Private banking & wealth management
Private banking and
Wealth management
Increasing capacity for advisers, support staff and supervisors
Speech and document analytics for private banking and wealth management teams
Firms that provide private banking and wealth management services to high net worth individuals pride themselves on developing strong, long-lasting relationships with their clients.
Often the needs and objectives of their clients are complex, involving family members, companies, charities and trusts that require sophisticated products and services. It is paramount that the regulated advice being given is clearly understood by all parties and that the client’s relationship with the firm is as strong as their relationship with their adviser.
The cliché is true: time is money. Many PBWM firms face a significant cost-income ratio challenge. Regulation and compliance rightly are important priorities, increasing the burden of administration and reducing the time advisers have for their clients and to grow the top line. Great service, valued advice and efficient processes will always win the day, but there are a number of challenges firms must first overcome:
- Gathering and reviewing data. Data is not necessarily collected across all client touch points, nor is it possible to gather insights at scale. This can lead to compliance risks, a higher threat of remediation and the delivery of sub-standard client outcomes.
- Maximising client experience, revenue and efficiency. Advisers, assistants and para-planners spend a lot of time on cumbersome administrative tasks. These add costs, reduce the perception of value for the client and take up valuable hours which could be better spent attracting new business or strengthening existing relationships.
- Optimising performance, conduct and culture amongst advisers. Changes in staff can cause disruption for clients, supervisors struggle to spend enough time with advisers and to get a true reflection of their work, and it can be difficult to show examples of what good looks like in training.
Recordsure is designed to tackle challenges like these at source. With a background in financial services, we use smart technology to support teams with a proven track record in private banking and wealth management. Our analytics and automation tools drive huge efficiencies in review processes, improve client outcomes by providing greater clarity of what is being discussed with clients and managing risks with advanced anomaly detection systems.
Download our Private banking and wealth management breakdown to gain an in-depth understanding of the challenges our clients face and the solutions we have developed to tackle them.
PBWM solutions breakdown
Our comprehensive guide for private bankers and wealth managers seeking to harness data from customer interactions at scale
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Where we drive value
The Recordsure platform has been designed to address these areas at source to provide a holistic solution. Every business model is different, but our products are modular and versatile enabling them to be tailored to a wide variety of wealth management and private banking workflows.
The key areas we drive value for our clients include:
- Saving time from administrative work around meetings, which reduces costs and allows advisers to spend more time with their clients
- Stopping the need for advisers to take notes during meetings improving both efficiency and client experience
- Eradicating the need for random sampling with 100% assurance thus avoiding blindspots that hide compliance issues, client experience shortcomings and other risks
- Quantifying the risk profile of cases to rank them in order of priority, so if random sampling is still needed, efforts can be targeted to the most pressing areas
- Improving customer outcomes, strengthening relationships and gaining a competitive edge by training staff with real examples of excellent performance
- Taking reviewers straight to the information they need in wider cases, files and recordings resulting in a step change in efficiency
- Creating consistency in decisions and outcomes by integrating intelligent automation with human teams
- Improving record management to reduce the costs of remediation and data requests from regulators
- Cutting the travel costs for supervisors while providing them with a much more accurate understanding of adviser performance
- Integrating Recordsure with other IT systems and infrastructure across the business to increase revenues and efficiencies
PBWM solutions breakdown
Our comprehensive guide for private bankers and wealth managers seeking to harness data from customer interactions at scale
We will share this with you via email so please check your inbox.
We will also share related content from our newsletter if we think you will find it valuable. You can unsubscribe from this at any time. Click here to view our full Privacy Policy.
Other useful information
Below you can find more information on our Voice and Docs product families as well as logistical information on security, API connectivity and our compliance background.
