In the financial service industry, automated transcription was not common in the past. The results would not be relied on for meaningful decisions because accuracy was limited when deriving the efficiency gains. Due to technological advancement, work has been done to be easy. The levels of accuracy are almost the same as those of humans are delivered by the online transcription tool. The tool offers financial services that are fast and consistent. Unprecedented opportunities are provided as well as the efficiency gains are clearly displayed. Here are some key roles of automated transcription in financial services.
Roles of Automated Transcribing Tool
- Driving efficiencies
Manually recording information is labor-intensive compared to automatically transcribing the conversation. You will experience the efficiency that is offered downstream. When conducting follow-up, the task is made swifter and simpler if you have the information. The need to go through a stack of notes is dealt with because you only need to type a keyword provided by the online transcription tool. Manual typing of the key parts of the dialogue is reduced by the ability to copy and paste. The tool presents the feeling of having all the data needed at your fingertips.
2. Improving compliance
For any regulatory compliance, storing and auto-transcribing all the conversations is beneficial. Maintaining and providing comprehensive information during an audit trial is valuable because the compliant will have support from the regulators when the data is incomplete. The auditing and review are dramatically speeded when you have the transcripts and provide evidence on compliance placed by customers.
3. Boosting customer experience
The conversations between the customers and the advisers are more fluent because automated transcriptions reduce manual note-taking. During manual procedures scribbling notes and CRM, systems updating are some interruptions that are reduced. The transcription tool speeds up administrative tasks because the key data or information are drawn and stored in the same dashboard.
4. Increasing transparency
The option of sharing the conversation and agreement records with clients is enabled because the tool has the ability to transcribe conversions and store them. Clients gain trust in your company because sharing will entice openness and transparency. Increasing transparency helps reduce and resolve any complaint that may emerge due to topics that were not agreed upon or clarified. Openness and transparency are important when dealing with clients as it helps maintain their trust in the services provided.
5. The basis for future analysis
Having data in a format that can be utilized by automation tools and other analytics is crucial. During the process of improving your business and analytical insights, the tool is a valuable source because it stores data such as daily business as usual activities and past reviews.
Things You Need to Consider When Selecting an Automated Tool
Security – You need to ensure that the records and transcriptions are securely stored, whether dealing with sensitive information or not. Having cloud-based secure storage is essential because each part is well encrypted. Clients’ security is crucial because they can place a complaint against you; thus, you need a secure transcribing tool.
Accuracy – you will enjoy the benefits of automated transcription if the information produced is accurate; therefore, you will not need to rectify any mistakes. Because of that reason, you will save your precious time. A specific tool within the financial sector is essential because it is trained with the language used in that sector. Trained tools with accents and dialects help increase the accuracy of the transcribed information.
An automated transcribing tool in financial services is important because your data is stored for further reference. It also ensures that the results are accurate, thus making the analysis and interpretation process easy. Miscommunication between your company and clients is reduced because the tool is properly trained on different accents. Sharing of data with clients also helps to reduce miscommunication. Accessibility is enhanced because the tool has the ability to search for data using keywords. After all, the information is stored online. Decision-making is made better because the actionable insights are gained using transcribing tools compared to manually transcribing, which is tiresome. The efficiency provided by an accurate transcribing tool for your financial services is reasonable because it saves you time and money.