The banking industry is one of the most volatile sectors; its regulations constantly change. As a result, financial institutions must rely on accurate records to maintain competitiveness—reports, meetings, etc. As these institutions strive to improve their recordkeeping, financial transcription is becoming a go-to solution for banks.
Banks can make strategic moves based on data extracted from transcribed recordings.
However, transcription’s relevance to the banking industry is not limited to data analysis. Transcripts can be used to examine feedback, analyze competitors, and more.
The question is, how can transcription specifically assist in staying competitive in a highly volatile market? Or, what are the advantages of integrating transcription into banking operations?
In this article, you’ll learn how:
- Transcription helps banks maintain accurate records for compliance and auditing purposes.
- Aside from accurate records, transcripts provide valuable insights into customer feedback, competitor strategies, and market trends.
- Transcription ensures compliance with accessibility laws and serves diverse customer needs.
Transcriptions in the Banking Industry
The Bank Secrecy Act and Anti-Money Laundering regulations mandate that banks maintain thorough transaction records, and that’s where human-made transcripts can be handy. For starters, transcripts can construct a clear audit trail for banks to demonstrate adherence to Know Your Customer (KYC) requirements.
Transcriptions ensure that verbal exchanges at the contact center, loan processing conversations, or customer inquiries are comprehensively recorded. In addition, bank managers can evaluate transcripts of employee-client conversations to pinpoint areas for improvement precisely.
Perhaps most importantly, the textual data extracted from transcripts can reveal frequently raised issues, leading to quick resolutions and significantly improving customer satisfaction.
Frequently Used Transcriptions in The Banking Industry
Now that we understand the relevance of transcriptions to the banking industry, below are the common types of transcriptions leveraged in the 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. |
How Can Transcriptions Drive Strategic Planning in Banking?
Let’s get to the core of the topic and discuss some of the benefits business transcription offers the banking industry—though these benefits are just a tiny fraction of the whole.
Improved Client Feedback Analytics
Careful analysis of transcribed client feedback, preferences, and experiences shared by customers during recorded interactions helps banking institutions identify growth opportunities, which is helpful for strategic planning.
Combining these datasets with other market research can paint a clearer picture of the bank’s strengths and weaknesses from the client’s perspective.
By using these findings, managers can prioritize initiatives that address the most pressing customer needs, which will ultimately lead to client satisfaction, loyalty, and profitability in the long run.
Keeping Track of Competitors
One way businesses—including banks—can stay ahead in the market is by tracking their competitors. Transcribing relevant content from public communications, like quarterly reports, lets them see crucial angles of their rivals, such as strategies or overall market positioning.
Moreover, insights from these transcripts can help banks identify trends, potential threats, and areas where they can differentiate themselves—factors that would help decision-makers adjust their plans more effectively to gain market share.
Streamlined Analysis of Market Trends
At this point, you must have understood that transcripts of earnings calls, industry reports, or expert interviews can provide banks with data for market trend analysis, such as emerging patterns, shifts in customer preferences, and economic indicators that may impact the banking sector.
Combined with quantitative market data, this information gives executives a more holistic view of the current and future market. These accurate human-made transcripts can also be further utilized by integrating modern technology like artificial intelligence—though that will be up to the person in charge of data analysis.
However, while AI technology is excellent for analyzing transcripts, AI is unsuitable for making transcripts. That’s because AI transcription solutions are only 86% accurate, AT BEST.
Strategy Discussions Team Members
Every successful business has robust market strategies, commonly resulting from nerve-wracking strategy discussions among team members.
A complete written record of strategy discussions makes sharing insights, data, and decisions easier across the organization. Also, team members unable to attend the discussion can quickly get up to speed by reviewing the transcript—everyone is aligned to work towards common goals.
The transcribed content can also be used as reference points for future discussions or to track the evolution of their strategies. As strategic plans are developed over time, relevant excerpts from transcriptions can be incorporated into presentations to support arguments behind chosen directions.
Compliance Considerations
During any strategic planning, banks must always consider regulations that govern the sector, such as the Dodd-Frank Act, the Bank Secrecy Act, and more—one of the most crucial factors in the banking industry.
Fortunately, transcriptions of meetings, discussions, and customer interactions provide a record that can be used to prove adherence to these regulations. When strategies are being developed, regulatory personnel can review transcripts to ensure proposed plans align with regulations.
The data extracted from transcriptions can also be analyzed using compliance monitoring software to identify areas where additional oversight may be needed. This is useful in creating an essential audit trail to address legal challenges.
Can be Integrated with Employee Feedback Platforms
Analyzing candid opinions, experiences, and suggestions employees share in these transcripts—especially the ones in the front row of business—helps identify areas where the bank is doing a pretty good job or where improvements are needed.
The qualitative data from these documents can clarify operational inefficiencies, communication gaps, or cultural issues that may not be apparent through other feedback channels. Leaders can use these insights to develop initiatives addressing employee concerns, ultimately aligning the workforce with the bank’s objectives.
Employee feedback transcriptions also serve as records, which can be used to track the progress of initiated solutions to employee concerns.
Other Benefits of Transcriptions for Banks
Since we’re at it, I’ve included some more major benefits transcriptions have for the banks—though there is still more to it.
Marketing and Customer Education
Creating a written version of recordings allows financial institutions to cater to individuals who favor reading over other mediums. Banks can expand their reach because transcribed information—such as financial reports—becomes more accessible to potential clients.
Transcript integration can also solidify the bank’s reliability, as transcripts are a lasting reference that clients can revisit. In addition, transcripts can improve SEO, boosting brand exposure by attracting more visitors to the website.
Inclusivity in Financial Services
Transcripts are also useful for providing an equitable experience to individuals with hearing issues or navigating other disabilities. Investment in captions also benefits people engaging with content in non-native languages, assists those with various learning disabilities, and offers flexibility to viewers who prefer sound-off viewing—85% of videos on social media.
Research demonstrates that captions improve retention and comprehension for all users. While various captioning applications are driving its adoption as a standard accommodation, it’s essential to understand this service may be a legal obligation under accessibility laws such as the Americans with Disabilities Act.
Transcripts are not merely optional but a fundamental aspect of creating a compliant financial services environment.
Supporting Employees with Disabilities
As mentioned in the previous section, banks can use transcripts to support employees with disabilities. Compliance with the A.D.A. and similar legislation in other countries is a legal initiative that prevents discrimination against employees with disabilities.
For that reason, banks must provide captions for work-related training videos, video conference calls, and other essential materials to ensure equal access to information. At this point, it’s clear that neglecting regulatory requirements can result in severe legal challenges and, worse, a negative image for the business.
Serving Diverse Customer Needs
Although the Americans with Disabilities Act does not explicitly address online accessibility, a famous lawsuit against the SiriusXM podcast platform highlighted the potential legal risks of failing to provide transcriptions. Beyond legal considerations, offering transcripts is a good business decision that shows the institution’s commitment to inclusivity.
For example, many of the most active investors belong to age groups with higher rates of hearing loss. Providing captions for earnings calls can alleviate frustration within this demographic.
Transcripts also benefit individuals with language barriers, learning disabilities, or those who simply prefer reading over listening.
Choose Ditto To Maximize Your Transcripts
Don’t settle for AI transcripts when you have the best, most affordable, and most accurate 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 like 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 business jargon. They’ll create transcripts that will reflect the natural flow of your conversation.
- Turnaround Time: We understand time is money, so 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 secure the confidentiality of your content.
- Affordability: We acknowledge that recordings can be highly valuable for organizations and that transcribing them can be costly. So, we offer high-quality transcription services that won’t break the bank—we have options to fit any budget without sacrificing 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 technicalities or answer any questions for a smooth customer experience.
- Customizability: Our transcription services aren’t just about accuracy and meeting the client’s requirements. 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 needs and ensure you get exactly what you need to reach your goals.
Experience Our Business Transcription Services
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. Not convinced? Contact us today for a free trial.
Ditto Transcripts is a Denver, Colorado-based transcription company that provides fast, accurate, and affordable transcription services for businesses of all sizes. Call (720) 287-3710 today for a free quote, and ask about our free five-day trial.
