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Financial Institutions Learn to Leverage Call Recording for Customer Service Performance Gains

October 23, 2009
By Kelly McGuire - TMCnet Editor

Financial institutions – such as banks and credit unions – face an increasing number of regulatory and competitive challenges, especially as both the overall economy and the financial industry itself tightened. 

If they are proactive, these organizations meet these challenges head on by implementing call recording and quality monitoring systems in order to maintain federal compliance and to keep customer satisfaction at a very high level and, typically recording all incoming or outgoing calls within their contact center environment.

Aside from simply recording the call for compliance purposes, some call recording systems offer a suite of quality assurance tools for training purposes. Banks and credit unions can utilize the recorded calls to continuously improve the way customer service agents perform their jobs.

East Hartford-based Coordinated Systems, Inc.’s, flagship call recording suite, Virtual Observer, is particularly effective for credit unions. Rich Marcia, marketing director for Coordinated Systems, said that the company has established a presence in the credit union community, nationally. 

“Based on our experience in helping as many credit unions as we have, we speak Credit Union,” Marcia said. “We’re able to give them the ability to record calls and meet compliances and industry regulations. They can encrypt recorded customer interactions and meet security standards.”

Additional challenges facing these organizations include rapidly changing technology: should they upgrade their legacy phone systems to VoIP; should they deploy virtual servers; should they select a cloud-based CRM system? 

“With Virtual Observer, in the case where recording methodology needs to be changed,” Marcia said. “Like changing phone systems, upgrading to VoIP, or going from a selective recording methodology to a 100% call logger, we have investment protection credit in place to make the move as painless as possible.”

For the challenge of meeting payment card industry compliance, Virtual Observer offers a “Data Defender” feature which helps companies comply with specific credit card processing guidelines by completely securing a customer’s information and sensitive data with 256-bit media encryption. 

With specific methods for protecting data at every menu, program and button level within Virtual Observer, the system provides a breadcrumb or paper trail detailing every action a user takes and every piece of data they review, add, edit or delete, company officials said.

Credit unions can also utilize Virtual Observer to record calls for liability protection, dispute resolution and sales verification. The quality feature set enables contact center staff to use integrated evaluation and e-learning tools for training purposes, which can provide a deep insight and understanding of customer perceptions and needs, yielding an improved collection rate and increased productivity of services sold.

Coordinated Systems features an agile development staff that works to keep the most up to date customer demands for compliance as well as additional security feature requests. “As challenges continue to mount, and financial standards change, our staff is prepared to deliver the security updates our customers’ require,” Marcia said. “It’s all part of our own customer service efforts as we work to stay on top of the needs of our credit union base.”

“Enterprise implementations, with multiple branches, such as Lockheed Federal Credit Union, receive additional benefits, such as integrated data and organization-wide performance reporting,” Marcia added.

According to Lockheed Federal Credit Union’s Kara Fitzgerald, director, Call Center Sales & Service, Coordinated Systems’ service stands apart from its competitors. 

“I have had many experiences with call monitoring in the past,” Fitzgerald said, adding that the company has seen an increase in following these standards in our service cycles. “We have been able to ramp up our new staff members more quickly with the ability to search for calls that were directed to our internal help queue for assistance,” she added.

According to Fitzgerald, Virtual Observer was an easy choice to make for the company’s call center. “Virtual Observer allowed us to quickly assist agents when they have questions with which they might be struggling,” Fitzgerald said. “We appreciate the ability to have several call observation forms and the ability to change them on the fly. In addition, the price was right.”

Kelly McGuire is a TMCnet Editor. To read more of her articles, please visit her columnist page.

Edited by Kelly McGuire

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