Banks are collecting information at such a rapid rate that they cannot physically process it – which is where Joanne Smith’s Recordsure business comes in.
Smith was working in financial services when she noticed the common problem faced by commercial banks: information overload.
She set up RegTech Recordsure in 2012 to combat the problem.
“These organisations were already collecting more information than they could physically process, and so the challenge became how do you harness this data at scale to drive performance and culture?” she told BusinessCloud.
Smith says traditional methods for monitoring customer interactions are labour-intensive, particularly for compliance purposes.
“Reviewers need to physically read a mountain of written correspondence or listen to conversation recordings where every hour of audio takes three hours to analyse,” she explained.
The result was that most firms were relying on a small samples, typically between only one and five per cent, for larger insights.
The solution was obvious: “It was very easy once I had made my mind up to do it you just have to make it happen.
“It was clear from the start that it would need to be driven by innovative technology and AI.”
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Recordsure helps financial organisations improve performance and culture by providing actionable insights from customer interactions on a uniquely scalable basis.
The platform uses advanced AI to gather valuable data across all customer touch points, organises it at scale and draws ground-breaking insights to efficiently improve compliance and customer care in regulated environments.
The product required four years of research and development, but after launching in 2016 it has since shown similarly transformational results, having seen a revenue growth of over 200 per cent year on year.
Following such promising results the company is now eyeing international expansion, and is currently expanding its presence with its first deployments in Australia.
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Though the company uses AI, it is still powered by humans. It has 120 staff when combined with sister company, retail marketing campaigns firm TCC.
Smith, who won the Entrepreneur Award at the FDM everywoman in Technology Awards, believes that rather than replacing human workers, AI is best-place to take up the heavy lifting.
“We don’t replace human decision makers but enable them to cover ground much more quickly and take them straight to the needle in the haystack,” she said.
It shows in the company’s results. The technology has increased the historically few per cent of samples which companies must rely on to an active monitor of 100 per cent of customer interactions.
The tech also intelligently directs resources to where they are most important.
“[It] is simply transformational,” said Smith, who is an investor in the business alongside the Business Growth Fund.
“This information isn’t just important for compliance and risk management – it also sheds unique insights which are used to drive customer care, sales optimisation and staff training.”