There are a lot of different rules and regulations that banks and other financial institutions need to follow on a regular basis. One of the most important rules involves call recording for compliance.
All calls that are made or received by a bank or financial institution must be recorded according to federal regulatory requirements.
Regardless of whether a bank fields a thousand calls each day or just a couple dozen, those calls must be recorded for banks to be considered compliant. The recordings serve as proof that a bank met the needs of their customers and did what they said they would do when speaking to them.
Call Recording for Compliance
The cost of noncompliance on the part of banks and institutions can be astronomical, and unfortunately, it can have an effect on banks even when they do take the time to record all of their calls. Regulators will often come in and test a small sample size of their recordings to make sure they’re audible. And if they’re not, they can be issued large fines and forced to face further scrutiny over their call recordings.
They can also find their name in the news for all the wrong reasons, which is why banks and financial institutions work so hard to stay compliant by recording calls properly.
Staying compliant can come at a high cost.
A study done in 2017 showed that most financial institutions spend about 4 percent of their yearly revenue on call recording compliance.
That number is expected to grow by leaps and bounds in the coming years, too, and will likely soar to 10 percent by 2022. It’s a big price to pay for remaining compliant, but it’s also significantly cheaper than it would be for banks to take a chance and get caught not recording customer calls properly.
If you run a bank or financial institution that could benefit from obtaining better call recording services, Vaspian can provide you with the solutions you need.
We have helped those in a range of different industries with call recording.