Recordsure Business People

How should firms be preparing for the consumer debt crisis?

Consumers across the UK are currently facing the worst cost-of-living since the 1970s – with petrol prices rocketing to record figures in March and no end in sight to the ballooning cost of energy we’ve experienced so far this year.

Inflation is expected to reach 7% in 2022 according to the latest Bank of England inflation report. With wage inflation failing to keep pace and an uptick in redundancies following the end of the Covid furlough scheme, many face severe financial difficulties. Indeed, many are already taking on unsecured debt in order to pay household bills according to Bank of England figures.

It’s predicted that millions of people will struggle to repay mortgages, loans, credit cards and debts, instead prioritising bills such as Council Tax, or in the worst cases, simply ensuring they can put food on the table.

Credit institutions including banks, building societies, credit card companies and utilities would be wise to start preparing now. We’re anticipating a surge in the average percentage of customers in arrears, from the typical 3-4%, to around 12-15%.

What help is available for consumers?

There are schemes in place to help consumers manage their financial difficulties, like Breathing Space introduced in May 2021. This entails a 60-day freeze of interest, fees, and charges on debts, protecting customers against any enforcement action.

Despite this 60-day rebate, Collections and Recovery teams will undoubtedly be under pressure to work with consumers to help reprioritise their finances and work out a way forward that best suits their individual circumstances.

Frontline staff will need to have experience of sensitively handling individuals in financial difficulty and knowing how to help them navigate schemes such as Breathing Space, balanced with strong negotiation skills to work out a repayment plan that, ultimately, works for all parties.

Lack of experienced personnel

It’s fair to say that there hasn’t been this level of financial strain on consumers since the recovery from the 2008 financial crisis. As a result, there’s been limited investment in tools and training in this area. Many Collections and Recovery teams simply haven’t dealt with consumer debt on this scale before.

The staff with experience of the 2008 financial crash have by and large moved on from customer facing roles, leaving less-experienced agents to handle difficult conversations with customers in significant financial distress. At the same time, the Great Resignation has hit almost every industry, further impacting on a shortage of well-trained staff handling customer calls and cases.

Many organisations will be facing a staggering increase in calls from customers in financial difficulty or classed as vulnerable, while already struggling with understaffed teams operating at maximum capacity.

Leverage next-generation technologies

My advice would be to get ahead of this perfect storm by looking at how you’re going to optimise the capacity of your Collections and Recovery teams. And often, the key to this challenge lies in harnessing the power of automation so you can reserve your finite human resource for where it’s truly needed. 

RegTech products such as Recordsure AI Voice, for example, offer intelligent speech analytics solutions that allow for superior transcription of 100% of client conversations with in-built topic classification and risk-scoring capability – enabling you to optimise your operations, provide added supervisory oversight and ensure fair customer treatment.

Mark Hover, CCO Recordsure and TCC
Mark Hover_Recordsure_Headshot

RegTech products such as Recordsure AI Voice, for example, offer intelligent speech analytics solutions that allow for superior transcription of 100% of client conversations with in-built topic classification and risk-scoring capability – enabling you to optimise your operations, provide added supervisory oversight and ensure fair customer treatment. What’s more, this AI tool enables your staff to be more efficient and brings focus to potential risk cases, so your teams can complete the quality review process in half the time.

Increased consumer demand will inevitably mean increased regulatory scrutiny. That’s why forward-thinking businesses are already starting to invest in cutting-edge assurance technologies – driven by smart AI and machine learning – to level up their compliance monitoring and evidencing capability.

Start the process of augmenting your team with the power to quickly and accurately handle and review customer calls now. That way, when call volumes inevitably start to rise, you’ll be able to provide every customer with a transparent, personalised service – that leaves no stone unturned – without sacrificing efficiency.

Mark Hover is Group Chief Commercial Officer at Recordsure and TCC Group.

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. 

Sabrina Del Prete Embedding Compliance with RegTech

Five-Minute Insights: Embedding compliance with RegTech

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.

Watch now

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:

Watch Now - Five Minutes Insights With Sabrina Del Prete

Joe Norburn Speaks to Money Marketing about RegTech

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

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.  

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. 

Recordsure-Wealth Insights-Emma Parry

Five-Minute Insights: Culture, ESG and Technology

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.

Watch now

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
Recordsure-Wealth Insights-Ian Ewart

Five-Minute Insights: Better Experience Powered by Digital Innovation

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

Watch now

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:


Watch Now - Five Minutes Insights With Ian Ewart

Holistic Approach for Wealth Management Insights Feature Image

Why a holistic approach is the future for wealth management

The wealth industry is changing. As a recent Wealth and Asset Management study suggests, firms now expect up to three-quarters of their interactions with clients to be conducted digitally within two years.

In line with the changing attitudes towards digitalisation, the Global Wealth and Asset Management Study uncovered that 40% of investors view being granted digital access to services as a priority when dealing with Wealth Management firms. 

But how does this impact the client-adviser relationship? How can financial planning and wealth management firms adapt to this rapidly shifting marketplace?

The key to success lies in embracing the added value that advisers are uniquely placed to provide: a holistic approach to helping clients achieve their overall life goals and sustained financial health.

So what are the trends driving the market?

Let’s explore the key trends that drive the shifts in the market outlined by the Wealth and Asset Management Study in more detail.

Investors expect more choice

A significant minority (around 39%) of investors look to their chosen wealth management firms for goal-based financial advice. As the data suggests, this trend will continue to rise within the foreseeable future, with the industry anticipating approximately a 10% increase in demand for retirement, next-generation succession and real-estate investment planning advice over the next two years.

The evidence indicates that firms that widen their portfolio of products, thereby offering more choice to clients, are better positioned in years to come to outperform those that don’t.

Investment in new digital channels is paying off

Financial planning firms are already seeing the rewards from digital investment, with over one-third of firms reporting a high ROI during the 2021 study.

This is no surprise given the growing expectation among investors for more personalisation and accessibility. The next challenge is to leverage advancements in digitisation to offer a more bespoke journey.

Put simply, firms should be offering a wider range of solutions provided via channels that are convenient for them. For example, a massive 89% of investors have singled out mobile apps as the channel set to become their preferred medium of interaction over the next two years.

Investors continue to value the human touch

While the rise of hybrid human-digital advice solutions allows firms to widen their offering and reach new markets, the benefits of a strong client-adviser relationship are apparent.

The demand for more holistic products and services means a personalised approach is needed. Moving away from static demographic details that might consign a consumer to the ‘mass-affluent’ or ‘UHNW’ box is critical. After all, an individual’s needs vary throughout their life. The more firms ask ‘where is the client in their journey?’ rather than ‘which box they fit in?’, the more relevant and high quality the final advice will be.

And that’s not all. Approaching the advice process in this way – where each individual is a moving target with evolving needs – will also encourage more robust fact-finding. Advisers will be less tempted to rely on pre-determined ideas based on demographic data or stereotypes.

Instead, the onus will be on firms to offer a more comprehensive set of options alongside personalised advice, ultimately empowering clients to make an informed choice that fits their situation.

How to achieve the holistic approach?

Having talked about and recognised the importance of a holistic approach to serving clients, let’s consider the tools you need to get there.

1. A client-centric culture

Optimised client outcomes will need a more profound cultural shift in the way firms approach the advice process and client relationships. It will inevitably take a clear focused organisational culture strategy to make such an approach work in the long run.

That’s why it’s so vital that senior management leads by example and champions a people-focused, purpose-led business strategy motivated by achieving the best possible outcomes for clients.

Compliance and conduct focused firms, like TCC Group, lead the conversation in organisational culture and offer Intelligent Culture Analytics tools to help firms measure, track and transform their organisational culture, and overcome sector challenges.

2. Diversifying communications channels

The digital era has given rise to a paradigm shift in the way investors expect to interact with their providers. Whether via instant messaging, video conferencing or other methods, firms should be actively exploring communications channels to speak to clients. Clients enjoy the opportunity to choose the medium they’re most comfortable with.

Conducting client communications through digital channels means interaction monitoring is easier than ever before, thanks to speech recognition platforms such as Recordsure Voice. Where once advisers had to rely on hastily jotted meeting minutes or spend hours composing meeting notes, it’s now possible to have entire conversations recorded and transcribed using sophisticated AI.

With the advances in machine learning, Recordsure Voice tools provide sophisticated client interactions analysis. For example, firms can examine conversations via topics and identify areas of potential concerns or risks while substantially reducing the cost of post-meeting reviews.

3. Supercharge processes for greater compliance

Investors and regulators have never been more focused on wealth management firms’ regulatory standards, with emphasis on fair treatment, transparency and regulatory compliance.

With the tendency for firms to be squeezing the compliance budgets more than ever, automating as many manual, administrative, compliance tasks as possible is in your best interest. An introduction of powerful RegTech tools, like Recordsure Voice Analytics or Recordsure Documents Analytics, allows for quicker processes, better transparency and compliance assurance while benefiting the business, clients and keeping the regulators happy. 

Recordsure and TCC Wealth Webinar-On Demand

What’s on the horizon for the wealth industry in 2022 and beyond

Wealth and Asset Management 4.0 global study outlined changing trends and investor expectations, what’s next for wealth firms?

The wealth and asset management industry is well-established, often branded as relatively slow-moving, but it’s evident there’s a tangible opportunity for firms to shift the way they’ve traditionally done things in response to these market trends. 

Watch On-Demand

Wealth industry experts consider the actions wealth management firms need to take in response to changing investor expectations while ensuring positive investor-advisor relationships in the future.

So what's changed

The digital investment that firms have made over the past few years accelerated the recent introduction of new communication channels. This means investors now have the advantage of a wider range of communications channels to engage with their advisers.

Better engagement with investors is proving to be a highly strategic, commercially viable move. Those firms that are leading the way are reaping the benefits of higher productivity and increased assets-under-management. Ultimately, this results in higher revenues, a greater market share and the ability to deliver more value for shareholders.

Increased focus on ESG and socially responsible investing offers firms a fresh opportunity to distinguish themselves in the market. To lead the way, firms shouldn’t just be considering how to incorporate ESG into their products but also how to embed ESG factors into their strategy and internal culture.

Wealth management firms are facing greater competition. The new investor is more readily prepared to invest in products that truly meet their needs, with firms that offer greater transparency and fair treatment for clients. Such an approach not only delivers the best possible outcomes for investors and boosts the firm’s performance but keeps the regulators happy too.

The shifts in investor expectations has meant firms are under more pressure than ever to connect the new ways of working with processes, supervisory oversight, regulatory guidelines, and compliance. RegTech tools can help firms overcome these challenges. It’s clear the rapid change the industry is undergoing has emphasised the need to fast-track the deployment of analytics tools to monitor, analyse and review all client interactions at scale.

RegTech tools are readily available for wealth firms to utilise, helping to deliver compliance goals and better business efficiencies while also driving commercial benefits.

Meet the experts

Independent Senior Advisor, Conduct Risk & Culture

Founder and CEO, Kore Labs

Ian Ewart

Independent Senior Advisor, Conduct Risk & Culture

Head of Culture, TCC & ex-FCA Culture Lead Associate

Group CEO, RecordsureTCC

Worldwide Financier_RegTech Feature Article

NEWS: RegTech rising, a regulatory revolution

Joe Norburn, CEO at Recordsure and TCC, explains the significance of robust compliance monitoring - and RegTech, set by the pace of technology acceleration across the sector.

To master the wide range of legislation requirements, financial institutions need to find a way to automate analysis, understand impacts, change business practices and processes and fine-tune reporting.

RegTech automates repetitive tasks, monitors regulatory changes in real-time, generates reports and alerts FIs’ compliance staff to potentially fraudulent activity. Such automation allows compliance personnel to focus on high-value work that augments their role and increases organisational efficiencies.

As Joe Norburn, CEO at Recordsure & TCC, explains: “Over the last 12 to 18 months, firms have been exposed to alternative communication channels but are not fully engaged with them. As a result, there needs to be new processes and controls in place to ensure regulatory compliance and fair outcomes for customers across all communication channels and at every stage of the customer journey.”

While RegTech solutions strive to make regulatory compliance monitoring and risk reporting, among other things, a simpler endeavour for financial institutions, there are also particular barriers to implementation that financial institutions need to overcome.

Joe Norburn - Wealth Management Study

The accelerated deployment of new technology-led solutions ensures business continuity and adaptation to remote working. Innovative technology helps firms manage conduct risk and compliance along with a healthy and inclusive company culture. The next challenge is to carefully assess the new technology portfolio and ensure true alignment with long-term business strategy.

Joe Norburn, CEO, Recordsure & TCC

Technological advances in AI and ML have driven the industry’s development of powerful, intelligent tools to manage risk and compliance.

In a broad and varied marketplace, financial institutions can now choose RegTech on their own terms – taking into consideration the accuracy, suitability and scalability of solutions – rather than being at the mercy of tech giants.

“Given the fundamental shift in customer behaviour and attitudes over the past couple of years, this trend is set to continue,” Joe concludes. “Forward-looking firms that invest in AI- and ML-driven solutions ahead of others are already reaping the commercial benefits and will continue to do so with ever-evolving intelligent technologies.”

View the Financier Worldwide Magazine article


Wealth and Asset Management 4.0 study – what have we learned?

Recordsure and TCC joined ThoughtLab, FinTech B2B Marketing, and wealth management experts from across the globe for an in-depth discussion on how wealth and asset management firms will need to rethink their products, services, and business models to meet the shifting needs of investors.

Industry experts examined critical findings from a worldwide study of 2,325 investors and 500 wealth management firms which was released on 4th November 2021.

The global study, Wealth and asset management 4.0, conducted far-reaching research into how digital social and regulatory shifts are transforming the industry, and how the pandemic has changed the wealth sector.

The pandemic has been marked as the watershed event for the wealth industry, accelerating shifts that are already in motion across generations and wealth levels. The study explores how a broad range of wealth and asset management providers are adapting to the profound investor changes hastened by the pandemic.

Download the eBook

Technology empowers personalised customer journeys

The dramatic shifts in investors’ behaviours are not surprising, with noted changing attitudes over the past three years. Covid, climate change and advancements in digital have been key in driving fundamental changes in behaviours. Transparency around fees and switching providers shows that investors were unhappy with the services they had before.

The industry is seeing a real need to change how the investor community serves customers. Investors want to be offered products and services they need and in a way that’s most convenient to them.

Customisation and personalisation of wealth management products and services are very important to investors. Organisations are forced to pay attention and realise the customer journey should not be the same for everybody.

Joanne Smith, Founder and Executive Chair, Recordsure
Joanne Smith -Recordsure Founder and Executive Chair

Advances in digital technologies provide firms with tools to support customer-driven strategies and better customer experience. Digital strategies offer better targeting and optionality, moving away from the one fits all approach to unique personalised journeys.

Joanne Smith, the Founder and Executive Chair at Recordsure and TCC, emphasises the importance of digitalisation for wealth and asset management firms.

Putting digital products and technology at the heart of everything organisations do is the key. Digitalisation allows firms to serve the customer in a more tech-savvy way and enhance customer journeys and experiences. If organisations can grasp that, they will dominate in this market.

Joanne Smith, Founder and Executive Chair, Recordsure

Ethics and social responsibility for competitive advantage

Investors are increasingly expecting wealth and asset management firms to be more ethical and responsible. Investors rate business practices, leadership vision and integrity in their top criteria and want their providers to have healthy, purposeful cultures.

The desire to see progress on environmental, social, and governance issues is not surprising; interest in ESG investing and ESG goals spans generations and demographics. Future-oriented firms have already recognised the advantages of operating as socially responsible organisations. This changing environment brings challenges but also new opportunities, providing firms with the chance to positively impact the world, drive change, and make a real difference for the future.

Fundamental shifts for the industry

  • The growing digital and social imperative across investor segments, and a greater call for product and service democratisation, higher standards, and more transparent pricing.
  • The convergence of needs and behaviours among investors, including those that are affluent or very rich, the young and the old, and women and men.
  • The move away from consolidating investments and the increased willingness of investors to switch providers to get what they want or follow their advisors.
  • The criteria that matters most now to investors when evaluating or selecting wealth management providers.
  • The steps that wealth management firms plan to take to differentiate themselves and find new growth opportunities in a fiercely competitive marketplace.
  • The ROI on digital innovation has helped firms boost productivity by 14%, AUM by 8.1%, revenue by 7.7%, market share by 7.3%, and shareholder value by 5.8%.

Moderated by:
April Rudin, FinTech B2B Marketing Advisory Board Member & CEO, The Rudin Group

Panellists included:
Joanne Smith, Founder and Executive Chair, TCC Group & Recordsure
Charles Smith, Global Head of Digital Solutions, Refinitiv
Vinod Raman, VP, Head of Investment & Wealth, Stash
Lou Celi, CEO of ThoughtLab, and Director of Wealth and Asset Management 4.0