellers who take on our products report an average 23% rise in ongoing new business - and it's the same whatever the conditions. The Bank of England predicts 'flat' trading next year but call recording is a growth market and one that will not be halted by current economic uncertainty".
Says Berry: "In 2008, with money getting tighter and new regulations starting to bite, business end-users will be looking to make more out of what they already have - call recording can deliver the business savings - and the compliance - that companies require. Resellers who're already selling Liquid Voice know the many benefits of offering call recording and, in uncertain times, will gain a profitable advantage over those who don't have CTI products in their portfolio."