InSmart Compliance, leading the financial industry to the 3.0 era of Synchronous Audio and Video Recordings
Since regulators first required synchronous audio and video recordings in 2016, banking, insurance, securities, and other financial institutions have normalized video recordings when selling financial products. However, most of their recording processes are still in the original 1.0 stage: manual record and manual inspection. There is no unified recording standard or systematic guidance during the recording process, which causes salesmen to submit a large number of ineligible recordings. An exceptionally high rate of the recordings needs to be redone as a result. This lack of guidance also causes manual quality inspection to be time-consuming and endless.
To solve the problem of the inefficiency and high cost of the manual quality inspection process, many financial institutions began to develop systems to make the recording and inspection process more manageable. Therefore, various synchronous audio and video recordings systems, cloud-based quality inspection platforms, and other similar products have emerged. The synchronous audio and video recording system have then entered its 2.0 era with machine assistance. Certain intelligent technologies have been adopted in 2.0 products, such as verbal prompts, instructional voice assistance, and facial recognition. Yet, research shows that the upgraded products still face a variety of problems, like a relatively low level of intelligence and poor performance in fitting business scenarios. In terms of recording, insurance agents still need to give verbal prompts for standardized guidance throughout the process; an error in one step will cause the entire recording process to fail, leading to a poor interactive experience. On the quality inspection end, only some of the steps are available for intelligent quality inspection. Low accuracy in voice and face recognition is also likely to cause compliance risks.
Faced with the increasingly stringent regulatory requirements, rising labor costs, and poor business experiences, the traditional 1.0 and 2.0 version products can hardly meet financial institutions’ business expansion needs. To solve the pain points existing in the sales practice recording business, Denali innovated and launched a smart recording system — InSmart Compliance. The product is a smart, convenient, efficient, and reliable solution that fully meets compliance requirements. Moreover, it helps empower financial institutions to significantly improve their business efficiency, reduce labor costs, optimize the customer experience, and increase their revenue with lower costs and higher customer service quality.
Intelligence: Contributes to achieving intelligent transformation throughout the process with the comprehensive use of big data and other intelligent technologies.
InSmart Compliance is in strict accordance with regulatory requirements, in perfect harmony with business scenarios, and has used a combination of big data and intelligent technologies, such as biometric identification, image analysis, to perform a holistic smart examination, including face recognition, identification, clause detection, signature detection, and highly accurate quality inspection.
Efficiency: Contribute to an increased pass rate of over 90% and reduce 50% of the labor cost.
The system adopts smart recording technology, real-time quality inspection, and post-smart-quality inspection assisted with the manual review, thereby enhancing efficiency in quality inspections.
Convenience: Voice assistance and compliance reminders contribute to a better interactive experience.
The system is equipped with voice assistance to provide recording guidance and ensure a standardized process, dramatically easing the agent’s heavy burden. The contactless operation is convenient for institutions to carry out business during the pandemic period. Meanwhile, synchronous detection and real-time routine reminders can execute while recording.
Reliability: Ensure that each order is compliant and contributes to establishing unified quality inspection standards.
The system is committed to ensuring that more than 90% of insurance policy sales will pass the inspection after one sales practice recording and one real-time quality inspection.
Denali will continue introducing more intelligent solutions for the financial industry and implementing big data and other smart technologies in commercial applications in the financial sector, thus improving customers’ core competitiveness in the ever-evolving smart era.
