Five minutes with Recordsure

What benefits will intelliflo office clients see from using Recordsure’s ReviewAI solution?

The intelliflo office ReviewAI integration can significantly cut down the time firms spend monitoring and evidencing advice suitability. It breaks down lengthy documents and conversations into summary themes, grouping all relevant information in one place, topic by topic. It can also create a checklist to ensure that the adviser has completed all the necessary steps and documents in the firm’s advice process. Then the software packages up the results of the checklists to confirm that the advice was suitable, or highlight what could have been done better, along with the relevant evidence from the documents or transcripts reviewed. Finally, it stores them together in the client’s file in intelliflo office, creating a clear evidence trail to meet regulatory requirements.

We’ve also recently launched new Recordsure AI meeting notes that allows firms to turn their client conversations into compliant, actionable summaries. This new AI tool means intelliflo clients can enjoy improved efficiencies in their client admin processes as well as increased adviser productivity.

How do your solutions help advisers meet the FCA’s Consumer Duty requirements?

Consumer Duty has created additional work for review teams by putting greater emphasis on the need for them to document that they are providing consistent, suitable advice that delivers good outcomes for clients. Our AI tools help firms take a cost-effective, consistent approach to completing reviews and as all documentation is saved in the relevant client file in intelliflo office, the evidence required to demonstrate compliance with the regulations is easily accessible when required.

By enabling the comparison of ‘what was said’ against ‘what was documented’, firms are in a far better position to assess themselves against the Consumer Duty’s Customer Understanding outcome; whilst the robust evidence trail generated by ReviewAI is invaluable in fulfilling the Duty’s Customer Support outcome.

Where do you see the future of AI in financial advice?

I think AI will bring huge positive change to financial services, automating parts of the process so that people can focus their expertise on specialist activity and customer care. But it’s really important that advice firms use AI solutions that meet the specific needs of the sector. This is why intelliflo’s work to add advice-specific AI solutions to the app store that deliver differentiated functionality within the advice process is hugely beneficial as it gives firms confidence that the tools they are using fit the required purpose.

For instance, generative AI tools like ChatGPT are great if you need support in creating new content or improving the user experience, but RegTech tools that need to analyse whether documentation or audio files comply with the relevant regulations for suitable financial advice require a different approach. Recordsure’s AI models have been trained over 12 years by our in-house team of linguistics analysts and speech recognition scientists in the context and language of financial advice so that it can find and examine a firm’s data and ensure compliance with the sector’s specific rules. Through this work, we’ve created a sophisticated, accurate review framework that reduces the burden of advice reviews and allows specialists to focus their expertise where it’s really needed – one that we believe is unique in the industry.