720251RecordsureClosedGRD Development of PrototypeInnovate UKRecordsure is a unique application that uses advanced technology to record, store, audio index, analyse and audit conversations.In the first phase of development this application will be marketed to regulated financial services firms providing advice to consumers on investment, insurance and other financial products. It provides a number of benefits: • it will enable financial services firms to demonstrate their compliance with financial regulations when advising consumers on investment, insurance or other financial products • it will provide consumers with an increased level of transparency in their dealings with financial institutions and avoid the type of mis-understandings that lead to future misselling claims • it will improve the efficiency of regulated financial institutions by reducing time and effort spent in handling potential claims from customers • it will enable financial institutions to improve the training and competency of its client facing staff by providing real time evaluation and detection • it will utilise smart phonetic technology to analyse conversation content and provide trend analysis and real time alerts • it will enable improved audit assurance over the compliance process • it will enable a transcript of the conversation to be accessible by the advisor or customer as a permanent direct record of the circumstances and advice provided. In future phases, we will investigate the use of this technology across other industries. In particular the conversations held with patients by doctors and consultants in the Health Service would seem to provide scope to utilise this technology to reduce the administration time for consultants and provide direct evidence for how a diagnosis was made. Similarly the legal profession, the police or areas such as HR where professionals are in conversation with their clients and are providing advice or recommendations that may need to be substantiated in future provide further potential markets for this product.