efficiency and compliance voice documentation for financial services
TRANSCRIPT
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Efficiency and ComplianceVoice Documentation for Financial Services
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Lets Take a Look
• Common challenges within financial services
• Description of voice documentation• How voice documentation addresses
industry challenges
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Challenge: Operational Efficiency
• Financial services are largely commoditized
• Cost control is key to increasing profits
• Quicker delivery of revenue-driving service speeds payment
Efficiency drives profits
How do you drive efficiency?
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1. Process design2. Technology investment3. Effective training4. Performance monitoring
Efficiency drivers
Challenge: Operational Efficiency
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Challenge: Compliance
• Every aspect of the industry is heavily regulated
• Documentation of virtually all communications and transactions is required
• All processes and technology investments must consider compliance impact
High cost of regulation
How do you balance these challenges?
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Process Efficiency• Train on processes• Monitor performance• Provide tools to
accelerate delivery
Compliance• Document all
transactions• Secure private
information• Verify and
communicate key information with client
Challenge: Striking a Balance
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Solution: Voice Documentation
• Technology that creates digital media documents from business telephone calls
• Centrally stores voice documents in secure network appliance
• Provides the ability to organize, retrieve, comment upon and share voice documents
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How This Works
1. A credit card specialist takes an application over the phone
2. You review the application and the voice document3. The process was not followed properly – SSN
verification was not given – so you note the error and share the voice document with your notes with the specialist
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Efficiency Uses
• Provide best practice examples to staff for training
• Review periodically to monitor process adherence
• Retrieve specific documents to manage disputes or problems
• Give phone users ability to review voice documents rather than repeat calls to correct mistaken information
Process administration
56% of business contact attempts fail at least on first attempt* - slowing delivery!
Source: Unified Communications Application: Uses and Benefits, Sage Research, 2006
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Other Uses
• Speed information transfer to speed process completion
• Document transaction requests for auditing and compliance• Loan applications• Transfer requests• Brokerage transactions• Insurance applications• Policy changes• Insurance claims• Etc.
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A Solution by Design
• Talkument uses patent-pending Portable Voice Document (PVD) technology
• PVD technology promotes collaboration through its highlighting, commenting and sharing features
• Voice documents never leave the appliance…access is granted via encrypted file streaming
• Access is permissions-based using role definitions and voice document categorization
Talkument promotes process administration and efficiency while being fully secure and GLBA compliant!
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• Financial services institutions deal with process and compliance challenges
• Voice documentation provides a way to resolve some of these challenges efficiently
• Talkument offers compliant, easy to use voice documentation
Review