How Dragon can save Financial Services professionals time and money

Anybody who runs a business will spend time scratching their head to work out the best ways to be as productive as possible. Regular reviews can streamline processes which have become leggy and trim expenditure that’s grown organically but that’s far from the only way to improve productivity and cut costs. Investment in new ways of doing things can be vital.

Financial services is an area that’s heavily dependent on people and their expertise. Indeed people costs are often the key business expense. So financial services businesses are often on the lookout for ways to improve personal productivity without cutting corners, and without compromising the expertise that staff have developed through years of training and experience.

This is where Dragon has a huge contribution to make. Dragon turns spoken language into written text. It sounds like such a simple thing, but it can provide financial services businesses with a significant productivity boost. Consider these numbers:

  • 65-75. The average number of words a professional typist might manage in a minute.
  • 40. The average number of words a good but not trained typist might manage in a minute.
  • 120-150. The number of words we speak, on average, in a minute.

Dragon can convert the spoken word into editable text – and it does this as we speak at our natural speed.

It can also insert long sentences into text on instruction of short commands. This isn’t about sanitising or sterilising work. It isn’t about inserting standardised text in a document for the sake of it. It’s about spelling out acronyms so that clients can understand the complexities more easily. It is about saving finance professionals from the tedium of typing the same phrases again and again. It’s about ensuring that documents are as comprehensive and easy to understand as possible for clients.

So, imagine taking that 40 word a minute typist and giving them Dragon. They’re going to be able to create documents text three times faster than they can type. A 66% gain in productivity and they might also produce documents that are clearer and easier for the client to understand.

Let’s think in a bit more detail about what this looks like in the real world. The core of most financial businesses will be their Practice Management System, accessed by a financial planner or paraplanner. Lots of time is spent in this system. We’ve done some research which suggests in a typical 8 hour day there are more than 4 hours spent inside the management system on the kinds of work that can be streamlined through speech recognition.

These involve inputting text in some way or another, such as communicating with clients and others by email, producing meeting notes, preparing action lists and preparing reports for clients and others. There is scope to save considerable time (and in doing so save considerable cost) using speech recognition for these tasks.

What do the savings look like? Well, every office is different, so it’s not possible to quantify precisely. But our research shows that speech recognition software could save a business as much as £800 per user per week based on a fairly modest £50/hour salary cost.

It isn’t just about pure cost saving, though. Because documents can be produced more quickly, clients get feedback and information faster. This keeps clients happy, and helps build the company reputation as fast, efficient and effective. Happy clients are less likely to look elsewhere, and more likely to recommend your business to others.

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Alixson Bell

About Alixson Bell

Alixson graduated from the University of Washington in 2008 and promptly started her career in the computer software industry at a company called Varolii Corporation in Seattle, WA. After Varolii was acquired by Nuance, she quickly became enamored by the many ways to improve customer satisfaction through omni-channel customer service solutions, all powered by AI. She is now a Senior marketing project manager for Nuance, but more than that, she is a firm believer in Nuance’s technology and teams who are tirelessly focused on customer-centric outcomes and results.