Oak Call Recording: Resolve Customer Disputes & Reduce Potential Losses
In an office overlooking the vast, rolling fields of Buckinghamshire, UK, you may not expect to find the operations centre for one of the leasing specialist foreign exchange consultancy firms, who, each year, help their customers manage $1 billion.
International FX (IFX) began as a two-person business, and has been growing ever since. The walls of their smart office are bedecked with large screens detailing the slightest fluctuations in exchange rates across the globe, which are assessed on behalf of their customers; many of whom are private individuals, as well as large corporates such as airlines, hotel chains or pharmaceutical companies
IFX Operations Director Tom Greenwood sees recording calls as a vital part of his business process, and has therefore been using call recording technology for some time. Having recently upgraded to Oak’s new call recording application – which features a host of benefits ideal for his company – Tom is really impressed.
“We make and receive around 500 calls each day, and in many of them we receive instruction to undertake a financial deal on behalf of a customer, or state an exchange rate that a deal will be completed at,” said Greenwood. “It is crucial to our business that if any of this is queried at any point, we have the facility to investigate quickly and easily.”
Greenwood goes on to add, “Oak’s call recording system is fantastic; better than anything I have ever seen. I am particularly impressed by the ability to send a recording via e-mail direct from the system as a .WAV or MP3 file, whilst retaining the encrypted file on our system. In the event of a dispute arising, we immediately send a copy to our lawyers.”
In March 2003, Royal & Sun Alliance was fined £950,000 by the Financial Services Authority (FSA), who made direct reference to the lack of call recording being contributory to the fine being imposed. It is not always the fear of such a fine that encourages a company to consider call recording to be a vital investment, as Greenwood explains.
“Recently, we had a private customer who asked us to assist in the exchange of €700,000 (£545,500 at the time), following the sale of her house in Spain,” said Greenwood. “The agreement had been made, and we had been instructed by her to undertake the exchange over the phone, which constitutes a contract between both parties.”
But, according to Greenwood, the customer then decided to change her mind.
“We were left with a liability for a deal she had authorized us to undertake,” said Greenwood. “Due to a drop in the exchange rate, we were exposed, within one day, to a loss of £9,600, and by the end of the situation, this had grown to almost £25,000. Fortunately, by having the call recording, we were able to prove that a contract had been entered into, and therefore we were not liable, saving us a lot of money.”
Many customers who use Oak call recording have experienced the same benefits as International FX. It often takes just one incident where a call recording is used to pay for the initial investment. Please visit www.oaksi.com for more details about our call recording solutions.
OakSI is a sponsor of the 2016 ShoreTelOne Global Partner Conference, a gathering of ShoreTel’s channel partners and distributors as well as industry analysts and consultants from around the globe. The event will take place the week of Dec. 5 at the Gaylord Palms Resort in Orlando, Fla. Learn more about the conference here.
Laura Emm has been coordinating Oak’s PR initiative for over 10 years, and has assisted many Oak dealers with writing up their own Oak case studies that they can use for marketing purposes. Her goal, along with the rest of the marketing team, is to ensure dealers have the right tools to assist them in their promotional efforts. Branded videos, brochure and live demonstrations are just some of the other options available.