The technology enables quicker documentation in compliance with regulatory standards. 

Documentation is an integral part of any organization. With the growing time crunch among financial industry professionals, they are turning to technologies enabling faster and accurate documentation. Financial organizations like banks, brokerage firms, insurance companies, and other establishments require to comply by regulatory standards to improve functional transparency and mitigate risk. A smart technology that could unburden the financial advisors of voluminous documentation tasks and menial administrative duties is the need of the day. Speech recognition solutions with transcription and mobile dictation features prove to be the most beneficial solution as these allow to capture client interactions in real time with maximum accuracy.

How speech recognition works

Speech recognition uses language modeling and acoustic modeling algorithms. While language modeling refers to the theory the system uses to distinguish similar sounding words, acoustic modeling is based on the relationship between the audio signals and the linguistic units of speech. Accuracy of speech recognition depends on several factors like vocabulary size, language constraints, accent and pronunciation, background noises and echoes, and speaker’s dependence factors. 

Benefits of speech recognition

By using real time speech analytics, banks and other financial organizations can drive operational efficiency while maintaining quality. Financial advisors can use the solution to capture client notes, create an action plan, and prepare reports ─ and all of these by just using voice. The speech recognition technology also comes with transcribing features that enable quicker conversion of any speech to text with a good accuracy rate. The best part is the speed in which the reports can be produced, making the process a lot easier than it would have been if done manually.  

Speech recognition solutions enable faster capturing of client conversations leading to the efficient recording of asset. This mitigates the risks associated with inaccurate or incomplete documentation. Financial advisors find the technology highly reliable for safeguarding the brand reputation and developing better client relationships. 

Speech recognition technology coupled with mobile dictation and transcription features enable the advisors to complete and share documentation across the different medium. The technology takes care to streamline documentation process so that the advisors have enough time to concentrate on building client relationship and devising new ways to optimize output.

Much more than being a transcriber

Speech recognition solution paves the way for better client service at a reduced cost. The advisors can use the speech recognition technology not just for creating error-free and auditable reports but also for other daily tasks like setting up meetings, creating presentations for meetings with clients, and managing emails. 

The technology can be used much beyond the initial engagement with the client. For example, if a client has queries or requires additional information, the system can be triggered to check frequently asked questions to come up with solutions. These solutions exceed customer’s expectations and lead the interaction to a resolution in the shortest time possible. 

Speech recognition technology has evolved over the years to become a mainstream technology, taking customer experience to new heights. The technology combined with highly optimized