Various businesses in all sizes and industries can benefit from call recording in various ways, not only as a tool for assisting customer service but this can also help the business in its marketing and sales efforts. Finance call recording, for example, is an essential function in various businesses in the financial industry.
With various advancements in technology, it‘s now easier than ever to integrate various call recorder and mobile phone recorder solutions with your existing technology stack, like your CRM software, allowing more seamless and integrated client communications. Also, with the costs of data storage decreasing significantly in recent years, mobile recording is now a viable option even for smaller companies.
However, is it actually legal to record mobile phone calls? Where should we start?
Here, we will discuss all you need to know about mobile recording and its benefits, and also how to do it ethically and legally.
Let us begin, however, by discussing the pros and cons of recording mobile phone calls.
Mobile Phone Recording: Implications for Your Business
As discussed, mobile recording is now much more accessible and affordable than just a few years ago, so naturally, it will provide more cost-effective benefits for any business. However, there are also some key concerns we should consider before implementing mobile recording to assist your financial organisation’s mobile communication strategy with regard to trading in business deals: Pros of Mobile Phone Call Recording
Let us first discuss the key benefits of having a mobile phone recorder solution for financial institutions:
● More accountability and transparency for each employee
● During legal disputes, recorded mobile phone calls can potentially protect your business
● Comprehensive communication records for individual clients for various purposes
Cons of Mobile Phone Call Recording
Here are some key considerations you should have before implementing mobile recording:
●You may need to invest in additional storage solutions (i.e. cloud storage) to more effectively and securely store and access recorded audio files
● Legal requirements in recording phone calls may vary depending on your location, and you may face significant legal risks when failing to comply with the state law
● In most U.S. states and also various countries, consent and knowledge of the recorded party of the phone conversation are required. Some states would allow implied consent (if the recorded person continues to participate in the conversation after being informed), but it may vary between states.
● Potential resistance from employees who don’t want their performance to be monitored
Tips In Recording Mobile Phone Calls for Enterprises
1. Know your needs and requirements
It’s very important to check whether your business is subject to specific legal requirements before implementing mobile phone recording. Check whether you must follow specific laws, and the manner in which data must be stored, and how long it can be stored.
2. Choose the right mobile recording solution
Assuming you are not going to build your own mobile recording solution from scratch, it’s very important to choose the right mobile recording solution according to your needs, and also one that is compliant with the legal regulations that apply to your business. This is very important if you are in a heavily regulated industry.
Especially if you are an enterprise in the financial industry, it’s crucial to choose the right service provider that is experienced with the delicacy and complexity of the industry. Truphone for Finance, for example, is a financial call recording service that has supported the global financial market for a decade, with clients including 10 of the world’s largest investment banks.
With Truphone for Finance, you’ll get a fully functional mobile recording feature across channels and platforms, and all services are delivered under one global MSA to ensure security and compliance. Data is stored in Truphone’s secure cloud storage, or you can choose for data to be delivered in real-time to any infrastructure of your choice.
3. Consider your storage options
Generally, you have two main options when it comes to storing your recorded audio files:
● Storing on physical storage: you can store mobile phone recording files in stand-alone storage. Different types of storage equipment are available, offering different features and compatibility to devices. This is typically the more cost-effective approach, but physical storage devices can be lost, misplaced, or destroyed due to various issues.
● Cloud storage: cloud storage solutions can provide more versatility for enterprises. Your cloud service provider will be the one managing and maintaining the storage system, so it may protect your enterprise from compliance risks.
Nowadays, cloud storage is almost always the better option, and various cloud storage options nowadays are fairly affordable. To further save costs, you can ask your cloud service provider for bundling services, and providers like Truphone also offer both the recording solution and cloud-based storage for your enterprise.
4. Implement encryption
Implementing end-to-end encryption on mobile recording audio files can help protect the stored information, which is especially important for protecting sensitive and confidential information. Encryption might also be a legal requirement, and some industries might be required to encrypt both data-at-rest and data-in-transit.
Consider encrypting all audio files before they are transferred to the cloud storage to further protect their integrity.
Conclusion
Many enterprises can benefit significantly from recording mobile phone calls. By recording and analyzing phone calls, your organisation is better protected against hefty fines from regulators through the identification of anomalies and irregularities in mobile communication and action being taken to address any compliance breach.
Secure storage of phone recording audio files may also protect your business in the event of legal disputes and other compliance-related risks in the future.
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