The financial services industry is completely immersed in digital transformation.
The firms and advisors are embracing new technologies like Voice Transcription to manage back-office tasks like documentation and compliance, which immediately helps them improve client service.
It is important to time that financial services industry rises to face the challenge of digital transformation, all while trying to remain competitive, maintain compliance and improve the customer experience. The financial crisis of 2008 resulted in huge regulatory changes for the financial services industry.
Banks, insurance companies, brokerage firms, and other businesses engaged in financial activities face an ever-changing regulatory landscape full of requirements that are arguably more complex than most. Regulatory compliance is not only complicated but costly when factoring in the fines and damage your brand reputation might suffer when failing to deliver.
Financial institutions need to build a comprehensive compliance strategy that includes smart technologies to help with documentation; tools, like speech recognition, that can ease the documentation burden, from helping advisors to onboard a new client, automate processes like distributing standardized forms and templates firm-wide, to simply empowering them to capture the immediacy of client interactions in real-time.
Building an efficient and accurate documentation workflow is no longer an after-thought.
How speech recognition can help
Speech recognition solutions can help firms meet growing compliance mandates while reducing costs and improving client services. These tools help firms improve financial documentation by enabling advisors to create more detailed, accurate client plans, reports, disclosures, and other paperwork three times faster than typing and with up to 99% accuracy from the first use—all by voice. Reduce risk and improve compliance.
The introduction of new compliance rules is driving financial services firms to rethink how they can build greater transparency into their client relationships, including more explicit disclosure regarding commissions, fees and any potential conflicts of interest. Speech recognition solutions streamline documentation processes to help advisors demonstrate compliance efforts. When equipped with these tools, advisors are able to quickly capture client conversations, create detailed action plans, document disclosures and transactions, and record asset chain of custody by voice instead of keyboarding. These capabilities help mitigate compliance risk while reducing the liability associated with incomplete or inaccurate documentation.
Capture client notes anytime, anywhere
Speech recognition solutions with mobile dictation and transcription capabilities make it easy for advisors to keep up with financial documentation from any location. By integrating cloud-based, professional-grade mobile dictation solutions into enterprise documentation workflows, advisors can complete and share documentation—by voice—directly on iOS® and Android™ smartphones and tablets and seamlessly synchronize documents and customizations with their desktops. Using these mobile dictation and transcription features, advisors can capture client conversations in real time, while details are still fresh in their mind.
Speech recognition solutions streamline document workflows so advisors can focus on what really counts—providing a personalized and impactful client experience. These tools enable advisors to instantly capture notes, document disclosures, and create clear, customized client action plans—all by voice—to deliver greater value and develop long-term relationships based on trust and transparency. In addition, the ability to document all conversations in detail, including transaction requests, helps advisors keep accurate, auditable records and avoid costly miscommunications that can erode client trust. As advisors build client volume and scale, they will also need to find ways to serve more clients as efficiently as possible—without compromising responsiveness or quality of services rendered.
In addition to helping advisors keep up with increased paperwork, speech recognition can help them complete other daily tasks faster—from setting up meetings and managing emails to creating spreadsheets and preparing client presentations—by voice. The ability to streamline documentation and routine administrative tasks free up more time for advisors to nurture existing client relationships or grow their customer base.
For firms relying on their CRM systems to manage customer lifecycle data and capture client conversations, speech recognition can drive new levels of efficiency. Customize for business-specific needs and practices Advanced speech recognition solutions enable advisors to easily customize words for accurate recognition of client names, financial acronyms, investment products, and business-specific terms they use every day.