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Improving compliance and client service in the era of digital transformation

The financial services industry is immersed in digital transformation – so much so that “fintech” has emerged as a common term among its professionals. As firms and advisors embrace new technology, it’s becoming even more important to use these tools to manage both back office tasks like documentation and compliance, with front-of-the house activities, such as improving client service.

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In a recent blog, I discussed how the financial services industry needs to rise to face the challenge of digital transformation, all while trying to remain competitive, maintain compliance and improve the customer experience.  During a recent meeting with my team, this topic came up again.

We met to discuss our presence at the upcoming 2019 FINRA (Financial Industry Regulatory Authority) Conference, whose members meet annually to address topics centering around regulations within the industry. While FINRA addresses back-office tasks, like how to improve compliance, embracing digital innovation can also help support front-end activities too, like customer engagement; those “soft-skills” advisors need to develop, such as communication, that will add more value to their services.

Technology can play an important role in compliance, especially when it comes to producing accurate and detailed documentation. But in many instances, time spent creating documents and handling day-to-day administration tasks is time away from clients—impeding financial professionals from cultivating the client/advisor relationship. In fact, a recent study found that 89% of financial services professionals say that heavy documentation demands limit the amount of valuable “face time” with clients.

New voice and language solutions, like speech recognition, are just one of the many tools financial advisors have embraced to improve efficiency. The ability to document three times faster by voice allows more time to focus on what matters most – building strong client relationships, so they can deliver better, more personalized service.

If you are planning to attend the 2019 FINRA Conference, May 15-17, 2019 in Washington, D.C, we will be demonstrating the ways hundreds of financial services firms are leveraging speech recognition today. Visit here to learn more.

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