February 2022 - Recordsure

Recordsure on FinTech Kalifa Review One Year On

Recordsure joins leading FinTechs in a push for stronger reform to regulation

February 23, 2022

Seventy leading technology firms sign Open Letter urging for more substantial reform to FinTech regulations in a bid to protect the future of the industry and consumers.

Recordsure and TCC’s Group CEO Joe Norburn is amongst the signatories of a new Open Letter urging regulators to speed up reforms to the UK’s FinTech industry.

The letter has been signed by the CEOs of more than 70 of the country’s most forward-thinking FinTech firms, including Gemini, OpenPay and Monzo – alongside Recordsure, and forms the latest part of the ongoing Kalifa Review initiative led by FinTech non-profit body, Innovate Finance.

The message, which urges policymakers to ‘seize on the opportunities afforded to us from leaving the EU’, endorses reforming existing regulations following suggestions made in the Kalifa Review in February 2021.

Entitled ‘Kalifa Review One Year On: Strong Progress, Opportunity for More’, it also sheds light on the encouraging advancements that have been made since its launch last year. These include the Bank of England’s newly unveiled plans for a Central Digital Currency, overhauls to the UK’s listings regime and Chancellor Sunak’s extension of R&D tax credits to data and cloud computing.

Nonetheless, the letter posits the view – echoed by its many prominent backers – that much work is still to be done to reform standards and boost innovation.

Rather than resting on our laurels, it is imperative that we continue to build on this momentum and work together to establish an environment in the UK that is even more supportive of and conducive to innovation in financial services.
Innovate Finance

The ever-growing importance of technology reflects how businesses and investors alike have undergone a shift in priorities since the beginning of the decade. The pandemic increased the adoption of digital finance and placed a renewed focus on the critical role that technology and innovation must play to make financial services work for all.

The Open Letter secures the front page of City A.M. which reflects the support of the financial services industry for the FinTech leaders’ calls for overhaul of regulations to build a world-leading environment for the sector.

Janine Hirt, Chief Executive of Innovate Finance, recognised the progress made, along with the significant potential and opportunity for the FinTech sector.

FinTech is a phenomenal industry for the UK and benefits the end society and the individual on the street, so championing and promoting that is really important to continue its strength.
Janine Hirt, Chief Executive of Innovate Finance

Recordsure FinTech is ready to bring business efficiencies to your regulatory compliance and drive better customer outcomes. Get in touch to find out how.

Sabrina Del Prete Embedding Compliance with RegTech

Five-Minute Insights: Embedding compliance with RegTech

February 21, 2022

Technology and RegTech help bridge communication gaps between departments, embed compliance and unlock new efficiencies.

Sabrina Del Prete is a leading digital strategist and business transformation expert specialising in FinTech integration and development within financial services. Sabrina founded financial product governance and data analytics business Kore Labs in 2017 and serves as the firm’s CEO. She also remains actively involved in the wider entrepreneurial community in the role of a strategic advisor. She sits on the London Institute of Banking and Finance’s Board of Governors and is a Founding Member of the Centre for Digital Banking and Finance.

As one of the financial services industry’s pre-eminent champions of RegTech and its ability to revolutionise connectivity and compliance, we appreciate Sabrina offering her expertise on our recent webinar examining the findings of the Wealth and Asset Management 4.0 study.

During the discussion, Sabrina gave indispensable advice on how technology can help bridge communication gaps between departments and unlock new efficiencies.

Compliance, business efficiencies and technology, here is how it works

1. The client journey begins earlier than you think

Received wisdom would have us believe that the client’s journey begins when they first interact with your firm’s website, app or another external contact point. And so, it’s understandable that firms regularly pour significant resources into creating the most attractive and convenient client-facing platforms possible.

In reality, the client’s experience is heavily influenced by what comes before then, what’s happening within the firm to root out inefficiencies and roadblocks that may manifest later down the line.

For this reason, Sabrina suggests:

Many firms would be better served focusing their digital transformation inwards to ensure they’re able to adapt to both regulatory requirements and clients’ evolving needs.
Sabrina Del Prete

Focused externally only, you run the risk of endlessly tweaking your website menus whilst deeper internal problems continue unabated – which at best breeds inefficiency and, at worst, could lead to unsuitable advice or products being recommended.

2. Compliance should be embedded within your process

In an era where more and more back-office tasks are automated, firms should be seizing the opportunity to embed best practice within their day-to-day activities. Sabrina notes:

Compliance should be hard-wired into the very way processes are carried out, as opposed to being achieved via a box-ticking exercise at the finishing line.
Sabrina Del Prete

In other words, businesses need to make sure compliance is embedded directly into the way they work. And by leveraging digital tools to help along the way, the best practice can be hard-wired into system – and altered as and when policies change – to drive positive cultural change.

The moving target of regulatory expectations once left compliance teams perilously vulnerable to human error. RegTech now offers firms the tools and guidance to meet their obligations at speed. And not only that, as rules come and go, RegTech platforms can be easily updated to ensure your compliance framework is always fit for the future.

3. RegTech can bring the industry together

Whilst many regional variations remain, it’s fair to say that regulators worldwide are moving in a similar direction of travel. And that’s little surprise given they largely operate under the same guiding principles.

Despite this, firms still all too often react to new legislation in an insular manner – be it hiring consultants to look at their unique situation, or otherwise taking an ‘every man for himself’ approach to achieving their compliance.

The truth is we’re not all that different. That’s why, for Sabrina, the most effective path to success could lie in a shared platform where firms can work collaboratively through these early adjustment phases:

Clients say to me, “don’t ask me ‘how’s my process?’, show me what the others are doing!” – because there may be some best practice there.
Sabrina Del Prete

There is more to consider, Sabrina continues:

If we have a digital solution that’s used by multiple organisations, that takes the digital process from inside the bank to outside – where people can contribute – effectively, you’re collecting the wisdom of the crowd.
Sabrina Del Prete

To hear Sabrina’s take on how RegTech can ‘join the dots’ towards more efficient compliance processes, watch our full Five-Minute Insights video now:

Recordsure named the Most Innovative RegTech Solutions Company 2022 – UK

February 15, 2022

2022 Global Excellence Awards, run by Acquisition International, announced Recordsure as the winner of the 'Most Innovative RegTech Solutions Company 2022 - UK' award.

We’re excited to start 2022 with this prominent award, an excellent recognition of our dedication and commitment to innovation and bringing industry-leading RegTech solutions to financial services organisations.

In its fifth year, the Global Excellence Awards recognise and reward firms and individuals who have excelled in their industries by demonstrating a sustained and outstanding performance. The final judgement is based on criteria that acknowledge and highlight client dedication, innovation, business growth and performance. The selection process for the Global Excellence Awards is done through a rigorous, in-depth examination scrutinised by in-house specialists and award recipients are chosen based purely on merit.

It’s a great privilege for Recordsure to be named amongst the esteemed winners.

We're leading the way in innovation

The digitalisation trend in financial services is accompanied by increased expectations of transparency and openness about fair customer treatment. Our RegTech speech analytics tools offer interactions transparency – no matter which communication channel a customer chooses to use, while ensuring compliance and better customer outcomes along the way.

What’s more, we help firms keep ahead of the competition and provide agility when responding to changes in customer or market demand. With our tools, our clients can efficiently scale up or down their operations for individual customer-facing departments when needed, responding to the ever-changing environments.

Through innovation, we deliver better value compliance support and customer protection to the industry. We’re continuously investing in our teams and working together more closely than ever on our pioneering, innovative RegTech solutions that eradicate inefficiencies and deliver real value for our clients.

Want to find out how we can help your firm drive compliance, manage risks, and deliver better customer outcomes, or see our Voice and Documents Analytics tools in action? Get in touch!

Joe Norburn Speaks to Money Marketing about RegTech

Why financial advisers can’t afford to lose the personal touch

February 10, 2022

Financial advisers need to find the delicate balance between digitisation, customer convenience and compliance.

Earlier this month, Joe Norbun, Group CEO at Recordsure and TCC, met with Money Marketing to discuss digitalisation and its impact on financial services’ client relationships. Joe shared his advice on how to make the most of the technology available to deliver better outcomes and a positive client experience.

Keeping digital platforms user-friendly and accessible to all is a priority. Firms should always look to optimise new platforms and tools to provide greater value for their clients.
Joe Norburn, Group CEO, Recordsure and TCC

With the swift changes in clients’ expectations, it’s not surprising that there’s been an increased demand for RegTech tools to help firms get it right.

Read the full article: Why financial advisers can’t afford to lose the personal touch by Money Marketing

Recordsure offers game-changing speech and document analytics solutions. Get in touch to find out how we can help your business manage compliance, risks and drive better customer outcomes, at scale.

Five-Minute Insights: Culture, ESG and Technology

February 9, 2022

Can technology have a positive impact on organisational culture? Emma Parry explores the link between culture, ESG and conduct.

Can technology help drive a positive organisational culture in an age of digitised working and client interactions? Emma Parry, independent senior advisor and conduct risk expert, and Recordsure are exploring the link between culture, ESG and conduct. Emma shares her thoughts on how can digitalisation and RegTech provide financial firms with invaluable tools to manage conduct, compliance and positively impact organisational culture.

Our guest expert, Emma Parry, has 20+ years of experience helping financial institutions strengthen their conduct and culture frameworks. A passionate ambassador for the power of technology in transforming risk management, she is the Founder and CEO of NovaFin Consulting. Emma has previously held senior leadership positions at several major organisations including HSBC and JPMorgan Chase.

We’re thrilled to have had her join the panel of experts during our recent webinar. We examined the findings of Wealth & Management 4.0 study – where Emma gave her top tips for firms looking to realign their culture and compliance strategies for the digital age.

Should organisational culture and technology mix?

1. Tech should enhance, not replace, traditional client-adviser interactions

While it’s true that digital communication channels offer a wealth of opportunities, inevitably, clients will always want service with a personal touch. And so advisers must resist the temptation to begin cutting corners by relying solely on the demographic data they’re given via apps or online forms.

In fact, they should use their tech-enabled abilities to dig deeper into the clients’ situation – what stage of their life journey are they at? And what are their long-term financial goals? These questions will give you a greater idea of what products will best serve their needs.

But not only that – you’ll also need to offer users a frictionless journey to ensure they give you the best data set possible. After all, if they have to provide the same information again every time they select another method of contact, all that newfound momentum will be lost.

And this is especially important for clients who are more vulnerable or suddenly find themselves vulnerable through circumstance: those who need help are more likely to be open about it if you empower them to communicate in a medium that suits their needs.

2. Aligning words with actions is crucial

It’s no secret that the healthiest company cultures are inclusive, open and purposeful. When it comes to culture, it’s no longer enough to simply mention these guiding principles in your literature – firms need to be walking the walk.

For instance, it’s one thing to promote ESG funds and green bonds. But it’ll soon be picked up on if sufficient due diligence hasn’t been done, or your new offering stands in stark contrast to other areas of your corporate strategy. We know already that Greenwashing is an issue in the industry, and the reputational fall-out can be devasting.

As Emma advises:

Are there any disconnects between what the company is saying and advertising, versus what’s playing out in the media?
Companies must ensure alignment and accuracy across marketing, compliance and, critically, what’s being reported to the Board and the regulator.
Emma Parry

One of the significant findings of the Wealth and Asset Management 4.0 study is that having a positive social impact is becoming more of a priority amongst clients – both young and old, from mass market consumers to UHNW individuals. And so, whether we’re talking about supporting sustainable investing, or improving diversity and inclusion internally, having an authentic purpose has never been more vital.

3. Effective processes should be second nature

The most effective means of shaping culture is through regular conversations about what your company’s core purpose is in practice. Followed by constructive challenge – and correction, if, for example, processes or behaviours are identified as being ‘off-course’.

Firms should be treating ESG as a fundamental component of their company strategy and decision-making. For Emma, this begins with assessing how desired principles can best map onto a firm’s existing client journey:

Firms should be looking at ESG and thinking: in terms of the products and services they offer, where are the touchpoints between the ‘E’, the ‘S’ and the ‘G’ – and how do they make sure they’re reflected, documented and embedded accordingly.
Emma Parry

Of course, for this to be truly effective, everyone has to be on the same page – meaning all employees need to be part of the conversation. That’s why leaders should encourage regular, open discourse among their staff on how to approach ESG day-to-day and, importantly, discuss how ESG relates to the company mission and purpose. Making that strong linkage is critical.

This way, everyone will be invested, actively engaged and know what works and what doesn’t.

To hear Emma’s full breakdown of what a healthy tech-enabled culture looks like, watch our Five-Minute Insights video now:

Watch Now - Five Minutes Insights With Emma Parry

Five-Minute Insights: Better Experience Powered by Digital Innovation

February 1, 2022

How to utilise digitalisation to bring new benefits to wealth management firms? Ian Ewart has led the digital innovation in financial services and explains why focusing on FinTech and RegTech is vital.

For more than two decades, Ian Ewart has been at the forefront of digital innovation in financial services. Having driven the strategy at the c-suite level for some of the UK’s largest financial institutions – including Coutts, HSBC and Barclays Wealth – Ian is uniquely placed to bring clarity to the industry’s most critical discussions surrounding the future of FinTech and RegTech. We open the debate on how game-changing tech now allows businesses to serve clients more effectively and make their clients and client journey a strategic priority.

Hence, we’re delighted that Ian was amongst the participants in our recent webinar exploring the results from last year’s Wealth and Management 4.0 study. Ian offered viewers valuable and actionable insights into the survey findings’ implications for firms over the next few years – and suggestions on how to benefit from the digital era.

We always say the brand is what people say about you when you’re not in the room. In relation to (organisational) culture, it’s how you’re authentic. It’s what you’re doing when nobody’s looking or setting you homework. When the client is not in the room, who represents their interests?
Ian Ewart, FinTech Expert

Why a client-first approach?

1. Investors want a seamless experience

With the disruption to traditional face-to-face interactions between investors and advisors, Wealth and Asset Management firms are faced with fundamental and permanent changes to clients’ expectations. The emergence of new digital platforms means clients will inevitably contact your business through multiple channels.

Firms must ensure that robust records are maintained between departments so that communication and information can sit across these different channels seamlessly, proving more convenient for themselves and for their clients.

The study revealed that investors are looking for a more extensive selection of communication channels, thus businesses can’t afford to let these negatively impact the client journey.

2. Clients need to be made comfortable with digitisation

New technologies are giving rise to novel ways to request, record and store client data – and so it’s important that firms give clients the knowledge to navigate this new environment with ease.

And not only that, all forms of engagement should be positioned in a constructive, positive way. For instance, instead of a clinical and overbearing ‘this call may be recorded for training purposes’ call centre message, how can businesses present these systems to clients in an empowering, even inspiring, manner that truly portrays the benefits?

The investor-advisor relationship is the most valuable asset for wealth management firms – and trust is built on transparency and fair treatment. Let your clients know that the information they share with you adds value to their journey, meaning they are offered better advice and an enhanced customer experience.

3. Tech should give you ‘superpowers’

Automation and digital engagement have opened up a host of exciting fresh possibilities – but at the end of the day, customers still want service with a human touch. So how can we ensure your hard-earned brand’s identity doesn’t get lost in translation, and that firms and investors alike get the best of both worlds?

The key lies in leveraging technology to support your human staff in their day-to-day endeavours – in other words, providing your team with tech-enabled ‘superpowers’. A true believer in the power of technology and innovation, Ian comments:

Technology has an absolutely crucial role to play here – both in terms of doing the heavy lifting and making sure that all the elements captured at the time remain true, so we reflect the essence of the moment. In general, you should be looking for technology to give you 'superpowers'.
Ian Ewart, FinTech Expert

To hear Ian’s full take on how to set yourself up for success in the digital era, watch our Five-Minute Insights video now:

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