• NatWest partners with Recordsure to trial AI compliance tool to help give customers peace of mind
• Tool will record consultations, which customers can listen back to
• AI technology understands human conversation and context, allowing it to classify sections of conversation and make compliance processes 50 per cent more efficient
NatWest is trialling technology to give customers confidence they are getting the best possible information and advice. The bank has partnered with Recordsure and is exploring how its RegTech recording and analysis solution could be used 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.
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. The artificial intelligence is constantly learning and improving its understanding of interactions and context.
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.”
