turn customer conversations into insights

How are wealth managers using technology to turn customer conversations into insights

According to EY Global Wealth Management Research, 39% of European clients plan to switch advisers in the next three years. These recent figures heighten the pressure for firms to continuously raise the bar when it comes to satisfying customer needs, especially against the intensified competition. The last digital advancements can help wealth managers excel even further in their roles by providing them with unprecedented insight and knowledge into their clients, giving them an upper hand in the market.  


52% of clients value quality and reputation as being a high-value priority when choosing a firm. When operating in such a regulated field, managers must ensure quality control is always to the highest standard and compliance guidelines are continuously being met. As part of this, some customer interactions will be supervised for quality control purposes.  

In the case of face-face meetings, a third-party member, which the client may have previously never met joins the meeting to undergo the compliance supervision. This can disrupt the rhythm of the conversation, with clients and managers alike feeling awkward or nervous and in some rare cases erode the trust that has been built. Questions like; why are they being reviewed? or are they proficient in their role? may even enter a client’s mind.  

Whereas, if our Capture automated speech transcription tool was used, supervisors would no longer have to be present in the meeting. They would have the ability to review conversations at a separate date and remotely. Helping advisers to maintain natural conversations with their clients, whilst saving supervisors hours each week due to the removal of travel.  

Automated transcriptions also mean that metadata is collected together, making files easily accessible and searchable, even at scale. This enables supervisors to review a greater proportion of conversations. Currently, only around 1-5% of client interactions are being monitored, implementing our solution offers 100% coverage of compliance across the business and ensures consistency throughout. With so many tools like these becoming available, it is only a matter of time before application moves from optional to compulsory, with the FCA expecting more from firms.  


Aside from the compliance benefits, the implementation of this type of technology could also lead to a more insight-led ecosystem due to the information that is being derived from these conversations. When understanding your customer is a core quality expected of advisers and 53% of clients stating advisory capabilities as a high priority when choosing firms, advisers must demonstrate strong customer knowledge.  

Customer knowledge that is currently held in CRM systems is too thin to be meaningful but having in-depth information from every single interaction enriches profiles. With the use of AI-driven tools, the recorded customer conversations can be analysed to develop discoverable, understandable and actionable insights. Our machine learning algorithms are trained to identify nuanced topics and facts from conversations that could identify whole new opportunities. 

Say, for example, a client mentions their child’s graduation, and are therefore no longer paying school tuition fees, indicating more disposable income that could be invested. Details like these could be easily missed in the flow of the conversation but insight from the conversations could prompt better product recommendations and uncover new business opportunities.   

Macro trend analysis  

The more conversations advisers have, the more valuable the insights become. Over time, the technology can recognise trends and patterns in behaviour on an individual basis but also across the entire client base. AI-drive analysis can monitor interactions and detect correlations that occur within group areas. For example, the analysis of the data may indicate that younger clients are more risk-averse, more inclined to go for sustainable investments or may have a preference for more digitalised services. The insight derived from this analysis can help firms to adapt their operations and aid advisers with more informed product recommendations for designated categories.   


This data-led approach is also a lot more efficient and can help managers get to the root of the client’s needs at a much quicker rate, freeing up valuable time. According to research, paraplanners can spend an obscene 24 hours a week on post-administration chores, so becoming more digitalised and using the insight extracted from conversations can save a predicted 14 hours, which would be better spent working with clients.   

Our Voice solutions pull out core topics such as personal data or expenditure and stores them in a categorised form, removing the arduous task of collecting unstructured data from advisers notes or listening back to recordings on dictaphones. Paraplanners would have one central location where this data is readily accessible, so less time is wasted collating information from various sources or chasing clients for missed details. Providing additional time for advisers to connect with their clients, helping to improve client lifetime value or generate new business.  

In such a competitive landscape, financial firms are consistently looking for new and improved ways to better serve their customers. However, one thing still remains the same, a client and adviser relationship is completely dependent on trust. The use of AI-driven analytics can support them to strengthen relationships and gain more value from each client. 


To better understand how our advanced speech and document analytics tools can provide your firm with unappareled client insights, get in touch with our team.  


New blood: how millennials are managing their money


Millennials make up the largest generation in history, eclipsing the baby boomers by over 15 million, and they’re starting to move into their prime spending years. Traditionally, investing has been reserved for the older generations and exclusive to those with more capital, however, we found that millennials have begun their own investment journey, with 44% of those ages 16-34 looking to invest or save their funding.  


Millennials are the first digital natives, they’re accustomed to using innovative technology on a daily basis, making them perfect to spearhead the tech advancements in financial services. 


Get in touch to learn more about our solutions on info@recordsure.com or +44 (0) 20 3772 7272. 

Demonstrating Catalysts for Change in Financial Services

Demonstrating catalysts for change in financial services

“It’s vital that firms get the balance right if they’re going to stand up, and market players who are succeeding have engineered hybrid services with the right blend of machine, human data and voice that are needed to drive intelligent wealth solutions.”

Antony Bream, Managing Director, UK and Americas at Wealth Dynamix. Tweet

Understanding financial services has never been more difficult, with the industry now changing faster than ever before. Our whitepaper is an extensive document that seeks to unlock efficiencies in wealth and financial management. It does this by featuring key insights from some of the top names in financial services; dynamic institutions such as Standard Life, The Wisdom Council, and Heronsgate Capital.

In this piece we provide an enlightening examination of the state of financial services and how we see the industry changing, through such facets as mobile usage and client relationship management. It’s important to identify exactly where the trajectory is heading as financial services rarely stands still. The last decade alone is proof enough of this fact, it has been defined by shifting regulation, rising technology and empowering insight.

It’s important for firms to understand the trajectory as those that don’t adapt, get left behind. Time Trials allows you to not only keep up with, but to get ahead of the curve. The insight you can gain from reading this piece will be the sail you need to navigate forward.

Pre and Post Pandemic

Time Trials examines the fact that we’re seeing components of the industry, that were thought to be set in stone, changing before our eyes, COVID-19 prompted the financial advice industry to instil years of change in a matter of months, and much of this could well be here to stay.

Although the changes we see happening today are likely to be seminal, many of the issues that face financial advisers and wealth managers today pre-date the pandemic, and the crises that rocked the world before that. What surprises many is that for an industry that works with some of the world’s most forward-thinking individuals and institutions, the financial advisory landscape continues to be marred by obstacles that stand in the way of innovation, efficiency and the intelligent delivery of service. Time Trials develops key insight from top industry analysts and helps readers with understanding the changes being made and those already to come.

Chasing Compliance

Compliance is a rapidly moving target, 40% of Wealth managers anticipate the pace of regulation change over the next year to be ‘very high’. To get it right, leaders must anticipate the latest changes proactively, as red tape has wrapped itself firmly around the boardroom table, and as it shows little sign of loosening its grasp, market players need to do more than simply comply – in this piece we show advisors how to futureproof their businesses to stand up to the one inevitability of the future.

Advisors need to be able to see the full picture and the insight shared by our partners in Time Trials gives advisors the visibility to understand the complete landscape. To read the full piece, download our whitepaper.


Time Trials: Unlocking efficiencies in wealth and financial management

While the commercial reality of post-pandemic continues to play out for years to come, the impact on the wealth management and financial advice sector is already reported.

With a client base rich in entrepreneurs whose own financial wealth is heavily dependent on the high street, the knock-on effects to the industry has been significant.

As pressure grows on firms to demonstrate value to clients despite the disruption forced on them by Covid, digitisation has been accelerated across the industry. Change is far from over though. As we adapt to and redefine normality, market players will be fighting for the same, albeit diminished share of wallet, and must think on their feet to stay ahead in the game.


With old challenges like risk management and quality assurance only made more difficult through remote working, we wanted to understand more about the barriers preventing digital progression as well as the enablers for innovation within the industry.

We have enlisted some of the longest-standing and most pioneering businesses, disruptors and forces for change from within our network to learn their insights on a range of pivotal topics:

  1. Enabling change in an industry steeped in tradition
  2. The impact of regulation on firms, the industry and clients themselves
  3. The administrative burden of post-meeting admin
  4. On-boarding: the Achilles heel of the advice industry?
  5. Staying close to clients in a remote world
  6. The benefits and pitfalls of segmentation
  7. Mobile: keeping control across multiple channels of choice

For help with this report, we would also like to extend our thanks to all of our contributors for their valuable input: Alastair Black (Standard Life), Matthew Spencer (Close Brothers), Anna Lane (The Wisdom Council), Nick Gornall (Arbuthnot Latham & Co), Tony Wellby (Heronsgate Capital), Jane Hodges (Money Honey) and Antony Bream (Wealth Dynamix).


If you are interested in discussing some of the themes raised in the paper or would like to learn more about Recordsure? Get in touch

To download our whitepaper, simply fill in the form below.