Since the Consumer Duty’s inception last year, the FCA has put onus on businesses to validate that they “use data to identify, monitor and confirm they are satisfied that their customers’ outcomes are consistent with the Duty.” The pertinence of this issue for ongoing advice providers is particularly pressing, as the industry awaits the FCA’s findings into its review of 20 of the largest advice firms. The regulator’s analysis will consider the number of clients who were due a review at a firm, and how many of them actually received it.
The challenges of efficient evidencing and advice reviews proved popular topics of discussion at the recent Artificial Intelligence in Financial Advice conference, where Recordsure’s Chief Technology Officer Kit Ruparel and Chief Product and Commercial Officer Garry Evans took to the stage to explain how Recordsure’s established AI solution can help businesses overcome such hurdles and deliver good customer outcomes. Through its proven capabilities that have been supporting firms for over 12 years, along with new and exciting developments such as AI meeting notes, Recordsure can transform a firm’s onboarding process, advice reviews and ongoing servicing to satisfy the intensifying regulatory needs.
Full oversight of customer conversations
A key part of the puzzle for financial advice firms is to have an accurate record of their client/adviser conversations – whether they’ve happened in person or remotely. And this is where Recordsure’s Capture app can help.
Capture’s secure, patented technology creates a reliable, authoritative record of spoken interactions which can even be recorded offline when no internet connection is available. This in turn opens the door to reviewing hundreds or thousands worth of hours of conversation through AI, which would be nigh on impossible without a vast upscale in an organisation’s human resources. Recordsure’s revolutionary ReviewAI can then score and assess all of the conversations, which frees up QA teams to consider the conversations where problems have been identified.
Review your back-book and prevent future issues
ReviewAI provides an automated solution for ongoing servicing validation and has checked over one million years of ongoing advice collectively – equating to billions of pounds in ongoing service charges. This is just one of the many problems that Recordsure’s ReviewAI can assist firms with.
In recent times, GenerativeAI has captured the public’s imagination through GPT solutions that create content. But Recordsure is different and uses more traditional and predictive artificial intelligence to understand data and ensures this valuable information can be used efficiently and effectively by firms to meet regulatory standards whilst delivering better results for customers.
Transform customer oversight for assets under advice
For over a decade, ReviewAI has been implementing AI solutions for financial service firms’ day-to-day practice – ranging from ongoing servicing to full suitability checking. Trained by specialist teams over millions of data points and thousands of cases, Recordsure’s ReviewAI is an innovative solution that has been labelled ‘game-changing’ by the tier 1 banks and UK government that use it.
Here are the key steps that truly set it apart as a transformative solution:
- Documents (including transcripts from conversations recorded by Capture) are ingested into ReviewAI automatically from practice management systems (including intelliflo, Xplan or simply SharePoint)
- The user can then browse through the documents at speed via the ReviewAI portal, without having to download them
- The first function of ReviewAI reads the document to ascertain what it is, categorising it as a fact find, suitability report or other pertinent document type
- A further unique capability of our AI reads the document content to ascertain the date that it was issued, which allows the system to build up a timeline of events
- Once ReviewAI has determined the document type and date, the system can then fully automate the checking of all key documents on file for every service period, over 100% of cases
- When service periods are identified without any corresponding documentation, these instances can immediately be considered for redress
- A third feature of ReviewAI can then be enabled to check a little deeper into a particular service provision which organises relevant content from across the entire case into summary themes. For instance, users can click on the ‘customer interaction evidence’ option to see the system display sections of various documents, such as interview dates or fact find completion. Or the ‘conclusion evidence’ option will show that a customer’s circumstances were considered by the adviser, presenting findings such as product calculator results or other research documents, as well as highlighting areas of documents that demonstrate advice was provided
Understand your full customer timeline for accurate outcomes
In summary, ReviewAI can rapidly build up a picture of a customer advice timeline whilst providing all the key information a firm needs to make an accurate outcome judgment. Plus, the beauty of ReviewAI is it can be built with different system and AI model configurations for use in full suitability review checking.
Fully secure, Review AI is unlike other systems and does not pass data to OpenAI or third parties – the information stays wholly in the UK Microsoft Azure tenancy that we provide for all clients.
Reduce client handling times
Recordsure has the expertise and tools to tackle even the toughest challenges. Our team successfully addressed the ongoing advice service charges issue faced by Tier 1 wealth managers in Australia. With our innovative ReviewAI technology, we processed and analysed over ninety million documents and files, spanning approximately one million years of client advice history and totalling more than £1 billion in client advice fees. Not only did we achieve these remarkable feats, but we also helped the firm reduce its case handling time by over 80%.
