Summary
What this article covers in 30 seconds
- Recordsure partnered with intelliflo to support digital transformation in wealth management.
- Document Intelligence integrated with intelliflo office in January 2024 to enhance final advice reviews.
- Post-advice, intelliflo syncs with Recordsure to analyse quality, compile records and update client files.
- The integration helps compare what was said with what was documented for Consumer Duty outcomes.
- Sector-specific predictive AI is presented as better suited to compliance review than generative content tools.
Earlier this year, Recordsure partnered with intelliflo, a global leader in advice technology, to accelerate digital transformation in the wealth management sector. The potential for AI to support financial advice alongside human expertise has been widely discussed across the industry.
Recordsure’s Chief Technology Officer Kit Ruparel spoke with intelliflo about how Recordsure’s Document Intelligence solution is available in intelliflo office. The partnership gives intelliflo users an opportunity to use AI to improve advice review efficiency and support fair customer outcomes.
Virtual oversight
Document Intelligence integrated with intelliflo office in January 2024 to enhance final advice reviews. Post-advice, intelliflo syncs with Recordsure to analyse quality, compile records and update client files.
Where necessary, cases can be escalated for human oversight. Recordsure technology enables virtual oversight of adviser-client interactions while providing management information to identify trends and support training.
Consumer Duty success
The FCA’s Consumer Duty has increased documentation workload for review teams. AI tools such as Document Intelligence can provide a cost-effective way for firms to keep documents saved in intelliflo office for compliance access.
By comparing what was said with what was documented, firms can better meet the Consumer Duty customer understanding and customer support outcomes.
The future of AI in financial advice
AI is expected to transform financial services by automating tasks and freeing experts to focus where their attention is most needed. Firms should use sector-specific AI for financial advice compliance.
Generative AI tools such as ChatGPT are designed for content creation, while financial advice compliance requires a different approach. traditional predictive AI is suited to analysing patterns and using information to support forecasts and decisions.
Recordsure’s traditional AI has been developed over 12 years to support accuracy, process review efficiency and regulatory compliance. Document Intelligence helps free human time for the work where expertise is required.
Pre- and post-sale service cases
Recordsure and intelliflo office can transfer service cases at both pre-sale and post-sale stages into Document Intelligence. Automation supports file review teams and compiles QA evidential records, which are reintegrated into intelliflo office.
Frequently asked questions
It transfers service cases from intelliflo office to Recordsure’s Document Intelligence for quality analysis and evidential record compilation.
Document Intelligence integrated with intelliflo office in January 2024.
It helps firms compare what was said with what was documented, supporting customer understanding and customer support outcomes.
Compliance review needs pattern analysis and evidence-led decision support rather than content creation alone.