Cloud-based service provider Natterbox has doubled its sales team as demand for its mobile call recording service continues to grow.
Business has been boosted by a recent partnership deal the company signed with Orange Business Services to provide mobile call recording services to Orange b2b customers. The service provides customers with secure recording and cloud- based storage of staff’s mobile calls.
Natterbox has also experienced growing demand for its call recording service since the FSA ruled last year that all mobile phone conversations relating to transactions in the equities, bonds, derivatives and financial commodity markets must be recorded and stored to detect and deter market abuse. The ruling is estimated to apply to around 25,000 financial services staff.
Neil Hammerton (pictured), CEO of Natterbox, said the company had a number of major deals in the pipeline since the FSA ruling last year and had doubled its sales force to cope with the growing market.He said appetite for the service is continuing to grow one year on as financial institutions review the mobile call recording systems they signed up to when the FSA ruling was first introduced in November 2011.
He said: ‘In the first wave of take-up the majority of institutions went for app-based solutions, but over time these have been shown to have a number of technical problems such as time delays on calls of between 10 and 60 seconds and problems using these solutions abroad. So what we are seeing now is a second phase with a lot of these institutions migrating to network-based solutions.’
Hammerton said demand for mobile voice recording will also increase over the next few months as the FSA moves to pressure all financial institutions to comply with its 2011 ruling.
‘There has been some turmoil in the market, with institutions arguing that the solutions were not fantastic, but now that we have proven case studies there is less justification for that argument and so I think we will see a big change,’ he said.
He also predicted that demand would grow from businesses outside of the FSA ruling, in areas such as mortgage broking and legal services, as well as businesses with workers in the field.
The cost of Natterbox’s service is around £30 a month per user. The service guarantees mobile voice recording, a seamless service in the UK and abroad, and secure, multiple end-point cloud-based storage.
Hammerton said the cost of the service is small compared with other business services. ‘If you take the average salary, [you have to ask] is this a huge amount to pay? CRM systems, for example, can cost three or four times as much. This is not a huge amount for what is a valuable business tool.’
Editor: Carol Millett