Mortgage Broker? Here are 5 ways to take advantage of the new record-keeping mandate
19 May 2021
New legislation is a win-win for mortgage brokers and customers. Here's why -
Over 6000 Australian mortgage brokers are the latest to receive the marching order to keep records of customer conversations as part of their RG-273 best interests duties. The underlying message was loud and clear: All brokers need to ”capture and track all conversations with their customers as they happen.”
On the bright side, brokers will find call recording a simple way to capture conversations. But the real opportunities lie in low-cost, scalable voice intelligence technology integrated into unified call recording platforms.
The January 2021 legislation was mandated in response to a record 10,000 complaints over misconduct, unscrupulous business operations and illegal practices. Some of them represent the most damning industry practices of the past decade. The good news is; advances in recording and voice technology not only let brokers easily keep accurate records, they provide low-cost, scalable and efficient ways to rapidly increase revenue, improve customer experience, automate compliance management and more….
Here are 5 ways brokers will benefit
1 Expedited compliance management and proactive compliance
Brokers using call recording will need to capture, store and retrieve business conversations. But simply recording and storing massive amounts of datasets can lead to a ‘needle-in-a-haystack’ search nightmare. Next-level voice technology is making compliance management easier. It’s delivering a continuous 24/7 compliance loop featuring notifications, actionable insights and intuitive transcripts. Finally, it’s meeting the needs of more encompassing regulations such as the RG-271 IDR, AML/CTF, KYC and more....
Empowered with sentiment analysis and real time alerts, compliance teams will be able to pick up when customers are dissatisfied and drive effective and proactive compliance. That’s a game changer!
2. Dispute resolution solved simply on time
Nobody gets into business to have a dispute. Unfortunately they’re almost impossible to avoid. In a typical “he said, she said” scenario, both sides will usually start to build their case and scramble to find tangible proof.
The new mandate to capture records means mortgage brokers with access to call recording will have the raw records needed to demonstrate fair practice. An always-on intelligent recording software, with meta-data, elegant transcripts and time stamps, will enable brokers to validate a business claim, save time, save money and simply settle disputes before they roll into court.
3. Hybrid workplace compliance covered
In a work from anywhere world, the hybrid workplace has become commonplace and video conference is the go-to communication platform. Employees are now interacting with customers across multiple networks and applications on Zoom, Microsoft Teams, Cisco Webex, voice chats …. over their desktop and BYOD devices. Unfortunately traditional on-premise recording solutions cannot continuously record across multiple systems and devices. And app-based recording traps call recordings into non-compliant siloes that are difficult to search, or can’t be stored long enough to meet compliance mandates.
But mortgage brokers in hybrid workplaces can count on cloud-based Unified Call Recording software to end not knowing. The new breed of native cloud voice recording integrates with all systems to ensure vital conversations are always visible, stored and tracked 24/7.
4. Recording with revenue intelligence becomes powerful sales tool
Let’s say your team just had a great conversation with a prospect and successfully closed the deal. Or perhaps they had a highly frustrating call with a customer that went astray. One way or the other, recording software would have been helpful.
With voice intelligence enhanced recording, you could have actionable insights into the conversation. You could instantly replay the call, view the transcript, search for keywords and more. Or you could use the recording software to coach your sales team on how to win more mortgage broking deals. Recording software with voice intelligence can provide the necessary data, alerts and insights to boost your sales prospects and help your team improve their sales pitch and techniques.
5. Customer experience with valuable insights
Unified Call Recording software with voice intelligence can help you improve the buyer journey and customer experience, so you can quickly respond to customer needs.
It can give you instant alerts and insights into ways to improve your prospect and customer interactions based on sentiment analysis. And you won’t need to wait months for expensive NPS surveys or research to improve customer satisfaction. Voice intelligence software can analyse every interaction the moment it happens. By recording and tracking sentiment over time, it can even help you anticipate and manage the customer journey.
Integrated with CRM platforms such as Salesforce, voice intelligence can track and improve your customer engagement over time, increase customer satisfaction and reduce churn.
The new mortgage broker record-keeping mandate is a great opportunity to turn a compliance mandate into a broader opportunity for your business. It’s a chance to access untapped voice data and leverage it to boost your revenue, customer and people intelligence.
Dubber’s cloud-based voice recording and voice AI ticks all these boxes and more.
It can be switched on in minutes for any customer using Telstra TIPT, Telstra Liberate or Telstra SIP connect. And it’s built into all the popular video conference and soft phone platforms including Microsoft Teams, Zoom, Cisco Webex Calling and Optus Loop.
To help mortgage brokers, Dubber is now offering highly affordable and flexible packages tailored to meet the record keeping mandate.
But don’t just take our word for it; schedule a quick demo now or find out more about the our unified call recording and Voice AI compliance solution for mortgage brokers