Efficiency and ComplianceVoice Documentation for Financial Services

Lets Take a Look

• Common challenges within financial services

• Description of voice documentation• How voice documentation addresses

industry challenges

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?

1. Process design2. Technology investment3. Effective training4. Performance monitoring

Efficiency drivers

Challenge: Operational Efficiency

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?

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

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

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

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

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.

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!

• 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