Balancing financial documentation productivity with compliance

A new “culture of compliance” within the Financial Services industry has many firms and advisors reaching out to us to better help manage and maintain regulatory compliance; specifically, in relation to documentation. For these professionals, noncompliance is not an option and can not only damage their reputation, but their bottom line.

Associations like the Financial Industry Regulatory Authority (also known as FINRA), whose mission is to safeguard the investing public against fraud and bad practices, writes and enforces rules and regulations advisors are required to meet.  According to the association’s website, they review about 100,000 individual advertisements and communications from firms to investors each, and every year.

The stakes for financial advisors are high; and, to meet compliance mandates the accuracy, detail and availability of up-to-date and actionable documentation between advisor and client is becoming more and more central to what they do.

Not surprisingly, financial advisors say that they expect regulations will increase documentation and due diligence, both of which will impact their business. In a recent study, 63% say new regulations will have a material impact to their administrative time and costs.

This increased emphasis on compliance in the Financial Services industry has advisors and firms turning to new tools to help balance the growing need to record, document and note client interactions clearly and accurately, while managing heavy documentation demands and costs.

New voice and language solutions, like speech recognition, are just one of the many technologies financial advisors  have embraced to help improve compliance as it relates to documentation.

If you are planning to attend the FINRA Annual Conference May 21-23, 2018, we will be demonstrating the ways hundreds of financial services firms are leveraging speech recognition solutions to better meet compliance by creating more detailed, accurate documentation – all by voice. Nuance will be located at booth #35 or visit here to schedule a demo or to connect with one of our representatives if you are not attending the show.

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Mark Geremia

About Mark Geremia

Mark Geremia is Vice President and General Manager for Dragon Professional and Consumer and oversees the product and marketing strategy for Nuance's Dragon speech recognition and documentation workflow portfolio. Mark has held various leadership roles within the Dragon business over the last decade, and with his team continues to expand Dragon's reach across enterprise, legal and law enforcement markets, transforming productivity and documentation accuracy for professional individuals and large organizations. Prior to joining Nuance in 2005, Mark held key marketing management positions at both large and small technology companies. He holds a Bachelor of Science Degree in Business Management from Bentley College.