Filed under: Current Issues in Credit Unions
This month, on CIiCU, Guy Messick returns! Brian and Rob host as well but Faith is off this month. Here are our topics:
–Truth in Lending: Unfair or Deceptive Acts or Practices Proposed Rule
–First Community’s lawsuit against the IRS re: UBIT. (9:15)
–More on Managing Third Party Relationships. (18:45)
–Tips and Traps: filing the 1099(c) (27:15)
–Brian’s Head’s Up: treatment of uninsured shares for NCUSIF deposit expense and a new wire fraud ring ripping off credit unions. (31:40)
–33% of credit unions plan to convert to MSBs?! (40:00)
The CIiCU hosts are:
Farleigh Witt, Attorneys at Law
121 SW Morrison Street, Suite 600
Portland, Oregon 97204
Messick & Weber P.C.
The Madison Building, 108 Chesley Drive
Media, Pennsylvania 19063-1712
American Airlines Credit Union
P.O. Box 619001
DFW Airport, TX
Weltman, Weinberg & Reis Co., L.P.A.
323 W. Lakeside Avenue, Suite 200
Cleveland, Ohio 44113
Subcribe to the show via iTunes Music Store:
Filed under: voice recognition
Using technology to improve efficiency and to reduce overhead is key in any business. Right now, I am testing, along with another one of my partners (you might know Dan Best, this was his idea), voice recognition software for our firm. I would submit to you, that credit unions could also benefit from such technology.
I had tried using this technology years ago. At that point the voice-recognition technology was maybe 90%. This is, as you can imagine, insufficient. I’m extremely impressed with the voice-recognition technology being offered by the product that I’m using.
So long as I stick to my dictation skills, and dictate the punctuation and whatnot, the software functions extremely well. I’ve done some reading on typing speed versus dictation speed. Some sources say that we can speak as quickly as 300 words per minute. I doubt very much, however, that it could keep up with someone speaking that quickly. You would need a supercomputer. However speaking at 150 words a minute or even 110 words a minute is not that difficult. Typing at that speed is difficult.
One thing that attorneys can do with respect to using a secretary for dictation, is to juggle many different projects at the same time. I’m not sure how that part translates to computer dictation. Ideally, you would be so efficient that you could complete tasks, in a linear fashion, much more quickly than juggling multiple tasks with the help of a secretary. Either that or it just doesn’t translate. The jury is still out.
In any event, I have dictated this entire blog post using voice recognition. I have to say that the speed at which I completed this writing is somewhat overwhelming. I suspect that as I become more comfortable using the software, I will wonder how I ever functioned without it.