Summary
Key outcomes at a glance
- File review time reduced by 50%.
- Review efficiency increased by more than 50%, against an original target of 20-25%.
- Document classification and dating achieved a 92% success rate.
- Lower-skilled review tasks automated, allowing skilled reviewers to focus their time more effectively.
- Trend analysis and evidence pack with documents to support each conclusion.
The challenge
A UK consultancy wanted to scale its managed services provision for wealth advice reviews without costs increasing at the same rate.
The firm wanted to improve efficiency through AI or increase reviewer effectiveness with a dedicated advice review tool. It initially targeted a 20-25% increase in reviewer output, without sacrificing review quality.
The consultancy also wanted to strengthen its proposition with trend analysis. This would allow its end clients to identify areas where training and competency interventions could be targeted and provide insight that could complement their Consumer Duty dashboards.
File review time cut by 50% while improving the consistency and quality of every review.
The Recordsure solution
Recordsure provided technology to digitise and structure the review process, reduce the lower-skilled tasks undertaken by reviewers and provide operational and analytical information from the resulting review data.
The solution brought together Document Intelligence, Workflow automation and Reporting & Analytics (MI) to support a more consistent and efficient approach to wealth advice file reviews.
Consistent review process
Recordsure’s Workflow automation embedded the consultancy’s review processes and procedures into an automated workflow. This provided a consistent approach to each review and supported more equitable treatment across clients. The consistent review process also enabled the consultancy to identify root causes and trends in its review findings.
Reducing manual document review
Recordsure technology automatically classified and dated documents, achieving a 92% success rate. It also surfaced relevant parts of documents for reviewers, rather than requiring them to manually search for the information they needed.
This Document Intelligence capability removed some lower-skilled tasks from highly skilled reviewers and delivered efficiency gains compared with the consultancy’s previous manual approach.
Reviewers could record their conclusion and the evidence supporting it, with dedicated outputs bringing both together. The resulting evidence pack included the marked-up documents used to support the review conclusion.
Turning review findings into useful insight
Reporting & Analytics (MI) provided the consultancy with operational and analytical information from its file reviews.
Operational information included average handling time and breakdowns by outcome type. Analytical information could be broken down by product, adviser, client group and vulnerable customers. The consultancy could use this analysis as an additional source of insight for its end clients.
The outcomes
The consultancy increased review efficiency by more than 50%, exceeding its original target of 20-25%. File review time was reduced by 50%. Alongside these efficiency gains, the consultancy improved the consistency and quality of its review output, without sacrificing quality for speed.
Automating lower-skilled tasks allowed highly skilled people to spend less time on document classification, dating and searching for relevant information. The consultancy reported increased company efficiency and improved employee job satisfaction as a result.
Trend analysis also strengthened the consultancy’s proposition to end clients by helping identify areas needing attention, while operational and analytical management information (MI) provided insight across handling times, outcomes, products, advisers, client groups and vulnerable customers.
Engagement snapshot
- Since 2016Recordsure client
- 1,500 – 2,000File reviews per year
- 50%Reduction in review time
- 92%Classification and dating success rate
Frequently asked questions
Recordsure helped structure and automate the consultancy’s file review process. It automated document classification and dating and surfaced relevant information within documents for reviewers, reducing time spent on lower-skilled manual tasks.
Review efficiency increased by more than 50%, exceeding the consultancy’s initial target of a 20-25% increase in user output. File review time was also reduced by 50%.
The consultancy embedded its review processes and procedures into an automated workflow, providing a consistent approach to each review.
Reviewers could record their conclusion alongside the evidence supporting it. An evidence pack of the marked-up documents used to support the conclusion was also provided.
Operational information included average handling times and breakdowns by outcome type. Analytical information could be broken down by areas including product, adviser, client group, and vulnerable customers, providing additional insight the consultancy could offer its end clients.