"This call may be monitored for quality purposes."

The software randomly records an agent X number of times per Y period. The recordings include the phone conversation and the agent's screen during the call (real-time screen capture). The recordings are used to make sure the agents are not screwing up their jobs or pissing off the customers or wasting time. It's also used for training. Sometimes it is used for legal reasons. Usually in that case though, they explicitly ask for permission. One example, is financial transactions. Often the agent asks to record confirmation. That's part of the software as well.

The software is usually used in one of three ways:
1. Random recordings of the agents for performance.
2. On-Demand recording of priority calls and agent requested recordings. (ie, big customers that you want to make sure get good service or if the agent needs to record the call for any reason.)
3. Continuous Recording. This is also called logging, and every minute of every call is recorded. This is found in big financial call centers where transactions and money tranfers are taken over the phone and any screw up is worth a lot of money.

No one expects privacy on these calls. You are explicity told you might be/are being recorded. There are laws governing this behavior and some states don't allow it. I have had to check incoming ANI (caller id) to determine the inbound area code and match against states that don't allow you to record their citizens. If you are that concerned, move to one of them.

The following are companies that sell this software if you want to get the sales pitch. (I don't work for them, but I once worked for e-talk.)

www.nice.com
www.aspect.com
www.witness.com
www.etalk.com