Utilising speech recognition within a financial services business could save them more than £40,000 per employee each year, in terms of productivity gains, a new study claims.
The review analysed the use cases and practical applications of Dragon speech recognition software within financial services organisations. Nuance Communications commissioned the investigation and Financial Technology Research Centre (FTRC) carried it out.
Its research found that based on a full working day of eight hours, 480 minutes, on average, 205 minutes worth of tasks cannot leverage speech recognition. These are tasks such as client meetings or product and provider research.
The remaining time, 275 minutes can use the technology, this involves things like responding to emails, writing up meeting notes, preparing research notes, and the writing of client communications and recommendations letters. If speech recognition is used, a business can reduce the 275 minutes spent on these tasks down to just 73 minutes.
This 202 freed up time would account for around £168.08 based on a salary of £50 an hour for a financial planner or paraplanner, the report claims. This would add up to more than £40,000 per staff, per year.
Dragon is Nuance Communication’s speech engine which uses deep learning technology to handle multiple business processes.
Nuance VP Mark Geremia said, “Most individuals can speak approximately 120 to 150 words per minute, yet on average even a good typist can only reach around 40 words per minute. This clear gap underlines the potential for speech recognition tech to support our productivity, typing at the speed we speak.
“This study further reinforces the productivity gains organisations can unlock by deploying such technology – and then offering training and encouragement for employees embracing such new ways of working to deliver better results, faster.”