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International Foreign Exchange
How Record 09 has ‘saved us a lot of money!”
Customer disputes are easily resolved, and potential losses reduced because of call recording.
In an office overlooking the vast, rolling fields of Buckinghamshire, UK, you may not expect to find the operations centre for one of the leading specialist foreign exchange consultancy firms, who, each year, help their customers manage $1 billion.
International FX (www.internationalfx.com) began as a 2 person business almost 4 years ago, and has since grown to 12 people across two offices in the UK, with plans to expand to Australia in the near future. 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.
Tom Greenwood, IFX’s Operations Director, 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 Record X 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, and 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.
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 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 Tom 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. 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.
Unfortunately, the customer then decided to change her mind, and we were left with a liability for a deal she had authorized us to undertake. 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.”
