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Video-recorded notes simplify compliance in finance

Video-recorded notes simplify compliance in finance

Regulation in the finance sector is  constantly evolving. The new MiFID II regulation  requires effective note-taking after meetings. Although video isn’t specified, the regulation forces financial institutions to “capture any substantive points raised in the relevant conversation that provide material context and colour to the decision taken by the client.”

Some financial organisations will interpret this as a need to invest in a lot of pen and paper, or to brush up on typing skills, but manually written notes are subject to human error and consume a great deal of an advisors precious time.

Other financial institutions are thinking ahead and digitising their note-taking by video-recording them. This modern method of note taking is not limited to new fintechs either. Lloyds Banks and Halifax offer their customers advisor appointments through a video link, and Barclays also offer video appointments for confidential conversations, to discuss account services and mortgage-related questions.

 

Staying ahead of regulation with video technology

Meetings between financial advisors and clients that are video recorded can provide indisputable proof of what was discussed and agreed. While MiFID II does not explicity state video notes are required, the financial institutions that have started this practice are no-doubt getting ahead of where regulation is heading and are satisfying the requirements of MiFID II.

It won’t take long for the use of video within banking to become recognised and regulated in future iterations of industry regulation. Even now with eDiscovery, financial organisations must be able to find, secure and produce any electronic data that could be useful in legal action. This extends to video as it falls under Electronically Stored Information (ESI). So it’s not that this level of digitisation is a thing of the future, it’s happening right now.

 

Video recorded notes deliver process efficiency

The benefits of video recording client meetings doesn’t end with maintaining compliance. In discussions we’ve had with financial institutions they’ve stated that the use of video to capture post-meeting notes is part of making such processes more efficient.

Consider that when typing or even hand-writing notes from a client meeting, it could take an advisor up to 20 minutes to do this. With a video recording, be it on a smartphone or computer webcam, this process is reduced to a few minutes. If an advisor has five client meetings per day, we’re looking at saving them two months per year of manually capturing notes.

 

Increased volumes of video requires proper management

Financial orgnisations will need an appropriate software solution to help them manage, store, tag and retrieve the growing volumes of video files. Investing in the right solution will also enables them to comply with the regulations discussed previously.

Investing in the right solution allows financial organisations to easily manage their video data. Additional functionality like speech-to-text, which applies tags and metadata to the video files,  enables faster retrival of the files. This is particularly helpful with eDiscovery and compliance processes.

The financial institutions that are implementing the use of video already are not only getting ahead of current and future regulation requirements, but competitors as well. And with a robust Media Asset Manangement system, they will be leading the pack.

NEW REPORT: VIDEO IN FINANCIAL SERVICES – SOLVING RISK AND COMPLIANCE CHALLENGES

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Access and download our latest report, exploring the value of utilising video in banking and finance. Learn how leading financial institutions are using video to revolutionise compliance processes and drive better customer experiences.

Video in Financial Services
Tom Halkyard

Tom Halkyard

Tom joined the Imagen Marketing team in 2015 and has since helped to build and deliver the Imagen brand through multiple channels. He also has a keen interest in sports and technology.

More posts by Tom Halkyard

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