--- title: "AI Notetaker for Banks and Wealth Managers" description: "Caven is the AI notetaker for banks and wealth managers: client meetings and committees recorded without a bot, in the EU or on-premise. ISO 27001." url: https://caven.io/industries/financial-institutions language: en publisher: "Caven BV" --- # Caven for Financial Institutions: Document every client meeting and committee without losing control of the data. *For banks, private banking and wealth management.* Caven records advisory meetings, credit committees and internal sessions without a bot, and turns them into notes your compliance team can work with. Processed in the EU or inside your own infrastructure. ## Which AI notetaker can banks and wealth managers use? Caven is an AI notetaker for banks, private banks and wealth managers that keeps client conversations in the EU or inside the bank’s own infrastructure. It records client meetings, credit committees and internal sessions without a bot, and can run in the bank’s own cloud account or on-premise to keep the vendor and outsourcing review short. Caven is ISO 27001 certified, never trains on client data and produces structured notes, decisions and action items that support MiFID II record keeping and suitability documentation. ## Challenges for financial institutions - **Advice has to be documented, every time:** Advisers need a complete record of what the client said about goals, risk and knowledge. Notes written afterwards are incomplete and take time away from clients. - **Most AI tools fail vendor due diligence:** US cloud processing, unclear sub-processors and bots in the call stop most meeting tools at the first security review, especially under DORA. - **Committee decisions are hard to trace:** Credit and investment committees decide quickly. Months later, the reasoning behind a decision is hard to reconstruct from short minutes. ## Meetings Caven documents - **Client advisory meetings:** Goals, risk appetite and agreed actions, captured as the basis for your suitability documentation. - **Credit committees:** Proposal, discussion, conditions and the final decision, with who raised which concern. - **Investment committees:** House view, allocation changes and dissenting opinions in one structured record. - **KYC and onboarding conversations:** What the client explained about source of funds and activity, ready for your onboarding file. - **Risk and compliance meetings:** Findings, remediation owners and deadlines, searchable for audits. - **Internal team meetings:** Decisions and follow-ups, without anyone taking minutes. ## Designed for regulated financial institutions Caven supports the documentation your regulators expect and keeps the vendor review short. Your own compliance team stays in charge of the procedures. - **MiFID II record keeping:** MiFID II asks firms to keep written minutes or notes of face-to-face client conversations about orders. Caven produces structured notes of each meeting to support those records and your suitability documentation. - **DORA:** ICT third-party risk assessments go faster with ISO 27001 certification, a clear sub-processor list and the option to host Caven in your own cloud or on-premise. - **GDPR and banking discretion:** EU processing, encryption, no training on client data and pseudonymisation of names and identifiers before AI processing. - **Transparency towards clients:** With your calendar connected, Caven can tell external attendees in advance that the meeting will be recorded, with a one-click option to object. EU rules covered: Markets in Financial Instruments Directive (MiFID II) (Directive 2014/65/EU); Digital Operational Resilience Act (DORA) (Regulation (EU) 2022/2554); General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679). ## Caven at a glance - **Recording:** No bot joins the call. Caven records from your desktop or phone: Teams, Zoom, Google Meet, Webex, in person and phone calls. - **Data location:** Processed in the EU. Your recordings are never used to train AI models. - **Hosting:** Caven EU cloud, your own AWS, Azure or GCP account, or fully on-premise. - **Security:** ISO 27001 certified, GDPR compliant, encrypted storage and optional pseudonymisation before AI processing. - **Output:** Transcript, structured summary in the right template, action items with owners, in 99+ languages. - **Integrations:** NetDocuments, SharePoint, OneDrive, Google Drive, Notion, Slack, and Outlook or Google calendar. - **Pricing:** A free plan, and Plus, Pro and Team with a 14-day free trial. Enterprise for firm-wide rollouts. ## Questions from financial institutions ### Can banks use an AI notetaker under DORA? Yes, if the provider can be assessed as an ICT third-party service provider. Caven is ISO 27001 certified, processes data in the EU, publishes its sub-processors and can run inside the bank’s own AWS, Azure or GCP account or on-premise, which keeps most of the processing within your own control. ### Is it GDPR compliant for a bank to record client meetings with AI? It can be, when the bank has a legal basis, informs the client and uses a processor with proper safeguards. Caven processes data in the EU, signs a data processing agreement, encrypts recordings and can pseudonymise names and identifiers before AI processing. With your calendar connected, Caven can notify clients in advance with a one-click option to object. ### Does Caven help with MiFID II documentation? Caven produces structured notes of client meetings, including the client’s goals, risk appetite and agreed actions. These notes support the records MiFID II expects for face-to-face conversations and your suitability reports. Caven is not a replacement for regulated telephone recording systems. ### Is client data used to train AI models? No. Recordings, transcripts and summaries are never used to train AI models, and they are not shared with third parties. ### Does Caven join client calls as a bot? No. Caven records Teams, Zoom, Google Meet and Webex calls from the adviser’s own desktop, so no bot joins the call. In-person meetings are recorded on a phone or laptop, and phone calls from the Caven app with the adviser’s own number. ### Can Caven record in-person meetings with private banking clients? Yes. The adviser puts a phone or laptop on the table and Caven records the conversation without a bot or extra hardware. Online meetings and phone calls are supported as well. ### Does Caven have templates for banking meetings? Yes. Caven recognises the meeting type, such as a client meeting, a committee session or an internal meeting, and applies a banking summary template. You can also create templates from your own existing notes. ### Where is the data of a bank stored? On the Caven EU cloud, data is processed and stored in the EU. Banks can also run Caven in their own cloud tenant or on their own servers, so recordings never leave their infrastructure. ## Further reading - [Private Banking Meeting Recording: GDPR, Discretion and Suitability Documentation](https://caven.io/blog/private-banking-meeting-recording-gdpr.md) - [AI Meeting Notes for Financial Teams in Europe: GDPR, Governance and Data Control](https://caven.io/blog/ai-meeting-notes-financial-teams-europe.md) - [Why Encrypted Meeting Recordings Matter for Regulated Teams](https://caven.io/blog/encrypted-meeting-recordings-regulated-teams.md) - [The US CLOUD Act: Why American AI Tools Are a Legal Liability for European Professional Teams](https://caven.io/blog/cloud-act-eu-professional-teams.md) ## Other industries - [Caven for Legal](https://caven.io/industries/legal.md): Law firms and in-house legal teams - [Caven for Accounting](https://caven.io/industries/accounting.md): Accountants, tax advisers and auditors - [Caven for Insurance](https://caven.io/industries/insurance.md): Insurers and insurance brokers - [Caven for Private Equity & VC](https://caven.io/industries/private-equity-venture-capital.md): Private equity and venture capital funds - [Caven for Financial Advisory & M&A](https://caven.io/industries/financial-advisory.md): Financial consulting, corporate finance and M&A ## Next steps - [Book a demo](https://caven.io/book-a-demo) - [Start a 14-day free trial or the free plan](https://caven.io/pricing) - [Download the desktop app](https://caven.io/download)