Joe Norburn_Recordsure RegTech_Acquisition International

How RegTech is restoring consumer trust in financial services

Established as the UK’s Most Innovative RegTech Solutions Company, Recordsure was launched with the mission to redefine customer care – raising standards and exceeding expectations for what regulators, organisations and consumers assume to be industry level quality. Using bespoke AI technology, Recordsure’s voice and document analytics solutions support and service industry-wide challenges and protect customers most notably.

Accredited as the multi-award-winning business used by Banks, Private Banking and Wealth Management Firms, Insurers and Government services, Recordsure offers unique solutions that have given the company the recognition of success for over ten years.

What makes the company so impressive and able to achieve such respect within the industry is its imminent focus, dedicated to a specific sector of clients encompassed within the financial services sector.  Furthermore, Recordsure’s Transcription and Machine Learning (ML) models are trained specifically on the language and data from that industry domain.

CEO Joe Norburn details the company’s individuality and unique offerings by stating, “We understand our client’s problem statements and work hard to create solutions that work for our clients and across the industry. 

“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 from others because we can cover and analyse every interaction, spoken and written between firms and their clients.”

Since its establishment, Recordsure has developed revolutionary and innovative solutions that have made a transformational impact within the industry. Recordsure was founded as a response to the financial crisis, which subsequently impacted consumer perception of the financial services industry. Thus, imploring the concept that the sector was mis-selling and allowed unethical practices that destroyed confidence and trust.

However, Recordsure’s established a vision to override this insight by offering innovative RegTech tools to support firms whilst bolstering consumer trust. Overall, creating an industry that works to benefit everyone involved.

Joe explains this theory further by stating:

Very early on, we recognised the urgency to address the industry issues and the pressure on firms from the regulators to review their operations and processes. It’s become clear that firms need advanced technology tools to tackle reviews efficiently and within set timescales. At the time, the industry lacked an analytic technology solution for reviewing advice and compliance at speed and scale – so we built it.

Joe Norburn, Group CEO, Recordsure & TCC

Recordsure is renowned for its unique service offering. Its team’s combination and collaboration of financial experience, compliance, and innovative technology have driven its vision and mission to address the industry challenges.

This was handled by launching the market-first AI-driven RegTech platform, as Joe explains, “Using pioneering Recordsure-built AI technology, Recordsure tools are powerful. Our proprietary AI-driven speech analytics tools record, review and analyse 100% of customer interactions. We remove blind spots to ensure compliance, reduce risk and drive fair customer treatment. Our document analytics is a clever combination of Robotic Process Automation coupled with Optical Character Recognition and Machine Learning, boasting 97% AI accuracy.”

Overall, with the latest technological advances combined with the company’s expertise, Recordsure provided unmatched results in delivering accuracy across the industry and amongst competitors.

However, due to several surging impacts due to Covid-19, climate change, and social responsibility, general advancements in digital technology have been subsequently changed throughout the industry, affecting the expectations that customers demand from their providers.

With this comes the desire for digital convenience, which is why digital technology should be at the centre of everything firms do – allowing businesses to serve their customers better and enhance their experiences.

Joe pulls from this point by saying:

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

Joe Norburn, Group CEO, Recordsure & TCC

Moreover, considering the firm’s future, Recordsure’s plan is to continue to invest in its team – working together closely to pioneer innovative RegTech solutions that support compliance and deliver value for its clients. Overall, Recordsure will provide state-of-the-art and better value compliance support and customer protection to the industry for 2022 and every year after. 

This article originally appeared in Acquisition International’s March issue.

Financial graph on monitor screen_Recordsure Insights

How digital transformation can streamline your compliance process

United by the principle of ensuring firms do their part to provide a fair and transparent service for clients, regulators around the world have signalled their intent to continue strengthening consumer protections and raising standards further over the next few years.

And between the incoming Consumer Duty, the expansion of the Appointed Representatives regime and the planned harm reduction measures laid out in the FCA’s Consumer Investments Strategy, FCA-regulated firms in particular have a lot of new rules and guidance coming their way.

In fact, one in three businesses polled during the recent Wealth and Asset Management 4.0 research project felt that risk management regulations are likely to increase within the next two years.

So how can firms make sure they’re equipped to deal with these extra responsibilities?

As a FinTech innovator with decades of experience in driving transformation within financial services, Group Chief Commercial Officer Mark Hover knows – perhaps more than anyone – the radical impact that RegTech can have on the efficiency, accuracy and overall standard of your compliance activities.

Here, he explains why there’s never been a better time for firms to make the leap.

New challenges require new solutions

With so many new regulatory changes on the horizon, staying on top of compliance manually can quickly become unmanageable for even the most experienced teams. That’s why more and more businesses are turning to intelligent solutions and advanced technologies to help staff handle the day-to-day realities of maintaining standards.

The latest figures show private banks, retail asset managers and broker-dealer firms are leading the charge for this technological revolution. More than half of these organisations have self-reported to be in the mid-implementation or advanced stages of digital development.

In particular, around 65% say they’re now investing in process automation systems. Meanwhile 52% are pouring resource into smart data and analytics, and 46% are actively exploring tech-powered compliance platforms.

RegTech isn’t just a fad – it’s quickly becoming a must-have in the fast-moving world of financial services. 

Optimise your processes from end to end

Firms that have already made the switch have experienced first-hand the revolutionary impact digital transformation can have on both compliance and productivity.

Maybe you’re looking to automating file reviews, which we all know can be admin-heavy and time-consuming. Or, maybe you need a workflow tool to help your teams manage the never-ending to-do list for SMCR, and reduce the risk of accidentally missing a crucial deadline. Perhaps you want to tap into valuable MI so you can manage your processes more effectively and aid supervisory oversight.

Whatever you’re looking for, there’s a whole inventory of smart solutions now raising the bar for what’s possible without increasing the burden on your team.

How can RegTech transform your business?

1. Simplify compliance and assure quality

Compliance has come a long way since the days of filing cabinets full of case files. But even with the added convenience of digitisation, creating and maintaining a complete and organised set of client records can all-too-often turn into an uphill battle without the right tools.

Records filling aside, ensuring compliance and quality of advice is not a simple one-off task. When engaging in customer conversations, you need to take proactive steps to make sure that customers are treated fairly at all times – with advisors adhering to quality assurance processes and best practice.

 

By leveraging AI and machine learning technologies, our Recordsure AI Voice speech analytics transcribes and segments 100% of your client conversations – bringingeffortless clarity and consistency to regulatory evidencing, and compliance monitoring and review like never before. And that’s not all: AI technology focuses reviewers’ attention on high risk customer interactions – making your quality reviews quicker and more efficient, and offers actionable insights to help mitigate risks.

 

With all your client-facing interaction records at your fingertips, it’s easier than ever to ensure that all instances of customer advice are of the same high standard and drive better customer outcomes. And not only that, the comprehensive record of past conversations is an invaluable tool for advisers and their supervisors – allowing them to self-critique their performance, whilst enabling firms to upskill teams and improve future customer interactions. 

 

2. Open up a more efficient way of working

There’s no two ways about it – file checking has always been a meticulous and labour-intensive process. But it doesn’t have to be this way. Thanks to game-changing solutions, it’s now possible to reduce the resource-hours required for reviewing even the most complex files – without sacrificing accuracy.

Our Recordsure AI Docs solution, for example, automates some of the most time-consuming file checking tasks. It frees up valuable time for your assurance teams to focus on areas that their expertise is needed most. By increasing the number of checks carried out without scaling up human resource, AI Docs provides unparalleled transparency, precision and efficiency throughout the project lifecycle. 

This ground-breaking technology also forms the basis for TCC’s High-Performance Assurance platform, offering comprehensive MI to enhance your audit trail and keep the regulator satisfied without spending hours collating evidence as you work.

Not only does this streamlined workflow allow projects to be completed at remarkable speed, but your budget will stretch further too. 

3. Codify best practice within workflows

The best RegTech systems are developed in close collaboration with those who know the FCA’s expectations inside out – and are therefore designed to make best practice second nature to the teams using them.

Take SMCR for example. We know many HR teams manage the day-to-day administration of certain processes, like Fitness & Propriety assessments. Yet they simply don’t have the regulatory knowledge to know what to do with an irregular case, for instance.

Many platforms now provide case management workflows that guide users through each step of the process in sequence. By outlining exactly what’s required, and a process which can’t be deviated from, HR can get the job done at speed – while Compliance can be sure that important regulatory requirements haven’t been overlooked.

Given that research suggests 30% of firms think more rules around conduct and individual accountability are imminent, businesses rely on a robust process to manage this effectively. TCC’s SMCR Pro, for example, helps firms to embed compliance into the way the business operates and drive a healthy culture knowing their staff are fit and proper.