NatWest is trialling technology to give customers the confidence they are getting the best possible information and advice. The bank has partnered with Recordsure and is exploring how its RegTech recording and analysis solution could be used to improve and monitor the quality of information and advice provided during regulated customer conversations.
With customer consent, Recordsure’s technology records face-to-face and telephone conversations, encrypting and uploading an audio recording to the secure cloud in real-time, making it impossible for the data to be tampered with. The system also sends an alert if the microphone has been disconnected or if there is a long period of silence.
Customers and staff can listen back to the conversations, which are securely stored on servers at former UK and US military facilities built to protect data and people in the event of a nuclear attack.
The artificial intelligence technology analyses an interaction then classifies sections of the conversation. For instance, it can identify where in an interaction a customer was given initial disclosures, which parts were financial advice, and even which parts were general chitchat. It can also identify whether certain topics or issues have not been discussed. The artificial intelligence is constantly learning and improving its understanding of interactions and context.
Les Matheson, CEO of Personal and Business Banking, said: “We want to restore trust and give customers complete confidence in us. Last year we scrapped bonuses for frontline staff so customers would know our advice was based on their needs, not commission. This trial goes even further and we look forward to seeing how it can improve the service we provide.”
Joanne Smith, CEO of Recordsure, said: “NatWest has seen first hand how our technology can provide a better experience for customers and improve compliance oversight for staff. Recordsure can create significant efficiencies in banks’ compliance monitoring processes, resulting in up to a 50% reduction in compliance costs which means staff will have more time to spend proactively helping customers.”
“The Recordsure technology will help NatWest to become much better at living up to the high standards of compliance and conduct that it has committed to.”
NatWest is currently trialling Recordsure’s technology with some of its mortgage advisors and is looking at how it could be applied to improve the customer experience in other areas of the bank where regulated conversations take place.
The trial is the latest in a string of NatWest innovations which have been introduced this year. In February the bank launched NatWest Invest, a self-service online investment service which customers can access 24×7. The bank has also introduced paperless online processes which have cut both account opening and lending applications for SMEs from days to minutes.
As featured in the press:
FT Adviser – NatWest trials artificial intelligence for advice compliance
Banking Tech – NatWest pilots AI compliance technology with Recordsure