Symphony is a tech and market infrastructure company. They have just teamed up with Google LLC to boost its intelligent voice analytics solution. The collaboration is aimed at offering banks, insurance, and investment companies a simple solution to manage voice call compliance risk.
According to a report by Reuters, regulations are getting strict on voice call compliance. It is noted that the U.S. Securities and Exchange Commission had recently imposed over $2B as fines for any violation.
This is widely linked to the inability to put on record business-related conversations over text messages sent using unauthorized platforms at the time of COVID-19.
Banks, Insurance companies, Investment firms, and other financial institutions are now looking into being safe with the usage of voice and video calls. Probing in that space will start soon with the formal (text/email) reaching higher-higher.
With this in mind, Symphony teamed up with Google LLC to provide over 1,000 of its clients which includes big guys like JPMorgan and Goldman Sachs with a safe solution.
Symphony Cloud9 + Google AI Cloud, Vertex AI
Symphony will use Google’s AI cloud service, Vertex AI which is a generative artificial intelligence platform. Vertex AI is to provide Symphony with a better speech-to-text for their Voice product, Cloud9. In addition, it will also give Symphony’s Cloud9 Voice more natural language processing (NLP) proficiency.
Financial institutions using Symphony’s Cloud9 voice service get better and more secure communications within their teams. When asset classes like interest rate swaps, commodities, equity derivatives, and more are discussed, there will be a more reliable transcription.
Suspicious statements/discussions are also flagged when detected by Cloud9 for review.
“Generative AI has the potential to transform the trading landscape from automating routine tasks to identifying potential misconduct through anomalies in data,”
Global head of Regulated Industries at Google-Cloud, Zac Maufe
The Symphony Cloud9 Voice product offers more than just speech-to-text and conversation summarization. It is reported that firms that use Cloud9 will be able to extract data. These data will give them more insight that could be used to boost their sales. Symphony Cloud9 could also help financial firms with their trading strategies and more.
What we’re looking to do is create a platform you would use to put your stream of data in to get the insight out of your data
Brad Levy, Symphony CEO To Reuters
“Data is increasing by as much as 50% to 60% per year. So there’s 180 zettabytes of data on the planet Earth right now, 90% of which has been created in the last two years. We’re starting to get beyond the level that humans can handle this. And so tools like these transformers and generative AI are really helping to manage that massive data that’s being created
VP of Google Cloud’s Global AI Business, Phil Moyer
