Regtech provider Symphony is leveraging the generative AI capabilities of Google to create a service that ensures compliance for banks’ voice calls. The two companies are partnering in a joint venture (JV) to integrate Symphony’s Cloud9 voice product with Google Cloud’s speech-to-text service.
Symphony points out that voice transcription presents significant challenges due to the fast-paced nature of financial markets, the use of industry jargon, the confidentiality of calls, and increasing compliance requirements. As a result, existing off-the-shelf services are deemed inadequate in terms of security and functionality.
“Generative AI has the potential to transform the trading landscape, from automating routine tasks to identifying potential misconduct through anomalies in data,” stated Zac Maufe, global head of regulated industries at Google Cloud.