As a financial professional, you already know that time is – quite literally – money in your pocket. Any tools that streamline processes and improve your operations are an investment in not only your firm, but also yourself.
Dictation software is one such tool, offering a quicker way to document your meetings, follow up with clients, assign tasks and so on. The crux falls in which dictation software you choose – from data privacy to accurate transcripts, how do you know which dictation software is right for your organization?
In this guide, we will navigate through the seven key factors you should consider when selecting dictation software, including accessibility, price, integration capabilities and more.
How to Choose Dictation Software: 7 Key Factors to Consider
1. Ease of Use/Accessibility
Financial professionals are always on the move, meeting clients, attending conferences or working remotely. If you’re looking for a solution that can meet your needs on-the-go, it’s important to consider how you’ll physically use the dictation software.
For example, does the software have an app? Will you need special equipment, such as a microphone, or will your phone suffice?
Also consider what the implementation period will be like, especially if you have a large team that will all need to learn the software. In these cases, an intuitive interface is crucial.
With the TalkIt+ app from Mobile Assistant, your team can record straight from their mobile devices from anywhere. Additionally, our simple templates provide guidance and direction to the user, making implementation and standardization a breeze.
Related: Take Your Meeting Notes Anywhere with the TalkIt+ App
2. Price
One of your first questions is likely, “What’s the price?”
You’ll want to determine whether the software follows a subscription-based model, pay-as-you-go or other pricing structure. At Mobile Assistant, our pricing depends on how much you say or how much content you need, offering several different pricing tiers based on your needs.
Understand the payment frequency and terms to ensure they align with your firm’s budgetary requirements. You’ll want to choose a pricing plan that accounts for scalability and growth, while also allowing you to manage your expenses.
3. Accuracy
In the financial sector, precision is paramount. You’re handling sensitive information for clients that requires extreme accuracy. Thus, you’ll need to choose dictation software with a high accuracy rate and strong speech recognition capabilities. User reviews and accuracy benchmarks can help you gauge this aspect.
You can also look for dictation software providers that publish accuracy benchmarks. These benchmarks showcase how the software compares to industry standards.
While many AI-powered software solutions provide accuracy in the 73-84% range, Mobile Assistant boasts an accuracy rate of over 99%, achieved through the use of real human transcriptionists based right here in the U.S.!
4. Integrations
Integrations not only ensure compatibility, but also streamline your daily operations by facilitating data sharing, minimizing manual data entry and enhancing efficiency. For example, being able to automatically send client notes to your CRM can save your team time and keep your records updated.
If you plan to use the dictation software alongside other applications, make sure it integrates well with the tools you commonly use.
5. Data Security and Compliance
Given that dictation in finances often involves sharing sensitive information, it’s important to consider the software’s privacy policies, data security measures and whether your audio data is stored or processed locally or in the cloud. Depending on your firm’s security requirements, you may have a preference for one approach over the other.
It’s also a good idea to run the dictation software – or any new software applications – past your compliance department before signing on the dotted line.
6. Customer Service
Like with any third-party vendor, you’ll want to make sure they have a strong customer support team to help you troubleshoot any issues, resolving them as soon as they arise.
You may also wish to inquire about any additional support resources available to your team. For example, Mobile Assistant offers a Knowledge Base Center with a variety of resources, covering training, integrations and more.
7. Development
Lastly, ask the dictation provider about their continuing development. Even the most cutting-edge software will eventually fall to the wayside if it’s not updated regularly to meet changing client needs. Plus, regular updates can bring new features, improvements and bug fixes for users.
Choosing the right dictation software for your firm requires careful consideration of your needs, budget and more. With these seven factors in mind, you’re on the right track for finding dictation software that can streamline your work and provide your team with greater productivity.
What Can Your Dictation Software Do?
Find a dictation software provider that can fit your firm’s unique needs. Connect with a member of our team to learn more about Mobile Assistant.