Efficiency and Compliance

1. Efficiency and Compliance Voice Documentation for Financial Services

2. Lets Take a Look • Common challenges within financial services • Description of voice documentation • How voice documentation addresses industry challenges

3. Challenge: Operational Efficiency • Financial services are largely commoditized • Cost control is key to increasing profits • Quicker delivery of revenue-driving service speeds payment Efficiency drives profits How do you drive efficiency?

4. Challenge: Operational Efficiency • Process design • Technology investment • Effective training • Performance monitoring Efficiency drivers

5. Challenge: Compliance • Every aspect of the industry is heavily regulated • Documentation of virtually all communications and transactions is required • All processes and technology investments must consider compliance impact High cost of regulation How do you balance these challenges?

6. Challenge: Striking a Balance Process Efficiency Compliance Document all transactions Secure private information Verify and communicate key information with client • Train on processes • Monitor performance • Provide tools to accelerate delivery

7. Solution: Voice Documentation • Technology that creates digital media documents from business telephone calls • Centrally stores voice documents in secure network appliance • Provides the ability to organize, retrieve, comment upon and share voice documents

8. How This Works A credit card specialist takes an application over the phone You review the application and the voice document The process was not followed properly – SSN verification was not given – so you note the error and share the voice document with your notes with the specialist

9. Efficiency Uses Process administration • Provide best practice examples to staff for training • Review periodically to monitor process adherence • Retrieve specific documents to manage disputes or problems • Give phone users ability to review voice documents rather than repeat calls to correct mistaken information 56% of business contact attempts fail at least on first attempt* - slowing delivery! Source: Unified Communications Application: Uses and Benefits, Sage Research, 2006

10. Other Uses • Speed information transfer to speed process completion • Document transaction requests for auditing and compliance • Loan applications • Transfer requests • Brokerage transactions • Insurance applications • Policy changes • Insurance claims • Etc.

11. A Solution by Design • Talkument uses patent-pending Portable Voice Document (PVD) technology • PVD technology promotes collaboration through its highlighting, commenting and sharing features • Voice documents never leave the appliance…access is granted via encrypted file streaming • Access is permissions-based using role definitions and voice document categorization Talkument promotes process administration and efficiency while being fully secure and GLBA compliant!

12. Review • Financial services institutions deal with process and compliance challenges • Voice documentation provides a way to resolve some of these challenges efficiently • Talkument offers compliant, easy to use voice documentation