The AI File Checker

BAT Software is proud to announce the release of its ground-breaking Artificial Intelligence (AI) file-checking tool, which is set to automate and enhance the efficiency of file-checking within the retail financial services sector.

The aim of BAT AI is to become the ultimate solution for file checking. This will mean saying goodbye to tedious 2-hour manual processes; with BAT AI, file checking is completed in minutes.

The AI File Checker will transform the file-checking process for financial advisers, planners, mortgage brokers, and networks and is designed specifically for file checkers, auditors, regulators, and back-book review teams to perform real-time evaluations of advice against precise criteria, offering quality assurance grades.

Stage 1

25% of file checker time is spent checking for completeness. This costly and time-consuming process will be significantly reduced through use of the BAT AI Completeness tool.

  • Real-time checking: The AI File Checker performs immediate real-time evaluations of financial advice against set criteria, enabling instant quality assurance grading.
  • Objective and unbiased evaluations: By providing an objective and unbiased assessment of file completeness and clarity, the tool ensures that evaluations are free from personal bias or interpretation errors.
  • Immediate clarity on file status: If required text is missing, files are immediately graded as ‘unclear’, which facilitates quicker corrections and adherence to compliance standards.
  • Advanced data extraction: The AI efficiently extracts relevant data from a variety of documents such as fact finds, suitability reports, and provider documents, even reading tables and text in PDF files.
  • Reduction in skilled personnel time wastage: The tool significantly reduces the time skilled team members spend on manual checks, thereby increasing overall productivity.
  • Enhanced accuracy over time: Utilising advanced AI technologies, the accuracy and reliability of the file checks are designed to improve over time, quickly surpassing traditional manual methods.

Scheduled for later release in 2024, Stage 2 of the AI File Checker will offer written opinions on the advice provided and the ability to grade files as ‘suitable’ or ‘unsuitable’ even before submission to a provider, admin staff, or compliance teams.

The Financial Conduct Authority’s (FCA) Thematic Review TR24/1 graded over 20% of files insufficient. This is a waste of a skilled person’s time.

Kirsty Turner, CEO of IFAC Ltd, Compliance Specialists, commented, “The BAT AI File Checker is potentially a game changer. We check thousands of files each year and spend countless hours checking incomplete files. This tool not only enhances accuracy and eliminates bias, but will save time spent by skilled team members.”

Mike Clifford, NED of BAT, says: “This is the first tangible AI benefit we’ve seen in this industry.   The output is quantifiable and has direct saving on time spent on compliance.”

Robert Jones, Head of Business Development at BAT, says: “The AI File Checker is a revolutionary tool poised to redefine industry standards. As we unveil the beta version, we’re committed to integrating user feedback to elevate and fine-tune the tool in line with their needs. This presents a unique opportunity for users to actively contribute to something that will shape compliance processes and file interpretation across the industry, setting new benchmarks for accuracy and efficiency.”

Beign at the forefront of innovation, BAT Software is dedicated to developing essential tools for the retail financial advice market. With a comprehensive suite of solutions aimed at streamlining operations and driving success in a highly competitive market. BAT Software continues to disrupt the industry with its unique CRM and compliance management tools.

As we continue to optimise BAT AI, we will follow a planned release in terms of functionality. We would advise interested parties to contact the details provided to register their interest.

Stage 1 of the AI File Checker is currently live in closed beta.

To register your interest for use of the completeness tool and receive updates in regards to our future releases. Please sign up to our AI updates : here

To book a demonstration to find out how BAT Compliance Manager and AI will benefit your operation please click: here

Existing BAT users will benefit from early bird access on the AI File Checker.

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