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NatWest trials artificial intelligence for advice compliance

NatWest trials artificial intelligence for advice compliance

NatWest is trialling an artificial intelligence compliance tool designed to reassure customers that they are getting the best advice in regulated conversations.

The bank’s Recordsure technology will record audio visual consultations, which both the client adviser and the consenting customer will have immediate access to in order to review what was said. 

Artificial intelligence technology analyses the conversation, and segments portions of the dialogue into different files, such as elements dealing with initial disclosure, financial advice, and even general chat.

It is also capable of flagging up topic areas that were not covered and has the ability to learn and adapt, insuring the system is continually improving. 

Leo Matheson, CEO of Personal and Business Banking at Natwest, 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.”

For security purposes the conversations are encrypted and uploaded to a secure cloud in real time, which the bank states renders the file impossible to be tampered with. System servers will be stored at former military facilities that were constructed to protect data and people in the event of a nuclear strike. 

Recordsure is currently being trialled with some NatWest mortgage advisers, although the bank is keen to roll it out to other areas where regulated conversations occur.

Joanne Smith, CEO of Recordsure, said: “NatWest has seen first-hand how our technology can provide a better experience for customers and improve compliance oversight for staff. 

“Recordsure can create significant efficiencies in banks’ compliance monitoring processes, resulting in up to a 50 per cent reduction in compliance costs, which means staff will have more time to spend proactively helping customers.”

Matthew Harris, director of Dalbeath Financial Planning, said: “I think it’s good that NatWest is innovating in this way. It’s certainly something a corporation as big as they are should be looking into. For advisers, however, this level of AI is probably a step too far. 

“I think it’s much more important for advisers to ensure we have a clear record of what’s been said, that we cover the regulatory requirements on warnings and such, and the content of the conversation is agreed with the client.”