"Last year we scrapped bonuses for frontline staff so customers would know our advice was based on their needs, not commission."
The AI technology understands human conversation and context, allowing it to classify sections of conversation and make compliance processes 50% more efficient.
With customer consent, Recordsure’s technology records face-to-face and telephone conversations, encrypting and uploading an audio recording to the secure cloud in real time, making it impossible for the data to be tampered with. The system also sends an alert if the microphone has been disconnected or if there is a long period of silence.
Customers and staff can listen back to the conversations, which are securely stored on servers at former UK and US military facilities built to protect data and people in the event of a nuclear attack.
The artificial intelligence technology analyses an interaction, then classifies sections of the conversation. For instance, it can identify where in an interaction a customer was given initial disclosures, which parts were financial advice, and even which parts were general chitchat. It can also identify whether certain topics or issues have not been discussed.
NatWest is currently trialling Recordsure’s technology with some of its mortgage advisers and is looking at how it could be applied to improve the customer experience in other areas of the bank where regulated conversations take place.
Les Matheson, CEO of Personal and Business Banking, said: “We want to restore trust and give customers complete confidence in us. Last year we scrapped bonuses for frontline staff so customers would know our advice was based on their needs, not commission. This trial goes even further and we look forward to seeing how it can improve the service we provide.”
Joanne Smith, CEO of Recordsure, added: “NatWest has seen first hand how our technology can provide a better experience for customers and improve compliance oversight for staff. Recordsure can create significant efficiencies in banks’ compliance monitoring processes, resulting in up to a 50% reduction in compliance costs which means staff will have more time to spend proactively helping customers.”
“The Recordsure technology will help NatWest to become much better at living up to the high standards of compliance and conduct that it has committed to.”
