Excerpt from Reuters Article, Published on Nov 28, 2023
Symphony, a leading tech firm in market infrastructure, has announced a groundbreaking collaboration with Google aimed at bolstering voice analytics capabilities for banks and investment firms. This strategic partnership aims to fortify compliance measures amid increasingly stringent regulatory scrutiny of communication practices within the financial sector.
Regulators, including the U.S. Securities and Exchange Commission (SEC), have imposed substantial fines exceeding $2 billion due to lapses in tracking and recording business-related text messages during the COVID-19 lockdowns. With a looming crackdown on communication platforms, financial institutions are now preparing for potential investigations into their use of voice and video calls, of which only a fraction are routinely recorded and stored.
Leveraging Google Cloud’s advanced generative artificial intelligence platform, Vertex AI, Symphony intends to enhance its Cloud9 voice product. This augmentation involves implementing cutting-edge speech-to-text and natural language processing (NLP) capabilities. The upgraded Cloud9 solution will enable more precise transcription of communications across various asset classes, empowering efficient retention and prompt detection of suspicious discussions for review.
Zac Maufe, Google Cloud’s Global Head of Regulated Industries, highlighted the transformative potential of generative AI in automating tasks and identifying potential misconduct by pinpointing anomalies in data.
Symphony’s collaboration with Google represents a crucial stride in revolutionizing compliance efforts within the trading landscape, aiming to elevate monitoring precision and regulatory adherence in financial communications.
To delve deeper into this topic, please read the full article on Reuters