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 play safe in the complicated regulatory environment is finance transcription.
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:
- Transcription assists banks in preparing for audits by providing accurate records of operations.
- Banks must comply with various laws and regulations, such as the Bank Secrecy Act and the Americans with Disabilities Act.
- Transcripts benefit individuals with language barriers, learning disabilities, or those who prefer reading over listening.
Relevance of Finance Transcription Services in Banking
Transcripts can construct a clear audit trail for banks to demonstrate adherence to KYC requirements. Regulatory compliance from the Bank Secrecy Act and others mandates banks to maintain thorough records of transactions, including financial information, consequently making transcription relevant to the industry.
Transcriptions ensure that conversations around loan processing 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 reveals frequently raised issues, leading to quick resolutions—significantly improving customer satisfaction.
Transcriptions Leveraged in the Financial Industry
Now that we understand transcriptions’ relevance to the banking industry, below are the common types of transcriptions leveraged in the financial industry.
| 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 has much to offer the financial sector, and compliance with laws and regulations is one of its significant benefits. 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.
Suppose a legal dispute arises. Having well-maintained records supported by transcription can help banks protect themselves from potential penalties since they can easily prove adherence to these regulatory requirements.
Monitoring for Compliance
Compliance monitoring is another crucial part of banking; human-made transcriptions are very handy. 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 spot potential compliance issues, such as improper sales practices or violations of consumer protection laws—find and fix issues before they become bigger 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 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.
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 easily 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 need additional guidance so that they can provide 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 many risks, such as money laundering and operational risks related to employee misconduct or system failures.
Converting crucial audio recordings into text helps banks analyze textual data for potential red flags from a mile away. These transcripts can be scanned using keywords associated with high-risk activities, allowing compliance teams to investigate suspicious patterns quickly.
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 additional employee training in a timely manner.
Laws and Regulations Where Transcription Can Be Crucial for Banks
Now that we understand why transcriptions are considered a compliance cornerstone in banking, below are some of the laws and regulations surrounding the sector—there are more of them.
- 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 transcriptions have for the banks—though there is still more to it.
Inclusivity in Financial Services
Beyond expanding the reach of recordings, transcripts—and, by extension, captions—are 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.
Research demonstrates that captions improve retention and comprehension for all users.
While various captioning applications become a standard accommodation, it’s essential to understand this service may be a legal obligation under accessibility laws such as the ADA.
Transcripts are not merely optional. Rather, they are fundamental to creating a compliant financial services environment.
Supporting Employees with Disabilities
Transcripts can be used by banks to support 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 and, worse, a negative image for the business.
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 and captions is a good business decision that shows the institution’s commitment to inclusivity.
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 simply prefer reading over listening.
Choose Ditto As Your Financial Transcription Service Partner
Don’t settle for automated transcriptions that are only 86% accurate 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 banking 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 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. 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.
