Recordsure’s Senior Product Manager, Olivia Fahy, joins the RegTech Association’s #RegTechEdgeNoBorders showcase event
The #RegTechEdgeNoBorders showcase webinar, a part of an ongoing series hosted by the RegTech Association, shone a light on some of the latest tech-focused solutions aimed at addressing the most pressing data security and risk management challenges facing regulated businesses today.
During her segment, Olivia gave viewers a whistle-stop tour of Recordsure’s ReviewAI voice and document analytics platforms – and explained how AI and Machine Learning can help firms identify how well processes are being followed, flag potential risks and help support compliance and customer outcomes more effectively than ever before.
If you missed the session, you can watch Olivia’s presentation back here.
So, what did we learn about how ReviewAI works?
ReviewAI: Intelligent insights and oversight of customer interactions
Our proprietary ReviewAI solutions enable firms to assure the processes that should be followed between adviser/agent and customer – for instance, ensuring robust vulnerability screening during discovery or verifying that disclosure requirements are met – more accurately and consistently than using manual processes alone.
Of course, these types of file reviews are an essential (and obligatory) part of FCA-regulated firms’ control frameworks – but best practice states businesses should also check the quality of all conversations between advisers and customers, regardless of the medium of communication.
In the UK, the Consumer Duty has recently elevated this requirement further by placing firms’ ability to both deliver and evidence good customer outcomes at the heart of the regulator’s supervisory priorities.
Our two platforms, ConversationReviewAI and CaseReviewAI, leverage the latest AI capabilities to support review teams in meeting these new, higher standards across their QA checks, file reviews and compliance monitoring.
By maximising the visibility of emerging risks, eliminating time-intensive manual tasks from teams’ workloads and facilitating clear audit trails, ReviewAI allows firms to unlock new commercial benefits whilst optimising customer outcomes.
ConversationReviewAI: Cut through the noise
ConversationReviewAI is our first-to-market speech analytics solution designed to identify themes and process risk in customer-adviser conversations, comprising three pioneering modules:
ConversationReviewAI’s Classify module is the only product on the market that can segment and thematically organise call recordings.
Using AI trained on examples of use case-specific conversations by our own subject matter experts, this innovative feature allows users to identify the parts of calls that are relevant to their review checklists – enabling users to complete their reviews twice as fast as they would relying on purely manual methods.
Next, Assure automatically generates scores for each call based on their level of process adherence, allowing reviewers to quickly locate those most in need of human review and prioritise their work for maximum efficiency.
Incorporating user-defined risk profiles and Machine Learning technology, Assure offers you a comprehensive and accurate picture of your team’s performance for the first time – whilst presenting deep MI to inform process risk reporting and empower managers to provide targeted training to address competency gaps or conduct risk as they arise.
By harnessing AI to pinpoint the most critical cases, you can finally stop relying on ‘random sampling’ methods of monitoring and embrace more a targeted approach to improve your team’s effectiveness from the typical 5% to closer to 90%.
Our patented Capture technology provides firms with the perfect tool for securely recording all video call and face-to-face meetings they may not otherwise have been able to document – for a complete, high-quality and authoritative record of your customer interactions.
CaseReviewAI: Document your evidence
CaseReviewAI is our document analytics solution that uses Natural Language Processing to automate the repetitive document processing tasks that would otherwise have to be painstakingly conducted by your human reviewers.
Powered by best-in-class AI, CaseReviewAI is able to quickly summarise all content across each file within a case, presenting users with a searchable synopsis of case data organised by review theme.
With this digestible repository of information at their fingertips, users can gain a deeper understanding of the documents’ content to quickly locate the important content in information-dense files.
And thanks to its user-friendly filtering and bookmarking features, reviewers can skip straight to screenshots of the section they’re looking for within a file – rather than re-reading the same content multiple times to find the necessary information.
CaseReviewAI can also work through a thematic checklist across multiple files at once instead of manually checking each document in turn, significantly reducing the time taken to find critical data.