With regulations updating frequently and in an attempt to maintain compliance, fintech companies are under a lot of pressure. Things are worse for startups. As they scale, the volume of strategic conversations, whether pitch calls or compliance reports, grows exponentially. The need to document these is no longer optional. Any missing information can cost the company, both structurally and financially.
Transcription tools like Transkriptor can help here. These audio-to-text tools can automatically transcribe and document your strategic conversations accurately, streamline your workflow, and help maintain transparency.
Fintech Companies and Voice-Based Data
Founders spent most of their time communicating verbally. People rarely document the conversations in boardroom sessions, investor meetings, customer interviews, compliance check-ins, or team standups. This potentially increases the risk of losing key details shared during these sessions.
Financial services realize this and are trying to adapt to the new form of communication. They spend billions of dollars on fintech. According to Statista, in 2024, they recorded around $25.9 billion in investments worldwide. Voice and speech technology forms a significant part of these payments.
The speech-to-text tools convert these conversations into searchable, editable, and shareable documentation. This allows the fintech companies to maintain transparent communication and keep a detailed record of the conversations. Other benefits include:
- Better Customer Service: Speech-to-text tools transcribe client conversations and feedback into a written document. Companies can analyze these documents to understand their issues better and address them.
- Simplify Communication: Speech-to-text tools eliminate the need to type or take notes during conversations. This is especially helpful for fintech companies, where fast and precise documentation is crucial. They can now focus on other strategic tasks and achieve the company’s long-term vision.
- Maintain Transparency: Establishing transparency with investors is a recurring challenge, especially for startups. The insights shared and decisions made are now transformed into living records. So, stakeholders don’t need to rely on memory to recall conversations made during meetings. This improves continuity and removes any misunderstandings. Also, it allows them to track progress against discussed plans.
- Going International: Many tools offer multi-language support, so fintech companies can communicate with international clients without hiring a translator. This allows them to expand their business worldwide quickly.
Transkriptor is an audio-to-text tool with various functionalities that assist fintech companies. It is accurate, supports multiple languages, and is easy to use. Such tools are suitable for documenting conversations, streamlining administrative tasks, and improving efficiency.
Applications of Transcription Tools Across Fintech Subsectors
Transcription services streamline the documentation process, which is the core of fintech companies. So, its utility varies across fintech subsectors, which can be as follows:
- Digital Lending: Digital lending platforms often use video KYC, video or audio interviews, or similar methods to assess loan applicants. Transcribing these records accurately allows for a thorough application review and ensures that the information provided complies with existing regulations. In addition, they can record customer interactions to resolve disputes, manage complaints, and improve customer service.
- Banking: Similar to lending platforms, banks must maintain detailed records of their customer interactions. A study by PMC shows that manual transcription has a 3.7% error rate. In contrast, automated transcriptions are up to 99% accurate. The accurate time-stamped records of these interactions ensure that the bank adheres to industry standards.
- Insurtech: Documenting claims, calls, and verbal communication helps insurance companies improve efficiency, detect fraud, and enhance customer service. Managers can also use transcripts to identify patterns and trends and provide valuable insights on risk management.
- Embedded Finance: Embedded finance and transcription are interlinked in many ways. These can range from providing detailed records of financial conversations to documenting financial transactions and improving user experience. Embedded finance through transcriptions makes financial information accessible to audiences with hearing impairments.
Best Practices for Using Transcription in Fintech Startups
Regulations concerning handling, documenting, and retention are strict in fintech startups. So, it is crucial to stay compliant with them. Many organizations have turned towards transcription for potential assistance, but here are the best practices to follow:
- Adopt an Efficient Transcription Tool: Ensure that you use transcription software that is quick and accurate and lets you edit the output. The software must also be flexible regarding file types, languages, and accents, and have other tools.
- Do not Rely on Transcription Alone: Do not build your supervision program and compliance review on a foundation that solely depends on the transcription tool. Irrespective of the efficiency, AI can make mistakes, so it’s crucial to have human intervention and perform a thorough review of the written output.
- Create a Transparent Workflow: Transparency should be at the core of fintech startups. To ensure that, create an internal documentation workflow to review and store the transcripts. Create clear roles for the individuals regarding how to review, where to store, and how the documents are referenced.
- Pair with CRM tools: To maintain transparency, you can pair your transcription tools with Notion, CRM, and other ticketing systems. The systems automatically update your documents, which fosters performance tracking.
Conclusion
As fintech startups grow, maintaining transparency with stakeholders provides a competitive edge. Transcription tools simplify communication while preserving context, intent, and decisions. You can document your calls, meetings, and other conversations and use them to coordinate better with teams and investors.
Platforms like Transkriptor provide fintech startups with transcription capabilities that scale with their communication needs. Audio-to-text tools can help transform conversation into content, and startups move faster, with fewer gaps in understanding and greater trust across every stakeholder group.
