Highlights
Manual transcriptions outperform AI in accuracy, especially when handling financial jargon, accents, and poor audio quality—factors critical to avoiding costly errors in the finance sector
As of 2023, audio-to-text AI tools still struggle with accuracy, posing risks of misinformation, reputational damage, and financial loss for professionals relying on automated transcripts
Human transcriptionists offer adaptability, context awareness, and confidentiality—key requirements for earnings calls and sensitive financial data
Nowadays, plenty of industries are taking advantage of the assistance that transcriptions can provide. The financial sector is no exception to joining this trend as transcripts make their jobs significantly easier. With these documents on hand, investors and analysts can determine the challenges a company may face in the long run, disseminate information to shareholders faster, and help them make better decisions for the future in general. However, while transcriptions are a great asset, some also can’t help but wonder: should they trust manual transcriptions or AI-generated transcripts?
When asking this question, we first need to look at the advantages of both options. In this article, discover which of the two you should trust when using earnings call transcriptions for your work in the financial sector.
Manual Transcriptions or AI-Generated Transcripts: Which One Should You Trust?
Manual Transcriptions
Manual transcriptions often come with a wide variety of advantages. For instance, if investors and analysts require their transcripts in a specific format, human transcripts are the best choice, as they can be easily edited to suit the required format. Additionally, human-made financial transcriptions also guarantee confidentiality and security for their clients, which is essential as earnings calls often contain sensitive information that companies and financial institutions wouldn’t want leaked to the public.
However, by far, the most crucial advantage of human transcriptions is accuracy. When you turn to human transcription services for your financial transcripts, a high degree of accuracy is always guaranteed. This is because human transcriptionists can easily adapt to heavy accents and background noises, allowing them to accurately transcribe even the most complex of terms from the recording. Apart from that, humans are also better at understanding certain contexts, ensuring that nothing is lost during the transcription process.
AI-Produced Transcriptions
Similar to their manual counterparts, AI-generated transcriptions also have advantages that make them attractive to those who need transcripts. For instance, since an AI program will do the transcribing, producing transcriptions can be done instantly, allowing people to save a significant amount of time in the process.
In addition to time savings, automated transcriptions also help save a significant amount. Remember, when you use automatic transcription tools, you no longer have to rely on humans to get the job done. As a result, the cost to get the audio transcription done is significantly reduced, making AI transcripts an attractive choice for those working on a limited budget.
However, despite its financial and time-saving advantages, AI-generated transcriptions have one glaring flaw: accuracy. According to CX Today, as of 2023, audio-to-text solutions are still inaccurate. And for industries that rely heavily on accuracy, such as the finance sector, anything less than 100% isn’t going to cut it.
Should finance professionals make the mistake of using automated transcripts, only to learn too late that they were inaccurate, it could result in significant losses for both them and the financial institution they work for. Additionally, it could also negatively impact a company’s reputation, putting its trustworthiness in question.
Why Manual Transcriptions are the Better Choice?
As stated before, accuracy is essential for many industries, finance included. This means that using inaccurate transcriptions is a risk that you cannot take. As such, it’s always best that you opt for manual transcriptions over automated transcripts. By doing so, accuracy is always guaranteed, which in turn prevents the mistakes that can affect your professional standing negatively.
Transcriptions are an excellent advantage for professionals who work in the finance sector. However, one should never attempt to create transcripts on their own. Instead, don’t hesitate to turn to expert transcriptionists such as TranscriptionWing to get the job done for you.
With over 25 years of experience, TranscriptionWing is a reliable partner to turn to for accurate human transcriptions. We create high-quality transcripts for various industries such as finance, legal, market research, and academia at reasonable rates. In addition, you can also choose from a wide range of turnaround times, such as same-day or next-day delivery. Learn more about our transcription services and order precise and accurate transcriptions today.
