The UK market for mobile call recording is poised for significant growth, and with that comes an opportunity for high-quality revenue and margins for the channel. Over the next few years the market size of mobile call recording is likely to increase 40 fold from 30,000, to 1.2 million users, due to changes in regulation and business best practice.
The Financial Conduct Authority (FCA) has already mandated that anyone directly involved in equity trading needs to have their mobile calls recorded. This currently applies to over 30,000 workers in the City of London alone – at a cost of £50 – £150 per head, per month to have their mobile calls recorded.
However, in less than 24 months’ time, the European directive MiFID II comes into force, which expands this mandate to anyone involved in giving advice that may lead up to a trade. This includes financial advisers, relationship managers, wealth managers and even commodity traders, who weren’t previously under FCA regulation.
This piece of regulation alone expands the UK call recording market to an expected 500,000 people. Also following the Payment Protection Insurance (PPI) mis-selling scandal, most retail banks are actively seeking solutions to record the mobile phone calls of all their staff, branches, contact-centres or business centres.