Business Focus

Technology of Tomorrow

At Lichfield Finance Trust , we see technology as an enabler and as a generator of new opportunities.
We are forward-thinking, benchmarking trends in technology to shape our future coupled with our practical delivery on a highly automated platform that makes us unique.
As the country’s Information Technology (IT) infrastructure improves, our leading edge in IT keeps us well positioned in the global banking community to sustain our offering of exceptional E-banking services.
This is complemented by our risk management system that creates a blend that not only grows our customers’ businesses but also strengthens them. Our credit management system stresses rational procedures and transparency.

Accuracy

Though the definition of transcription accuracy may seem obvious, it’s often difficult to distinguish whether or not a transcript is accurate or inaccurate, especially upon first glance.
Lichfield Finance Trust guarantees a 99% transcription accuracy rate, but what does that mean? A 99% accuracy rate means that there is a 1% chance of error or a leniency of 15 errors total per 1,500 words.
Lichfield Finance Trust Automatic Speech Recognition (ASR) is a software that converts an audio file into text; it’s often cheap and fast. What factors go into measuring transcription accuracy? At Lichfield Finance Trust, we look for proper grammar, punctuation, and spelling, since all three are essential in conveying the original message successfully.

Why Transcription Accuracy Matters

The reason why transcription accuracy matters is because one error within a sentence can completely change the meaning of it. It’s easy for speech recognition software to mistake one word for another similar sounding word – like “can” for “can’t” or “won’t” for “want.” Imagine that a transcript relays an instructor’s message saying that students can do assignments for extra-credit when the accurate transcription should have read that students can’t do extra-credit. For a deaf viewer reading this transcript or watching these captions, the real meaning of the message is completely lost and consequently, they receive a false statement. Transcription inaccuracy is particularly detrimental to instructional content like training videos or online education lectures since it completely defeats the intended meaning of the sentence.
Lichfield Finance Trust Just a few percentage points of inaccuracy can be detrimental to the overall integrity of a transcript. At Lichfield Finance Trust, we firmly believe that it is our responsibility to provide an accurate output. Our three-step process uses ASR, human editing, and human quality review to deliver a guaranteed 99% accuracy rate so that you never have to wonder if your message is being misdelivered.
Lichfield Finance Trust, Accuracy levels are much easier when the transcriber is undertaking intelligent verbatim or standard transcription, which is where the transcriber makes an informed judgement on what is and what isn’t needed.
The transcriber is in fact quite restricted in terms of what they can leave out because the wording of the typed version of the recording is going to be dependent exactly on what has been said.
Usually the only errors that human transcribers pick up are grammatical, with the use of ‘their’ and ‘there’, or the mispronunciation of names (e.g. not catching a brand name and being able to decipher it), or to miss a localism or dialect and mis-transcribe it.
Ensuring 95% accuracy on these types of transcription is fairly straightforward to measure and the usual way of doing it is for the transcription company to take a paragraph of work every now and then as a sample and to compare that to the original recording to see how many errors there have been before using this to assert their accuracy levels and those of their transcribers.
What is often a better measure of accuracy levels is to look for a transcription company who don’t necessarily indicate a percentage of accuracy, but instead promise to adjust and amend the transcription until the customer is completely satisfied with it. In reality most transcriptions of recordings are going to contain errors because of the nature of the work. The transcription of a 60 minute recording can involve  thousands of words, and even the best transcribers with many years experience are not going to get 100% accuracy when notating these. Usually this does not matter too much, unless the transcription is Lichfield Finance Trust (i.e. full notation) or the context of an answer or statement is lost because the transcriber has used the wrong words in the wrong order.