Call Recording Serious Business for Financial Management Firms
October 01, 2012
By Mae Kowalke
In the case of call recording, financial service firms cannot afford to be lax.
“When monetary contracts are being negotiated, most people are very sensitive to the fine print details. Many times, however, initial contracts are determined based on verbal conversation,” according to ISI Telemanagement Solutions. “Ultimately, spoken words cannot be proven unless they are recorded.”
That’s where call recording solutions such as Verba Voice and Immersive Video Recording come in.
ISI (News - Alert), a full-service telecommunications software and consulting firm, recently used Verba and Cisco phones to help a Swedish investment management company capture their important conversations while also cutting costs and administrative headaches.
The privately held financial management firm, based in Stockholm, focused on managing equity and alternative mutual funds for companies, institutions and private clients, with a focus on Eastern European financial markets. In performing fundamental analysis and creating portfolios, it employed more than 5,300 employees and had branch offices in Paris, Moscow, Oslo, Hong Kong, Vienna and the capital of Estonia, Tallinn.
The problem the company faced was that it needed call recording both in its headquarters and various branch offices, but it wanted to minimize the number of recording servers and the IT necessary to keep it all running. ISI developed a solution built around centralizing the recordings in the financial management firm’s Stockholm home office.
Using Cisco (News - Alert) phones and Verba, ISI set up a recording solution that had calls automatically streamed to servers in the Stockholm office.
For compliance needs, it set up the centralized recording solution so each regional office has separate access rights. So while the recording servers are centralized, access and usage are tailored to the laws of each country where the financial management firm operated.
The result was significant cost savings and reduced IT headaches, according to ISI. It replaces many servers with just two servers, the result of the centralized solution.
“Financial Services organizations need a telecommunications system that supports their main headquarters and all of their branches and divisions,” ISI revealed.
“Call recording can provide unequivocal proof to specific language used in verbal negotiations,” the company added. “Verba Voice and Immersive Video Recording can record full conversations, or simply the portion of the conversation that mattered most, such as the verbal agreement. It then stores it with a customer ID or other identifiable information and can be retrieved quickly and at a moment’s notice.”
ISI became the exclusive North American provider of Verba call recording solutions this past July.
Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Austin 2012, happening now in Austin, TX. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.
Edited by Jamie Epstein