Summary
What this article covers in 30 seconds
- Automation can simplify routine adviser tasks without replacing personal financial advice.
- Manual fact-finding and data gathering can consume 24 hours each week for advisers or paraplanners.
- Capture records and transcribes client conversations across video calls and in-person meetings.
- Conversation Intelligence highlights details such as personal information, assets, needs and objectives.
- Classify directs reviewers to the exact areas of conversations that contain relevant information.
Automation has many possible uses in financial services. To offer value, it should make routine parts of an adviser’s role faster and simpler while improving the experience for advisers and customers.
When automation is discussed in the sector, people often think of robo-advice. Such tools can make a process faster and simpler, and there is a place for them, but they cannot develop the relationship and loyalty that are critical to well-crafted, personal financial advice.
Other automation tools are designed to support advisers by removing or simplifying routine tasks, allowing them to spend more time with customers.
Enabling efficiencies
People are the most valuable resource a firm has and remain a differentiator in customer experience. Digital advice tools will continue to grow, but there will still be demand for human reassurance when people make significant decisions about their future.
Many advisers undertake lengthy fact-finding and data gathering. Detailed client information is essential for advice and proposals, but it does not need to be collected manually by advisers, especially where support staff are not available.
The traditional process can be repetitive and may require advisers to work through multiple file formats, audio files, Dictaphone recordings or written notes. This process takes advisers or paraplanners 24 hours each week on average. Tools that reduce this administration allow advisers to spend more valuable time with clients.
Aside from time, the process is mundane because advisers may need to collate detailed information from numerous formats. Automating that aspect assists the adviser by giving facts at their fingertips while preserving the thorough information needed for advice.
84% of millennials seek advice
84% of millennials seek advice, showing demand for high-quality investment advice. This reinforces the need for advisers to keep enough time for client conversations rather than spending avoidable effort on manual collation.
Making insight accessible
Capture automatically records and transcribes client conversations across meeting formats, including video calls and in-person meetings using an app. This removes manual transcription and stores the record securely in the platform for further analytics.
Recordsure Voice tools highlight core information from conversations, including personal details, assets, needs and objectives. The solution is trained for financial-sector terms and phrases, helping identify investment type, attitude to risk and reasons for investing.
In less structured meetings, data points such as assets and liabilities may appear across an entire conversation or multiple interactions. Classify overlays discussion topics onto a recorded conversation so an adviser or compliance manager can go directly to the relevant area.
This gives a more accurate and complete view of client data, reducing the need to refer back to handwritten notes or ask clients for clarification. Recordsure speech analytics solution integrates with existing processes and practices, supporting time savings and client insight.
Recordsure says it is trusted by some of the largest banks in the UK and the UK Government to record and store sensitive conversations. The analytics are designed to derive greater value from conversations once the record is securely stored.
Frequently asked questions
No. It says robo-advice has a place, but it is not the only form of automation and cannot replace the adviser-client relationship.
It can reduce routine fact-finding, data gathering, transcription and review work so advisers spend more time with customers.
Capture records and transcribes client conversations in formats such as video calls and in-person meetings using an app.
Classify visually overlays topics on a recorded conversation so reviewers can find the relevant section quickly.