The Advantages Of MiFID Phone Recording



Implementing MiFID phone recording compliance is something that  you should consider doing if you are a business owner. Before you do so, you should look at the official ruling that is used to describe the storage of the relevant records around a trade. This ruling states that an investment firm shall take all reasonable steps for recording telephone conversations as well electronic communications. Provided that you take the right steps in implementing MiFID phone recording, you will enjoy the following advantages.

First of all, you will be able to coach your team more effectively. By recording phone calls in your organization,  you can hear how team  members speak to customers. This can be a great opportunity for you to help your team members improve their communication skills and also give them tips for selling more effectively.  Anyone in your company, from top sales people to receptionists can benefit from the granular coaching that managers can provide due to monitoring calls.

Another way that MiFID phone recording can help you is enhancement  of your product or service. With the ability to share call recordings with specific team members in research and  development or production management, you will be able to help them have a better understanding of how customers are using your products, what they like about it,  as well as what could be improved.  This valuable information can be translated into products and services that meet the needs of your customers more effectively.

Last but not least, MiFID phone recording can help you stay on the right side of the law. One thing you need to know is that call recording is legal provided that there is an acknowledgement that it is happening. Maintaining a database of recorded calls will help your business comply with industry, legal as well as service-level compliance guidelines.

For more information on the advantages of MiFID phone recording, visit our website at https://www.telemessage.com/

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