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How Dragon can save Financial Services professionals time and money

Finance services professionals spend a lot of their time working with text. We speak a lot faster than even the fastest of us can type, and so it makes sense to consider using speech recognition to speed up the process of document production. With no loss of document quality, and a more efficient service provided to clients, there has never been a better time for financial professionals to consider speech recognition as a way to save time and cut costs.

Anybody who runs a business will spend time scratching their head to work out the best ways to be as productive as possible. Regular reviews can streamline processes which have become leggy and trim expenditure that’s grown organically but that’s far from the only way to improve productivity and cut costs. Investment in new ways of doing things can be vital.

Financial services is an area that’s heavily dependent on people and their expertise. Indeed people costs are often the key business expense. So financial services businesses are often on the lookout for ways to improve personal productivity without cutting corners, and without compromising the expertise that staff have developed through years of training and experience.

This is where Dragon has a huge contribution to make. Dragon turns spoken language into written text. It sounds like such a simple thing, but it can provide financial services businesses with a significant productivity boost. Consider these numbers:

  • 65-75. The average number of words a professional typist might manage in a minute.
  • 40. The average number of words a good but not trained typist might manage in a minute.
  • 120-150. The number of words we speak, on average, in a minute.

Dragon can convert the spoken word into editable text – and it does this as we speak at our natural speed.

It can also insert long sentences into text on instruction of short commands. This isn’t about sanitising or sterilising work. It isn’t about inserting standardised text in a document for the sake of it. It’s about spelling out acronyms so that clients can understand the complexities more easily. It is about saving finance professionals from the tedium of typing the same phrases again and again. It’s about ensuring that documents are as comprehensive and easy to understand as possible for clients.

So, imagine taking that 40 word a minute typist and giving them Dragon. They’re going to be able to create documents text three times faster than they can type. A 66% gain in productivity and they might also produce documents that are clearer and easier for the client to understand.

Let’s think in a bit more detail about what this looks like in the real world. The core of most financial businesses will be their Practice Management System, accessed by a financial planner or paraplanner. Lots of time is spent in this system. We’ve done some research which suggests in a typical 8 hour day there are more than 4 hours spent inside the management system on the kinds of work that can be streamlined through speech recognition.

These involve inputting text in some way or another, such as communicating with clients and others by email, producing meeting notes, preparing action lists and preparing reports for clients and others. There is scope to save considerable time (and in doing so save considerable cost) using speech recognition for these tasks.

What do the savings look like? Well, every office is different, so it’s not possible to quantify precisely. But our research shows that speech recognition software could save a business as much as £800 per user per week based on a fairly modest £50/hour salary cost.

It isn’t just about pure cost saving, though. Because documents can be produced more quickly, clients get feedback and information faster. This keeps clients happy, and helps build the company reputation as fast, efficient and effective. Happy clients are less likely to look elsewhere, and more likely to recommend your business to others.

Alistair Robbie

About Alistair Robbie

Alistair Robbie is the regional marketing manager at Nuance for the Dragon Professional & Consumer (P&C) division within Healthcare. He is responsible for the UK, Ireland and Benelux territories and has numerous years of marketing experience within the IT industry focusing on channel and field marketing. In his spare time, Alistair enjoys keeping active through running, playing squash and the gym as well as enjoying music, drinking wine from Chile and eating Mexican food!