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The Value of Transcription in Financial Services

an image depicting the value of financial services transcription an image depicting the value of financial services transcription

Like any other business, banks are always looking for ways to improve their operations, provide better customer service, and stay ahead of the competition. Fortunately for banks, business transcription companies offer a multi-pronged approach to business process enhancement. More and more financial services recognize the value of transcriptions and are investing in these solutions. In fact, according to recent statistics, the business transcription market will be worth a staggering $3.01 billion by the end of 2024

So, how is transcription transforming the banking industry, and how are banks using it to improve their business operations?

In this article, you’ll learn how:

  • Business transcription allows banks to convert spoken recordings of customer interactions, meetings, and conference calls into written text for analysis.
  • Transcripts help banks ensure quality by allowing assurance teams to assess representatives’ performance.
  • Banks can use transcripts to ensure proper procedures are followed and maintain compliance with regulations like the Bank Secrecy Act.

The Value of Transcription in The Financial Services Industry

Business transcription converts conversational audio or video recordings into written text. Banks rely on precise records—customer interactions, meetings, and conference calls—to comply with regulations like the Gramm-Leach-Bliley Act and improve customer service.

Business transcripts allow banking staff to quickly find crucial information without reviewing entire recordings, saving time. High-quality transcripts have multiple purposes, such as employee training, customer support, data analysis, and legal documentation.

However, to ensure the quality of the final transcripts, many banking institutions partner with specialized transcription services that employ skilled human transcribers, like Ditto Transcripts.

Settings in Banks Where Transcription Can Be Useful

Below are some bank settings where business transcription can be handy. 

Settings
Customer service callsMonitors service quality, identifies areas for improvement, and resolves disputes
Sales and marketing callsProvides insights into customer preferences, objections, and successful sales strategies
Compliance recordingsMaintains accurate records to meet regulatory requirements and protect against legal disputes
Training sessionsCreates reference materials for future employees and ensures consistent training
Earnings callsProvides transparency and helps investors make informed decisions
Risk management Identifies potential threats and enables proactive measures to mitigate risks
Internal meetingsEnsures all participants have access to accurate records of decisions made and action items assigned

Benefits of Transcription For Banks

Now that we’ve explored the value of transcription for financial services, let’s discuss its objective and empirical benefits:

Help Ensure Quality Through Effective Measures

The banks’ quality assurance teams can analyze customer call transcripts to assess the representatives’ performance and pinpoint areas for improvement. This allows managers to provide constructive feedback to enhance the overall quality of customer interactions.

Moreover, these business transcripts let managers verify that representatives follow proper protocols, provide accurate information, and deliver consistent service. Quality assurance professionals can also use transcripts to identify trends in customer interactions so that the personnel in charge can proactively address common issues.

Maintaining Compliance with Established Standards

Regulations like the Bank Secrecy Act mandate that banks maintain an accurate record of customer interactions to maintain compliance. This mere fact makes transcriptions even more crucial for these institutions. Compliance teams can review transcripts to ensure that everyone involved in the operation adheres to the required procedures. 

In addition, transcripts are a permanent record of customer interactions, meaning banking institutions can demonstrate their compliance efforts to auditors. Business transcripts can also help banks swiftly correct potential compliance breaches since they can spot these rising issues early on.

Providing Targeted Training to Improve Skills 

Training managers can use transcripts to identify areas where representatives excel and where they need additional support. The insights found in these transcripts allow banks to develop personalized training programs that address specific skill gaps.

Transcripts of customer calls contain real-life examples that can be incorporated into training sessions to help representatives understand how to handle different customer scenarios effectively. Managers can use transcripts to showcase exemplary interactions and encourage representatives to learn from their top-performing colleagues.

Over time, this targeted approach to training, driven by insights from customer interaction transcripts, can significantly lift the overall skill level of the customer service team.

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 straight out of the gate. 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.

In addition, accurate transcripts allow banks to resolve customer complaints more effectively, identify areas for improvement in their services, and maintain positive relationships with their clients.

Gaining Insights from the Voice of the Customer

Customers or clients are the lifeblood of every business, and banks can gain many useful insights by transcribing customer interactions. Business transcripts can also be used as a rich source of qualitative data, revealing customers’ needs, preferences, pain points, and sentiments in their own words.

Banks can analyze transcripts to identify trends, allowing them to develop processes that better align with customer expectations. Insights gained from business transcripts can also help banks prioritize initiatives based on their potential impact on customer satisfaction. Moreover, banking institutions can quickly adapt to shifting market dynamics by monitoring changes in client/customer sentiments.

Better Management of Knowledge Base Resources

Transcripts of customer conversations, meetings, and other interactions serve as a centralized repository of institutional knowledge, reducing the risk of important insights being lost over time.

With these knowledge articles, customer service representatives can quickly access transcripts for relevant information rather than trying to remember process training when they’re still newbies in the company. Managers can use transcripts to identify common customer questions and proactively update knowledge base articles and FAQs.

Transcripts also make it easier to train new employees, as they contain real-world examples of handling different customer scenarios—as mentioned in the previous sections.

What Other Uses Cases Do Transcriptions Bring to the Table?

Here are other specific use cases for transcription services in banking:

Inclusivity in Financial Services

Beyond expanding the reach of recordings, transcripts help provide 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 important to understand this service may be a legal obligation under accessibility laws such as the Americans with Disabilities Act.

Therefore, transcripts are fundamental to creating a compliant financial services environment.

Supporting Employees with Disabilities

Compliance with the Americans with Disabilities Act 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 as daylight that neglecting these regulatory requirements can result in severe legal challenges.

Serving Diverse Customer Needs

Although the Americans with Disabilities Act does not explicitly address online accessibility, the 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 and better customer experience. 

Many of the most active investors belong to age groups with higher rates of hearing loss, and providing captions for earnings calls can alleviate frustration within this demographic. Transcripts also benefit individuals with language barriers, learning disabilities, or those who prefer reading over listening.

Choose Ditto As Your Business Transcription Service Partner

The value of transcriptions for financial services heavily relies on accuracy. So, don’t settle for automated transcriptions, which, according to studies, are only 86% accurate. Not 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 doesn’t rely on machine learning. We have professional transcriptionists who understand the subtlety of multiple speakers or banking jargon. They’ll create transcripts that 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 customer data. 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 better customer experience. 
  • Customizability: 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.

Maximize the Value of Transcription For Financial Services With Us

Enhance your processes with transcripts made by 100% human, U.S.-based transcribers at affordable prices. Ditto Transcript offers unparalleled quality, accuracy, and security, making us the best choice for bank and other business transcription needs. 

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.

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