Updating a field on Parent Record based on child record creation

Hello,

  We have a need to track the "Last Called Date" on the Contact record whenever a Call (Activity of the type call ) is logged against the Contact.

There is an OOB field "Last Activity Date" available which tracks when a last activity ( any activity) was created against the contact but, this does not suffice our need to restrict the update on the Contact record to a specific type of Activity.

Is it possible to update the information on the Parent Record (Contact) in real time (desired) based on the creation of the Child record (Activity) ?

Thanks in advance.

-Sooraj