Product launch: new automation tool promises to improve adviser capacity and customer experience in financial services

Recordsure has announced the launch of a new product, Extract, which promises to help relieve the burden of post-meeting admin for financial advisers and improve the quality of service they can offer clients.

Recordsure has announced the launch of a new product, Extract, which promises to help relieve the burden of post-meeting admin for financial advisers and improve the quality of service they can offer clients.

Financial services advisers face a continuous challenge: the follow-up work after a client meeting often takes significantly longer than the actual meeting itself. A great deal of time goes into essential administrative work like briefing paraplanners, executing actions agreed in the meeting, and maintaining accurate records for client relationship management and compliance purposes.

Extract transforms this space across telephony, video and face-to-face conversations. The solution builds on established tools that record, organise and transcribe customer conversations using Recordsure’s proprietary financial services speech-to-text engine. Extract then pulls out key facts such as address, income, assets and liabilities information, giving teams immediate access to all the data they need without them having to sift through multiple files manually.

Extract was built in response to growing demand from financial services firms seeking to increase adviser capacity whilst offering an improved customer experience. The tool creates efficiencies in post-meeting admin, with the potential for 80% of the workload to either be simplified or delegated to support staff, who in turn are able to operate 40% faster with improved quality assurance. This will free up valuable hours for advisers, allowing them to spend more time on their customers.

Extract is also set to improve client conversations themselves, as advisers no longer need to interrupt meetings to scribble down notes or update IT systems. Instead, they will be able to have a fluent, unbroken conversation with their clients safe in the knowledge that all the information is being captured for follow-up activities and compliance purposes.

Commenting on the new product launch, Recordsure CEO, Joe Norburn commented: “Strong client relationships have always been at the heart of this industry. Extract simply builds on this allowing advisers to spend more time on their clients and ensuring they get better outcomes, faster. We are proud to add this new tool to the Recordsure platform and excited to see the impact it will have on the industry going forwards.”

Recordsure Head of Product & Delivery, Steven Hewlett-Light also stated: “The technology behind Extract stems from the unique insight Recordsure has developed over the past 6 years. We have analysed tens of thousands of hours of client conversations for our clients in that time and have developed a one-of-a-kind framework that allows us to be highly confident of the facts that we can identify and pull out. Extract can be implemented alongside our Capture and Transcription capability with no need for additional model training, giving firms the ability to drive value from the product quickly.”

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