NatWest pilots AI compliance technology with Recordsure
UK-based high street bank NatWest is trialling Recordsure’s regtech recording and analysis solution “to improve and monitor the quality of information and advice provided during regulated customer conversations”.
“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,” NatWest explains.
The records are stored on servers “at former UK and US military facilities built to protect data and people in the event of a nuclear attack”. Whilst that is reassuring, let’s face it – if there is a nuclear explosion, who-said-what in a conversation about finances between a bank and a customer would be the least of our worries.
The artificial intelligence (AI) aspect of Recordsure’s technology analyses an interaction and then classifies sections of the conversation, according to the vendor.
Joanne Smith, CEO of Recordsure, says the solution “can create significant efficiencies in banks’ compliance monitoring processes, resulting in up to a 50% reduction in compliance costs”.
“We want to restore trust and give customers complete confidence in us,” states Les Matheson, CEO of personal and business banking at NatWest.
“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.”