Joe Norburn, Recordsure CEO

How can Wealth Management firms use RegTech to their advantage?

Client engagement and long-term relationship building are critical for Wealth Management, along with ensuring regulatory compliance at all times.

Firms are faced with the challenge to ensure all client-agent interactions and the advice provided are sound and in line with regulatory requirements. To manage this challenge, firms are faced with administrative burden, high costs of oversight management and, most importantly, time away from clients.

Client interaction monitoring and analytics offer unique solutions and help firms ensure regulatory compliance at all times. Implementing the right RegTech solution also means cost savings as less time is spent on administrative tasks and files reviews, improved risk management, more insights and better outcomes for clients.

Here, Joe Norburn – CEO at Recordsure, discusses the importance of client-agent interactions monitoring and shares best practice for regulatory compliance for Wealth Management firms.

How has pandemic impacted the trends in Wealth Management, and what are your predictions for the future considering the new social and economic environment?

The technology acceleration in Wealth Management has been incredible over the last eighteen months, since the global pandemic. The attitudes and behaviours of clients have fundamentally changed, for the better. Whilst there will undoubtedly be a welcome return to face-to-face client meetings, firms are now expected to meet clients on their terms through channels they have a say in.

With the economic implications of the pandemic yet to be fully understood, people will need financial advice more than ever.

Recordsure CEO, Joe Norburn

Those firms that deliver high-quality advice coupled with rich and engaging well-monitored technology will be incredibly successful over the coming years. Recordsure is proud to support the compliance assurance and interaction monitoring of our clients in this space.

There is a number of analytics tools on the market, what sets Recordsure’s solutions apart?

The breadth of our product offering is unique. We provide compliance monitoring solutions across recorded conversations and case file documentation. This truly sets us apart because we can cover every interaction, spoken and written, between the firms and their clients.

What’s more, we have focused on our clients in the Wealth Management sector and trained our Transcription and Machine Learning models, specifically on language and data from that domain. We understand our clients’ problem statements and work hard to create solutions that work across the industry.

How are Recordsure analytics tools specialised for Wealth Management?

In order to reach the required quality of conversation transcription, we built our own speech recognition platform rather than utilise more readily available technologies. Because of this, Recordsure developed a supreme solution that is trained solely on financial services data, which means delivering consistently superior results on the most important and technical language in Wealth Management conversations.

Aside from our unique technology, our other key differentiator is that we are a RegTech firm built by compliance specialists, for compliance practitioners. We understand the challenges of monitoring customer interactions at scale and specifically develop our products to solve this problem for the Wealth Management industry. This has become even more important in recent times, as advisers have been forced to work remotely and traditional supervisory practices failed to keep up.

We understand the industry, the working practices and the language used between adviser and client. We are uniquely placed to support advisory firms to move from a small percentage of randomly sampled cases to 100% coverage and guiding their skilled human resource to where it is needed most.

Has the demand for specific requirements changed as a result of the pandemic?

With the new acceptance of remote-working across all financial services sectors, we are seeing a much greater demand for integration with VoIP services such as Teams and Zoom than ever before. The good news is that we have been well set up for this for some time, with our app able to record audio from almost any VoIP solution.

How can Recordsure ensure operational excellence?

It is people that get things done and this is central to our ethos at Recordsure. Everyone contributes. We have an excellent client delivery team who ensure our clients’ requirements are understood and that our product is configured to meet their needs. Our development team build and test our software to ensure that it is functionally rich and built with security of data in mind. Our Data science colleagues are constantly researching new techniques and tooling to ensure that the Machine Learning and Speech Recognition models we build are industry-leading. Our product, marketing and sales teams ensure we have a clear direction for the product and a clear articulation of its capabilities.

One of the most unique teams at Recordsure is our AI Training team. They transcribe and annotate thousands and thousands of hours of client data to make sure that our Machine Learning models are trained with extremely high-quality data, which ensure that clients can have complete confidence in the output.

Find out more about Recordsure’s tools for Wealth Management and Private Banking.

Recordsure AI Winner European WealthBriefing Awards 2021
Recordsure AI Winner WealthBriefing Awards 2021

NEWS: Recordsure crowned AI winner at WealthBriefing European Awards 2021

Showcasing ‘best of breed’ in European wealth management, the awards have been designed to recognise outstanding organisations grouped by specialism and geography which the prestigious panel of independent judges deemed to have ‘demonstrated innovation and excellence during the last year’.

This category is highly contested with a small group of finalists and commended submissions chosen from a large pool of entrants before an ultimate winner is selected by the judges. It is this process that makes WealthBriefing awards so prized amongst winners, finalists and commended alike.

Being named the best provider in the Innovative Use of Artificial Intelligence category is an incredible privilege for Recordsure. It is a fantastic celebration of our achievements and recognition of the exceptional work, focus and dedication the whole Recordsure team puts into every client delivery and product development.

Joanne Smith, Founder and Executive Chair at Recordsure

Winning awards is particularly important in challenging times as it gives clients reassurance in the solidity and sustainability of the winner’s business and operating model.

These awards recognise the very best operators in European wealth management, with ‘independence’, ‘integrity’ and ‘genuine insight’ the watchwords of the judging process - such that the awards truly reflect excellence in European wealth management.

Stephen Harris, CEO at ClearView Financial Media and Publisher of WealthBriefing

ClearView Financial Media’s CEO, and Publisher of WealthBriefing, Stephen Harris, was first to extend his congratulations to all the winners.

“The organisations and individuals who triumphed in these awards are all worthy winners, and I would like to extend my heartiest congratulations to the winners and to those who have put so much work into each winning submission.

These awards were independently and expertly judged solely on the basis of entrants’ submissions and their response to a number of specific questions, which were answered by focusing on the client experience rather than purely quantitative performance metrics.  That is a unique, and I believe, compelling feature. ” 

Winning the 'Innovative Use of AI' award showcases the strength of our product and reinforces our view that innovative RegTech solutions can help improve the experience of colleagues and clients across the wealth management industry. A massive thank you goes to everyone at Recordsure who work tirelessly to ensure that we deliver outstanding products and services to our clients.

Joe Norburn, CEO at Recordsure