The Benefits of Financial Transcription

By: Verbit Editorial

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In a recent survey, only 35% of financial services software leaders reported that accessibility was among their top strategic concerns. However, financial services firms like banks, insurers and asset managers are becoming increasingly dependent upon technology in their day-to-day operations. As they incorporate more of these tools into their businesses, it’s particularly important to consider whether they’re sufficiently accessible to all employees and clients.  

According to estimates, roughly 1 out of every 5 people in the U.S. has some sort of disability. Given this fact alone, it’s easy to see how a lack of accessibility could negatively impact a financial firm’s reputation, scalability and market share. There are many assistive technologies available today that can help financial firms make their web content, communications and events more inclusive of diverse audiences. One such technology is financial transcription. Let’s take a closer look at this accessibility solution and discuss ways finance professionals can incorporate transcription into their practices.  

What is financial transcription? 

Financial transcription is any transcription service that caters to the financial industry. However, before we dive into financial transcription, let’s discuss some of the basics of the transcription process. Transcription involves a transcriptionist who converts audio or video content into text. This process may require them to listen to an audio recording or attend a live event to create a written record of any audio information participants shared. Transcripts can support a wide variety of content formats and communications depending on the specific requirements of a project.  

Financial transcription is a form of transcription that specifically addresses the needs of financial services professionals. The basic process looks the same, but the implementation is unique to the financial sector. Financial transcripts can improve the accessibility of meetings, investor calls, marketing content and more. As a result, financial information becomes more accessible for individuals with certain disabilities.  

Who needs financial transcription? 

There are many different communities that stand to benefit from readily available financial transcripts. Clients, investors and employees alike can all take advantage of the added clarity provided by accurate transcripts. Some people require transcripts to access financial information, including:  

  • Individuals who are Deaf or hard of hearing  
  • People whose first language is something other than English  
  • Those with ADHD and other neurodiverse conditions  
  • Employees who work remotely  
  • Invitees who were unable to attend a specific meeting or event  

Essentially, transcription functions as a valuable tool for anyone who may require additional support to fully engage with auditory information. Providing a written transcript of both live and recorded communications can help to support those who need or prefer to receive information in a readable format. It’s a good idea to offer transcripts, whether people request them or not, as they can offer equitable messaging for all.  

Meeting transcription is one of the most widely used forms of financial transcription. Transcribing a meeting makes it more inclusive and also provides a written account of the information for future reference and record-keeping purposes. This technology solution supports everything from board meeting transcription to conference call transcription. With transcripts, all communications are more accessible, regardless of whether they take place remotely or in person.  

How does financial transcription work? 

It’s possible to create financial transcripts in a few different ways. Some firms may be tempted to task in-house employees with their transcription projects to save time or money. However, those without adequate transcription training are prone to making a substantial number of errors. This issue can negatively impact accessibility and pose public perception problems for the firm.  

For this reason, financial services firms should partner with a professional transcription provider like Verbit for transcription services. Verbit uses a dual approach to transcription that is capable of delivering highly accurate financial transcripts quickly and reliably. Here’s how it works:  

Step 1: Users upload a recording to Verbit’s platform.  

Step 2: Verbit uses its proprietary artificial intelligence software to create a transcript.  

Step 3: The initial transcript is reviewed and edited by a professionally trained human transcriber.  

Step 4: The user can download the final transcript in a variety of file formats that are compatible with popular social media and media hosting sites.  

Verbit also offers a number of live transcription services to support real-time communications that take place both in person and online. Verbit’s software integrates seamlessly with popular virtual communication platforms like Zoom and Microsoft Teams. Telecommuters and other virtual attendees can therefore access this resource. Verbit’s platform also makes it easy to request transcription of in-person events to offer more equitable experiences to all audience members.  

Tailor-made accessibility solutions from Verbit 

Financial services firms handle a high volume of often sensitive information from clients around the globe. Verbit’s transcription process protects user data for safe, secure transcription. As a company that partners with legal and finance organizations, we take data protection seriously. You can learn more about our robust security measures on our trust page.  

In addition to financial transcription, Verbit also offers captioning, translation, and audio description solutions to support a broad spectrum of accessibility and content creation needs for professionals in the financial sector. Whether you’re looking to create captions for a new marketing video or need your most recent earnings call translated for your international investors, Verbit’s platform can help you scale your accessibility initiatives while boosting overall productivity. Reach out today to learn more about how financial firms are incorporating Verbit’s assistive technologies into their existing workflows.