What are transcription services?
UK transcription services, put simply, allow a firm, or company to have access to a wide-range of typists, or transcribers, who type digital dictation (voice or sound) files into a text document. Sometimes this can be on to a blank Word document, but in other cases on to specific templates provided by the customer.
A digital dictation file and subsequent transcript can consist of just about anything, a conversation, a meeting or an individual dictating correspondence to be typed rather than typing it themselves (it is much faster to talk than type.)
Why do wealth management firms need transcription?
Using an outsourced transcription service provider will probably be an alien task for many wealth management firms but recently there has been a surge in firms “documenting their business” correctly.
Whether it be for the everyday basics of file notes, letters and correspondence or the more technical typing requirements of meeting minutes and group recordings, the tried and true method for transcription is to assign these typing jobs to one of the company’s secretaries. The issue a lot of firms have with this, is that the secretaries have such a varied role already and adding the pressures of an ever-changing, time-consuming typing requirement can cause backlogs in correspondence being sent out, causing delays in other areas of the business.
To eliminate these delays, a lot of firms are switching to an outsourced typing model, where transcription providers usually offer a set service level agreement with agreed turnaround times with no minimum or maximum volume limit on a pay-as-you-go basis.
A lot of firms then find that they actually save money on the cost of employing more secretaries as the firm grows (from the cost of recruitment to National Insurance, holiday pay, training, etc.) and allows them to scale more efficiently.
The benefits of outsourcing the transcription of your firm include:
- Accurate reflection of what was said.
- Quicker turnaround.
- Release time consuming burden from in-house secretaries.
- Increase the efficiency of in-house staff, allowing them to focus on the fee earning aspect of their roles.
What to look for?
When looking for an outsourced provider there are many things a firm have to consider:
Do they have experience?
Does the transcription provider have a track record of working with other wealth management firms and do they have experienced typists who understand the terminology? Have they been doing this for a long time and are they confident? The provider is likely only to be instructed in an ad-hoc manner therefore firms need the peace of mind that it will be done right, first time, every time.
These transcription service providers usually have a plethora of transcribers, some offer a UK-only typist base, but the majority offer slightly reduced rates but will outsource to numerous countries exploiting the cheaper labour markets.
What is the standard service level agreement, and do you have to pay extra for a quicker turnaround time? Some transcription providers advertise cheap prices but will outsource this typing offshore and it could take up to a week for the completed typing to be returned to yourself, offering a next day turnaround for an inflated price.
And finally, the bottom line, cost. Different transcription providers offer different pricing structures – do they charge per line, per character or per minute of audio dictation length? Ideally you want to be able to know the cost before the dictation is sent to be typed, therefore a price per minute of audio dictation is the ideal agreement.
Once you’ve understood how you will pay, you need to know any other costs. Is it contractual and are you obliged to use the transcription service for x amount of typing a month? Are there any onboarding costs or software costs? Do you have to pay a premium for same day or next day turnaround?
Why Accuro Transcription Solutions?
Accuro is one of a few 100% UK-based, pay-as-you-go transcription companies who have provided transcription services to wealth management firms for over a decade with over 600 transcribers across a wide variety of sectors, including academia, insurance, and legal to name a few.
Our audio transcription service is cost-effective with a guaranteed one business day turnaround, with no hidden fees and no extra cost for urgent instructions that can help ease the burden of transcription backlogs.
If you want to find out more about outsourcing your transcription requirement or documenting your business correctly, please contact Accuro at firstname.lastname@example.org or call 01565 748000.