The role of a financial advisor or field agent is one that requires a lot of recording audio and later converting the audio into text converting speech from an audio file consumes a lot of productive hours. To get this work done, people had to dedicate a considerable amount of their valuable time typing manually, switching between the recorded audio and their text editor, taking breaks and pauses as required, getting frustrated and agitated at times. Thanks to speech recognition technology, these people are now equipped with dictation software or transcription software that has automated the voice-to-text conversion job.

What is transcription software?

At its core, transcription software is a tool that helps in converting human speech to text using natural language speech recognition technology. Before the existence of this technology, some human transcribers used to listen to audio and type the text manually. This method of transcription is still extant, and businesses even now hire human transcribers for transcription services, but the market is clearly moving towards technology-based services that use Machine Learning and Artificial Intelligence to deliver more efficient and faster results at the least. The latest software is loaded with a plethora of other features, some of which we will discuss here soon. 

Transcription services are usually provided for businesses, legal or medical purposes wherein the requirement is more or less straightforward. Court proceedings need to be saved for record-keeping, and so does the medical reports dictated by doctors or healthcare professionals. Text format is more convenient for record-keeping since they take up lesser space than audio files and are also easily searchable for future references when required. Another industry that has a strong requirement for audio to text conversion is the finance industry. However, the transcription services needed in the financial domain is not as straight-forward, and it demands a reliable and feature-rich transcription software to meet its requirements.

Why Finance industry needs specialized transcription software?

Requirements of a financial transcription service are unique because of its subject matter since they mostly involve financial reports, sales reports, interim results, and recordings from annual meetings with investors and stakeholders. Accuracy and reliability are of utmost importance here, mainly because there are a lot of numbers involved in these reports – prices, interests, sales, income, and expenditures, etc. The format is not plain either and includes spreadsheets, forms, questionnaires, balance sheets, etc. These concerns nonetheless, transcription services are imperative in the finance industry. There are third-party transcription service providers that dedicate not one but two human transcribers when it comes to financial transcriptions – one for initial manual transcription and the other for proofreading to ensure there is error or mistake made in the first draft. 

In a recent survey conducted on financial advisors to evaluate the need and impact of tools for tasks like documentation, more than 60% felt strongly that automated tools backed by AI-based technologies would help reduce a lot of their mundane manual tasks and give them more time and bandwidth to focus on more important matters like client service. Using transcription software has helped them achieve detailed client notes since they are much faster than manual typing. Further, efficient and streamlined documentation process has led to better client service. Furthermore, automated transcription tools are more reliable and less error-prone, hence are risk-free than human transcribers and are less expensive too. 

However, while general notion was that financial advisors seek tools like transcription software to improve productivity in back-end tasks, leading to better compliance and better client service, more than 50% of the survey respondents were not satisfied with the existing automation tools used in their firms. They observed scope for improvement in the level of automation and features offered by such tools. 

How Voice Report can help Financial Service Companies?

Dictation can be done Anytime & from Anywhere: The best part about the Voice Report is that it is independent of any particular device. You can do the dictation as per your convenience at any time and anywhere only by calling a toll-free number. This can be done through a mobile app, a tablet, or a computer. The mobile apps have high-grade encryption so you can be assured that your data and information are safe. It also allows you to easily view the transcripts whenever you want without worrying about safety and security.

Workflow can be Automated: Everything is customizable as per your workflow and needs of your organization. You can do voice reporting through an automated portal customized for the unique processes and requirements of your organization. Your documentation requirements are also taken care of completely. Therefore, the customs form only shows relevant fields that are essential for your business workflow. 

Transcript Automation: Voice Report’s transcription software is highly accurate and a powerful tool with a perfect speech-to-text engine. Therefore, once you start using this software for transcription, you don’t need to check and go through it several times. A quick review from your team will ensure quality. What’s more, it highlights the words that might be incorrect, and you can click on it to make the correction. The audio automatically stops when you are making the corrections. Hence, it is straightforward to use and does not create too much of a hassle while you review the document in the end.

Benefits of Using a Transcription Software in Finance

Increases productivity: With transcription software, the turnaround time of your document will be massively reduced. It will also maximize overall productivity while maintaining high quality.  

Offers Robust Data Analytics: You also get a robust data analytics option and the possibility to create customizes reports. 

Gives You a Possibility to Work Offline: You can decide to work online or offline with the flexibility in recording options offered by your transcription software.

Streamlines the Entire Process: You can easily optimize all your processes by integrating the existing data as well as its management in order to ensure there is minimum data entry.

Final Words 

To sum up, transcription software can help the finance industry greatly. It helps in increasing the productivity of the organization massively because of the reduction in turnaround time and accuracy of the transcription. It also offers other features and a possibility to customize the software as per your needs and requirements. Therefore, you can use a tailored version to increase your productivity by adding some essential features specific to your business. Moreover, it is highly secure with high-grade military level encryption, so you don’t even have to worry about your data and its safety. Overall, using transcription software can really be a boon for your business.