UK bank Natwest has partnered with London-based AI startup Recordsure to trial a new AI-powered compliance tool that can understand the human conversation and use contextual cues to monitor and classify sections of conversation.
The bank is exploring the so-called ‘RegTech’ innovation to help drive efficiencies in its compliance efforts with the startup claiming its tech can help make compliance processes up to 50% more efficient.
With a customer’s consent, the system works by recording face-to-face and telephone conversations, which are immediately encrypted and uploaded as an audio recording to the cloud in real-time.
Recordsure’s AI-powered platform is then able to analyse the recording where it can determine which parts of the conversation were, for example, general chitchat, which parts were financial advice and it can even identify if and when certain topics or issues were broached.
The trial, which will initially be rolled out for some of Natwest’s mortgage advisors, will allow the bank monitor and improve the quality of information and advice it is giving to customers, while the system itself will be continually learning from its experience to drive further improvements.
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, commented:
“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.”
Written by: Billy Wood
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