Summary
What this article covers in 30 seconds
- Recordsure trains transcription and machine learning models on wealth management language and data.
- The product covers recorded conversations and case file documentation across spoken and written interactions.
- AI training colleagues transcribe and annotate thousands of hours of client data.
- Out-of-the-box models can help firms test the solution before adding more data over time.
- Client acceptance rates for recording are consistently over 98% among firms using Recordsure.
Joe Norburn, CEO of Recordsure, spoke to ACCLAIM WealthBriefing Group Editor Tom Burroughes on how Recordsure addresses compliance problems in wealth and asset management.
What sets Recordsure apart?
Recordsure has focused on clients in the wealth management sector and trained its transcription and machine learning models specifically on the language and data from that domain. The company says we understand client problem statements and creates solutions that can work across the industry.
The breadth of the product offering is also central. Recordsure provides compliance monitoring solutions across recorded conversations and case file documentation, covering spoken and written interactions between firms and clients.
How colleagues contribute
Norburn says people are central to Recordsure’s ethos and that everyone contributes. Client delivery teams ensure requirements are understood and the product is configured to meet client needs.
Development teams build and test software with functional richness and data security in mind. Data science colleagues research techniques and tooling for machine learning and speech recognition models. Product, marketing and sales teams define direction and explain capabilities.
The AI training team is one of Recordsure’s most distinctive teams. Those colleagues transcribe and annotate thousands of hours of client data so machine learning models are trained with high-quality data and clients can trust the output.
This contribution across client delivery, development, data science, product, marketing, sales and AI training is presented as central to the organisation’s success.
Staying on the front foot
Compliance monitoring at scale often requires tailoring and client-specific machine learning model development, which can be time-consuming and make short proof of concepts difficult.
Because of its experience in the wealth management sector, Recordsure has developed out-of-the-box models that apply to most advice conversations without requiring additional data. The aim is for firms to test the solution against their own conversations, prove the concept and then add to those models over time.
We believe that innovative RegTech solutions can help improve the experience of colleagues and clients across the wealth management industry. Where firms are grappling with inefficient review processes that rely on random-sample methodologies. There is a better way, Recordsure makes it possible to achieve 100% coverage at scale.
Joe Norburn, CEO, made this point in the interview.
Challenges to overcome
Recordsure had to overcome technical challenges to reach the required quality of transcription. The company developed its own speech recognition platform rather than using more readily available technologies.
the resulting solution is trained solely on financial services data and delivers consistent results on important and technical language in wealth management conversations. The larger challenge is perception: helping firms accept that clients will agree to being recorded and that recording will not harm relationships.
We consistently see client acceptance rates over 98% from firms using its product and helps with adviser training and support.
Pandemic working practices
Recordsure was fairly well set up for a remote-only working environment. A key challenge was ensuring clients remained engaged and comfortable with the approach to colleagues who had access to client data.
The company says we understand information security and has passed reviews from some of the world’s biggest banks and financial services companies. Demand for integration with VoIP services such as Teams and Zoom has increased, and the Recordsure app can record audio from almost any VoIP solution.
Differentiators and future prospects
Beyond technology, Recordsure describes itself as a RegTech firm built by compliance specialists for compliance practitioners. It understands the challenge of monitoring customer interactions at scale and develops products for wealth management monitoring.
This has become more important as advisers have worked remotely and traditional supervisory practices have not kept pace. Recordsure says it can help advisory firms move from small random samples to 100% coverage, guiding skilled human resource to where it is most needed.
technology adoption in wealth management accelerated over the eighteen months after the global pandemic. Client attitudes and behaviours changed, and firms are expected to meet clients on their terms and channels. With the economic implications of the pandemic still unfolding, people are likely to need financial advice, and firms combining high-quality advice with monitored technology are expected to be well placed.
these differentiators remain relevant because firms need compliance assurance that can endure remote advice, changing client expectations and increased use of digital channels.
Frequently asked questions
Recordsure trains models on wealth management language and covers both recorded conversations and case file documentation.
The team transcribes and annotates thousands of hours of client data so machine learning models are trained with high-quality examples.
Firms must be comfortable that clients will agree to being recorded and that relationships will not be harmed.
Demand grew for integrations with VoIP services such as Teams and Zoom.