Why Transcription is an Important Tool for Financial Services
Updated: Apr 27
Did you know that any mistake, no matter how minor, can cost a financial services company millions of dollars and a lost reputation? It may not seem clear at first when running a financial services company to turn regular meetings and sessions with clients into video and audio files, but such record-keeping will create a system where data, accountability, and trust are at the forefront of your business dealings. It is equally important to create text or transcriptions from all of that media, as video and audio can take up so much space, whether in the cloud or on a hard drive.
Thankfully, according to a 2022 report from IBISWorld, there are over 57,000 companies offering transcription services, and all are ready to turn your words into type, minute by minute. But, if your company has good data storage, why is transcription a good idea? And why should you hire an outside company to do this work?
The Written Word
Financial services deal with clients big and small, banks local and larger. It’s a burden to not have information typed up and clearly defined. The written word should never be underestimated.
Although massive data storage is a plus, sifting through the overwhelming duration of each and every video and audio file would be a great hassle, especially as it’s difficult to search easily for specific keywords and phrases in those formats. By having a professional take those media files and word for word type out what was said and by whom, the opportunity to scrutinize and search for information from these meetings becomes greater, and you’ll find peace of mind in the helpful addition of flexibility that word documents provide when it comes to incorporating with spreadsheets and other alternative data organizing.
Time and Effort
The most obvious benefit to having someone do transcription for your financial services business is how much time and effort it saves you and your employees and other contractors. Focus is not just essential when handling financial information; it’s key to the work itself. When a client wants a breakdown of data, they don’t want any mistakes in their reports or hear any excuses for poor work. Numbers upon numbers can crisscross your screen and in your mind, so again, as much focus is crucial. Having to do your own transcribing of audio and video would only be a hindrance, especially if that’s not your field of expertise.
By hiring a transcription service, you’ll ensure - to use a sports phrase - that all bases are covered when it comes to record-keeping and information collecting on all audio and video media necessary to deliver the best possible financial work for your clients.
Who Said What, and When
Returning to the subjects of time and searchability, it’s important to note that any good transcription service won’t just type out what was said on a given media file, but will label every piece of dialogue with the person who said it and when it was said. In sifting through text, just like when dealing with numbers, you’ll want the task to be as foolproof as possible. In one scan, you can quickly find what information you need by the records of name and time.
You and your employees should never have to deal with problems in sourcing data from media files, and your clients should be able to find convenience in the knowledge that a professional transcriptionist has everything typed up and written down for all to read.