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-firms-Recordsure

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

Acclaim WealthBriefing_Recordsure Solves Wealth Management Compliance Problems

Solving Wealth Management compliance problems, Recordsure approach delivers

Joe Norburn, CEO of Recordsure, talks to ACCLAIMWealthBriefing Group Editor Tom Burroughes on why his firm has put a dent in the industry universe.

What sets you, Recordsure, apart from your peers?

We have focused on our clients in the wealth management sector and trained our Transcription and Machine Learning models specifically on language and data from that domain. We understand our clients’ problem statements and work hard to create solutions that work across the industry. The breadth of our product offering is also unique. We provide compliance monitoring solutions across recorded conversations and case file documentation. This truly sets us apart because we can cover every interaction, spoken and written, between the firms and their clients.

How have your colleagues contributed to the success of your organisation?

It is people that get things done and this is central to our ethos at Recordsure. Everyone contributes. 

We have an excellent client delivery team who ensure our clients’ requirements are understood and that our product is configured to meet their needs.

Development team build and test our software to ensure that it is functionally rich and built with security of data in mind.

Data science colleagues are constantly researching new techniques and tooling to ensure that the machine learning and speech recognition models we build are industry-leading.

Product, marketing and sales teams ensure we have a clear direction for the product and a clear articulation of its capabilities.

One of the most unique teams at Recordsure is our AI training team. Our colleagues in this team are the unsung heroes of Recordsure at times. They transcribe and annotate thousands and thousands of hours of client data to ensure that our machine learning models are trained with extremely high-quality data, which ensure that clients can have complete confidence in the output.

What are you going to do to stay on the front foot in a fast-growing but also challenging region such as this?

Compliance monitoring at scale ordinarily requires a great deal of tailoring and client-specific machine learning model development. This can be rather time consuming and difficult to create short, sharp proof of concepts for.

Because of our unique experience in the wealth management sector, we have been able to develop a series of out-of-the-box models that will apply to the majority of advice conversations without the need for additional data. We envisage this will allow firms to test the solution against their own conversations, prove the concept and then add to those models over time as and when they require it. This should bring faster return on investment for the firms we work with and also allow us to implement and deliver for more firms at once.

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

What have been the challenges you have had to overcome to reach such a standard?

There have been many technical challenges to overcome. For example, in order to reach the required quality of transcription, we had to develop our own speech recognition platform rather than utilise more readily available technologies. Because of this, we have a supreme solution that is trained solely on financial services data, meaning we deliver consistently superior results on the most important and technical language in wealth management conversations. Our biggest challenge, however, is perception. Helping firms to accept that their clients will accept being recorded and that this will not impact client relationships is always something to overcome. We consistently see client acceptance rates over 98 per cent from firms using our product and regularly help with training and support for advisers in this area.

How has your business and business model reacted to the pandemic? Have you introduced new working practices that will endure?

We were fairly well set up to react to a remote-only working environment. Still, one of the biggest challenges was ensuring that our clients were engaged and comfortable with our approach to those colleagues with access to client data. We understand the importance of information security and have passed every review from some of the world’s biggest Banks and Financial Services companies.

We are seeing a much greater demand for integration with VoIP services such as Teams and Zoom than ever before. We have been well set up for this for some time, with our app able to record audio from almost any VoIP solution.

Have your differentiators become more important to your business? Are they still relevant?

Aside from our technology, our other key differentiator is that we are a RegTech firm built by compliance specialists, for compliance practitioners. We understand the challenges of monitoring customer interactions at scale and specifically develop our products to solve this problem for the wealth management industry. This has become even more important in recent times, as advisers have been forced to work remotely and traditional supervisory practices failed to keep up.

We understand the industry, the working practices and the language used between adviser and client. We are uniquely placed to support advisory firms to move from a small percentage of randomly sampled cases to 100% coverage and guiding their skilled human resource to where it is needed most.

What are the prospects for wealth management in the future bearing in mind a new social and economic environment ahead?

The technology acceleration in Wealth Management has been incredible over the last eighteen months since the global pandemic. The attitudes and behaviours of clients have fundamentally changed, possibly for good. Whilst there will undoubtedly be a welcome return to face-to-face client meetings, there is now an expectation that firms meet clients on their terms, through channels that they have a say in.

With the economic implications of the pandemic yet to be fully understood, people are going to need financial advice more than ever. Those firms that deliver high-quality advice coupled with rich and engaging well-monitored technology will be incredibly successful over the coming years. Recordsure is proud to support the compliance assurance and interaction monitoring of our clients in this space.

 

Get in touch to find out more about our Wealth Management solutions or to book a demo

Joe Norburn, Recordsure CEO

How can Wealth Management firms use RegTech to their advantage?

Client engagement and long-term relationship building are critical for Wealth Management, along with ensuring regulatory compliance at all times.

Firms are faced with the challenge to ensure all client-agent interactions and the advice provided are sound and in line with regulatory requirements. To manage this challenge, firms are faced with administrative burden, high costs of oversight management and, most importantly, time away from clients.

Client interaction monitoring and analytics offer unique solutions and help firms ensure regulatory compliance at all times. Implementing the right RegTech solution also means cost savings as less time is spent on administrative tasks and files reviews, improved risk management, more insights and better outcomes for clients.

Here, Joe Norburn – CEO at Recordsure, discusses the importance of client-agent interactions monitoring and shares best practice for regulatory compliance for Wealth Management firms.

How has pandemic impacted the trends in Wealth Management, and what are your predictions for the future considering the new social and economic environment?

The technology acceleration in Wealth Management has been incredible over the last eighteen months, since the global pandemic. The attitudes and behaviours of clients have fundamentally changed, for the better. Whilst there will undoubtedly be a welcome return to face-to-face client meetings, firms are now expected to meet clients on their terms through channels they have a say in.

With the economic implications of the pandemic yet to be fully understood, people will need financial advice more than ever.

Recordsure CEO, Joe Norburn

Those firms that deliver high-quality advice coupled with rich and engaging well-monitored technology will be incredibly successful over the coming years. Recordsure is proud to support the compliance assurance and interaction monitoring of our clients in this space.

There is a number of analytics tools on the market, what sets Recordsure’s solutions apart?

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 because we can cover every interaction, spoken and written, between the firms and their clients.

What’s more, we have focused on our clients in the Wealth Management sector and trained our Transcription and Machine Learning models, specifically on language and data from that domain. We understand our clients’ problem statements and work hard to create solutions that work across the industry.

How are Recordsure analytics tools specialised for Wealth Management?

In order to reach the required quality of conversation transcription, we built our own speech recognition platform rather than utilise more readily available technologies. Because of this, Recordsure developed a supreme solution that is trained solely on financial services data, which means delivering consistently superior results on the most important and technical language in Wealth Management conversations.

Aside from our unique technology, our other key differentiator is that we are a RegTech firm built by compliance specialists, for compliance practitioners. We understand the challenges of monitoring customer interactions at scale and specifically develop our products to solve this problem for the Wealth Management industry. This has become even more important in recent times, as advisers have been forced to work remotely and traditional supervisory practices failed to keep up.

We understand the industry, the working practices and the language used between adviser and client. We are uniquely placed to support advisory firms to move from a small percentage of randomly sampled cases to 100% coverage and guiding their skilled human resource to where it is needed most.

Has the demand for specific requirements changed as a result of the pandemic?

With the new acceptance of remote-working across all financial services sectors, we are seeing a much greater demand for integration with VoIP services such as Teams and Zoom than ever before. The good news is that we have been well set up for this for some time, with our app able to record audio from almost any VoIP solution.

How can Recordsure ensure operational excellence?

It is people that get things done and this is central to our ethos at Recordsure. Everyone contributes. We have an excellent client delivery team who ensure our clients’ requirements are understood and that our product is configured to meet their needs. Our development team build and test our software to ensure that it is functionally rich and built with security of data in mind. Our Data science colleagues are constantly researching new techniques and tooling to ensure that the Machine Learning and Speech Recognition models we build are industry-leading. Our product, marketing and sales teams ensure we have a clear direction for the product and a clear articulation of its capabilities.

One of the most unique teams at Recordsure is our AI Training team. They transcribe and annotate thousands and thousands of hours of client data to make sure that our Machine Learning models are trained with extremely high-quality data, which ensure that clients can have complete confidence in the output.

Find out more about Recordsure’s tools for Wealth Management and Private Banking.

Recordsure AI Winner European WealthBriefing Awards 2021