The financial services sector faces many challenges, including modernizing and adopting new ways of working and adopting technologies such as natural language processing, artificial intelligence, and machine learning. Firms are scrambling to digitize existing information documents to become more data-driven.
Document duplication is the most time-consuming task related to finance’s digital transformation, followed by data cleaning and enrichment tasks. As you can understand, financial transcription is the process of transcribing audio or video content into written text or structured data.
Financial transcriptions include earnings calls, recorded customer service calls, and annual meetings with shareholders and investors. These event simulations are great for finance departments in many areas of your business.
Why Is It Important to Transcription Financial Documents?
An accurate and timely financial transcript conveys its complete message in a way that is easy to find and listen to. You get the recordings replicated by a skilled team, helping organizations get the most out of their data. For example, transcribed financial reports can contribute to print publications or compile the latest press releases.
How Does Financial Transcription Work?
Financial transcription involves both automation and manual tasks. Due to the greater need for accuracy, it emphasizes the latter. It mainly uses optical character recognition (OCR) software to copy printed documents. Natural language processing (NLP) techniques can automate a large part of the process for audio and video files.
Does Outsourcing Help with Financial Transcription and How?
Financial transcription requires all the basic skills of a typical transcriptionist, such as keen attention to detail and excellent typing skills. However, domain knowledge is also essential given the high number of industry-specific terms in finance. Because your financial information is so sensitive, you should know that any outsourcing partner you work with, Tuan, has the skills and resources to ensure confidentiality in your contracts. A well-organized workforce can provide guarantees by working towards improving your team.
Here are the Top 3 Things to partner with an organized workforce that makes financial replication great:
1. Reducing Changeover Times
Many companies today still retain legacy data from printed statements and other documents. They generate audio and other data daily, which requires transcribing them into the text to unlock real value. These requirements are laborious and time-consuming for in-country teams. By working with a scalable managed workforce, you leverage the power of your cloud workforce on demand, which can significantly reduce turnaround times. Because transcription is so sensitive, it is often necessary to keep delivery times to a minimum to maintain this competitive advantage.
2. Avoid Costly Mistakes
Spreadsheet errors can cost businesses substantial financial losses. An inaccurate transcript can cause problems in everything from communication to tax compliance. That’s why financials transcription should never rely on automation alone. Financial copywriters must have domain-specific knowledge. An outsourcing partner with deep knowledge of the space will perfectly complement the financial vernacular and compliance requirements.
3. Lower Operational Costs
In-house transcriptionist services are the best option for you only when the workload is heavy and constant. It may be possible for financial services firms to have existing employees work around this, but if it involves removing them from their regular duties, productivity can suffer. Outsourcing allows businesses to have flexible pricing structures for their organization and replace fixed costs by hiring an in-house transcriptionist. Several best online accounting services for small businesses offer online accounting software services and calls with real accountants.
Final Thoughts
Transcribing financial documents at scale ensures complete transparency and confidentiality through our managed workforce. Check out our handy guide for finding the most reliable data entry and transcription services.
