US-based banks are constantly adapting to new challenges as they strive to comply with increasing regulations governing the industry. One service that has been proven to help these banks navigate the complex regulatory environment safely is finance transcription.
Similar to how legal transcription enables lawyers to prepare in advance for a legal proceeding, when banks incorporate transcription services into their operations, they can improve their internal processes and strengthen compliance strategies. This, in turn, allows them to deliver better services to their clients.
However, the advantages of finance transcription extend beyond simply meeting regulatory requirements. It also promotes inclusivity within the banking sector, more on that later.
In this article, you’ll learn how:
- Financial transcription enables banks to maintain compliance with regulations, such as the Bank Secrecy Act and ADA, by converting conversations and recordings into accessible, verifiable records.
- Transcripts support audits, risk mitigation, dispute resolution, employee training, and compliance monitoring with greater accuracy and efficiency.
- Ditto Transcripts provides secure, 99% accurate human-made transcriptions for banks, ensuring regulatory adherence and operational inclusivity.
Relevance of Finance Transcription Services in Banking
Transcripts can construct a clear audit trail for banks to demonstrate adherence to KYC requirements. Regulatory compliance requirements, such as those under the Bank Secrecy Act, mandate banks to maintain thorough records of transactions, including financial information, making transcription relevant to the industry.
Transcriptions ensure that conversations around loan processing or customer inquiries are comprehensively recorded. It holds the same importance as deposition transcripts, which serve as a crucial record for appeals. Additionally, bank managers can evaluate transcripts of employee-client conversations to pinpoint areas for improvement with precision.
Perhaps most importantly, the textual data extracted from transcripts reveal frequently raised issues, leading to quick resolutions and significantly improving customer satisfaction.
Transcriptions Leveraged in the Financial Industry
Now that we understand the relevance of transcriptions to the banking industry, below are the common types of transcriptions used in the financial sector.
| Type of Transcription | Description |
| Phone Calls | Transcriptions of customer service calls, sales calls, and internal communication for quality assurance, training, and compliance. |
| Meetings | Transcriptions of board meetings, committee meetings, and team discussions for record-keeping, action item tracking, and decision-making. |
| Interviews | Transcriptions of job interviews, customer feedback sessions, and investigative interviews for HR purposes, market research, and risk management. |
| Presentations | Transcriptions of investor presentations, training sessions, and webinars for easy reference, sharing, and content repurposing. |
| Video Conferences | Transcriptions of remote meetings, client consultations, and online events for improved accessibility, searchability, and collaboration. |
| Earnings Calls | Transcriptions of quarterly earnings calls are provided for investors, analysts, and the media to review and analyze the bank’s financial performance. |
| Depositions | Transcriptions of legal depositions related to banking disputes, fraud investigations, and regulatory inquiries for legal proceedings and compliance. |
| Focus Groups | Transcriptions of customer focus groups and market research discussions for product development, service improvement, and competitive analysis. |
Why is Transcription Considered a Compliance Cornerstone in Banking?
Transcription offers the financial sector numerous benefits, including compliance with laws and regulations. For example:
Maintaining Records
Several regulations require banks to keep detailed records of customer interactions, transactions, and other important information for extended periods. Fortunately, transcription helps convert audio recordings of these crucial interactions into text documents that can be accessed whenever needed.
This is similar to the legal field; trial transcripts, regardless of age, are commonly reviewed and referenced to make a stronger defense. In finance, the same transcripts can be used for both legal and the client’s needs.
Suppose a legal dispute arises. Having well-maintained records supported by transcription can help banks protect themselves from potential penalties, as they can easily demonstrate adherence to these regulatory requirements.
For example, in August 2023, several major banks, including Wells Fargo, were fined a total of $549 million by U.S. regulators for failing to meet record-keeping requirements.
Investigations revealed that senior executives had been using encrypted messaging apps, such as Signal and WhatsApp, to discuss official business; however, these conversations were never archived or made available for review. Without proper records, the banks were unable to demonstrate compliance when regulators requested proof, which directly led to the penalties being imposed.
If accurate transcripts or reliable archiving systems had been in place, the institutions could have shown clear evidence of their adherence to the rules and avoided such costly fines.
Monitoring for Compliance
Compliance monitoring is another crucial aspect of banking; human-made transcriptions are particularly helpful. Banking Institutions must constantly monitor their operations, employee interactions, and customer communications to ensure compliance with regulatory requirements, right?
Professional transcription services, like Ditto Transcripts, help banks convert large quantities of audio data from contact center recordings, meeting notes, and other sources into text formats.
Banks can then examine these transcripts using advanced software or manual review processes to identify potential compliance issues, such as improper sales practices or violations of consumer protection laws, and address and rectify issues before they escalate into larger problems.
Supporting Dispute Resolution
Disputes between banks and their customers, such as those related to fraudulent transactions, billing errors, or service quality issues, can be challenging to resolve without clear evidence of what was said or agreed upon.
Of course, transcription provides a reliable record of these customer interactions from the outset. This record can be used to settle disputes fairly by showing compliance with dispute resolution procedures mandated by the Fair Credit Billing Act or the Electronic Fund Transfer Act.
Additionally, accurate transcripts enable banks to resolve customer complaints more effectively, identify areas for service improvement, and maintain positive relationships with their clients.
Aiding Employee Training
Proper training is crucial to ensuring that bank staff adhere to the numerous regulations and internal policies governing their work. The good news is that transcription services can convert many training sessions, webinars, and other educational materials into text documents that employees can efficiently study.
The transcripts can also create a knowledge base or FAQs that employees can consult when faced with compliance-related challenges in their daily work. Moreover, management can review transcripts of training sessions to identify areas where employees may require additional guidance, thereby providing the appropriate support to the employee.
Assisting with Regular Audits
Banking and financial institutions, in general, are subject to regular audits by regulatory bodies to assess their compliance with various laws, regulations, and industry standards.
Transcriptions can help banks prepare for these assessments by providing accurate records of their operations.
Auditors often request specific documentation, such as call recordings, to verify compliance with customer disclosures, risk management, or financial reporting requirements.
Having these recordings transcribed saves time during the audit process and shows the institution’s commitment to transparency.
Identifying Potential Risks
Banks face numerous risks, including money laundering and operational risks associated with employee misconduct or system failures.
Converting crucial audio recordings into text enables banks to analyze textual data for potential red flags from a distance. These transcripts can be scanned using keywords associated with high-risk activities, allowing compliance teams to quickly investigate suspicious patterns.
For example, transcripts of customer interactions may reveal instances of aggressive sales tactics or other practices that violate regulations. These records can help management mitigate risks by updating policies or providing timely additional employee training.
Laws and Regulations Where Transcription Can Be Crucial for Banks
Now that we understand why transcriptions are considered a cornerstone of compliance in banking, below are some of the laws and regulations that surround the sector.
- Bank Secrecy Act (BSA) – Requires banks to assist in preventing money laundering.
- USA PATRIOT Act – Expands the BSA and requires banks to verify customer identities.
- Dodd-Frank Wall Street Reform and Consumer Protection Act – Establishes the CFPB and restricts certain banking practices.
- Gramm-Leach-Bliley Act (GLBA) – Requires banks to explain information-sharing practices and safeguard sensitive data.
- Fair Lending Laws (Equal Credit Opportunity Act, Fair Housing Act) – Prohibit discrimination in the extension of credit.
- Telephone Consumer Protection Act (TCPA) – Regulates telemarketing practices, including the use of automatic dialing systems and pre-recorded messages.
- Truth in Lending Act (TILA) – Requires clear disclosures about loan terms.
- Real Estate Settlement Procedures Act (RESPA) – Requires disclosures about costs associated with real estate settlements.
- Fair Debt Collection Practices Act (FDCPA) – Prohibits abusive, unfair, or deceptive practices by debt collectors.
- Electronic Fund Transfer Act (EFTA) – Establishes consumer rights and liabilities in electronic fund transfer systems.
- Servicemembers Civil Relief Act (SCRA) – Provides financial protections for military servicemembers.
- Americans with Disabilities Act (ADA) – Requires banks to provide equal access to services for individuals with disabilities.
- Federal Financial Institutions Examination Council (FFIEC) Guidelines – Guide bank operations and risk management.
Other Ways for Transcriptions to Support Banks
Since we’re at it, I’ve included some more major benefits that transcriptions have for the banks, though there is still more to it.
| Area | Why It Matters | Example / Legal Context |
| Inclusivity in Financial Services | Captions and transcripts ensure access for people with hearing loss, language barriers, or learning differences. They also improve comprehension for all users. | ADA requires accessibility; lack of captions can expose banks to compliance risks. |
| Supporting Employees | Ensures equal access to training, meetings, and work materials for employees with disabilities. Builds inclusivity and avoids discrimination claims. | ADA compliance is mandatory; failing to provide accommodations has led to lawsuits. |
| Serving Customers | Improves customer experience, especially for older investors, non-native speakers, and those who prefer reading. | SiriusXM lawsuit (2021) showed legal risks of not providing transcripts for digital content. |
Choose Ditto As Your Financial Transcription Service Partner
Don’t settle for automated transcriptions that are only 61.92% accurate when you have the best, most affordable, and precise service provider in the market.
Ditto Transcripts offers:
- Accuracy: We guarantee 99% accuracy in every transcription project. All you have to do is focus on creating valuable recordings, such as customer calls, and we’ll transcribe them flawlessly.
- Human Expertise: Our team isn’t filled with robots. We have professional transcriptionists who understand the subtlety of multiple speakers or the banking jargon. They’ll create transcripts that will reflect the natural flow of your conversation.
- Turnaround Time: We understand time is money, so we ensure you deliver your transcripts within the agreed-upon timeframe. You can also choose the turnaround time. You can opt for a rush project or a standard one.
- Security: Recordings aren’t created equal; we understand that some may contain sensitive information. For that reason, Ditto Transcripts is HIPAA, CJIS, and FINRA compliant. You can sleep well at night knowing that we take the confidentiality of your content seriously.
- Affordability: We acknowledge that recordings can be highly valuable for organizations and that transcribing them can be a costly endeavor. We offer high-quality transcription services that won’t break the bank, and we have various legal transcription pricing options to fit any budget without compromising quality.
- 24/7 Customer Service: Humans run our customer service process, not chatbots. We take the time to understand your requirements and will gladly assist you with any technical details or answer your questions to ensure a smooth customer experience. As an example, here’s what our clients say about our service.
- Customizability: Our transcription services aren’t just about accuracy and meeting the client’s requirements. For example, do you need a verbatim transcript that captures every “um” and “uh”? Or do you need a polished version for a blog post? We can modify the transcript to meet your specific needs and ensure you receive exactly what you need to achieve your goals.
Experience Our Transcription Services for Banks
Witness the full potential of your audio and video content with professional corporate transcription services from Ditto Transcripts. Gain the benefits of improved efficiency, cost-effectiveness, accessibility, and legal compliance with the highest level of accuracy.
Partner with us to enhance decision-making and drive your business forward in this data-driven world.
Ditto Transcripts is a Denver, Colorado-based FINRA, HIPAA, and CJIS-compliant transcription services company that provides fast, accurate, and affordable transcripts for individuals and companies of all sizes. Call (720) 287-3710 today for a free quote.