We reached out to Mitch Dawson from automated consent recording specialist, Consentec
Call recording used to be the preserve or regulated financial institutions which, at the high-end of the market, utilised the technology to record trades and other transactions in order to provide a record that complied with regulation. As the technology has become more cost effective and widely available, recording is routinely used for contracts and confirmations and for training purposes within call centres. However, in recent years data protection and privacy legislation have come in to many markets and these rules set out how and when recording can occur and what happens to the recorded data in terms of where it can be hosted and how it can be used.
Without doubt, call recording is now firmly in the mainstream. The technology is now used by 95% of contact centres in the UK, for example, according to research by Contact Babel for its UK Contact Centre Decision-Makers’ Guide. Only 1% of contact centres surveyed said that they have no intention of using call recording in future nearly one in five (19%) contact centre respondents said they are looking to update their call recording solutions.
This illustrates a growing trend towards call recording and monitoring globally. Zion Market Research projects the global audio communication monitoring market will reach approximately US$3.04 billion by 2022, growing at a CAGR of around 22% between 2017 and 2022.was Investments of this scale in call recording technologies are not only to ensure full adherence of the employees to corporate communication policies. More stringent privacy and recordkeeping regulations also mean these technologies also help companies to avoid hefty charges and significant penalties which can run into hundreds of millions of dollars.
“Organisations have become familiar with the regulations they face around protecting personal data and, although this remains a complex channel to address across the varied regulations of a global market, what’s really driving call recording uptake is the potential of actionable data,” says Mitch Dawson from automated consent recording specialist, Consentec.
“Turning speech into valuable insights means companies can derive value from their call recording investments as well as achieving compliance”
However, it’s the drive to actionable data that is really driving the market place today. Mordor Intelligence has reported that the speech analytics market was valued at US$1.34 billion in 2019 and is expected to reach US$4.38 billion by 2025 at a CAGR of 21.6% over the period 2020 to 2025. Speech analytics solutions are one tool that can convert call recordings into actionable data, transforming the data contained in the recording into valuable insights that can deliver value across the enterprise.
“Speech analytics also plays a crucial role in understanding the root cause of customer dissatisfaction and helps organisations mitigate risk and train their staff to avoid such circumstances,” adds Dawson. “This enables customer engagement outcomes to be predicted more accurately and successful processes to formalised to address organisations’ needs. Now, with organisations of all types recognising the business value of all recording, it’s no longer a focus only for financial institutions. The whole contact centre market is looking to voice recording to be more efficient.”