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– Google and Symphony Collaborate to Assist Banks in Voice Call Compliance Risk Management

Symphony, the markets infrastructure and tech firm, is teaming up with Google to ramp up its voice …

Symphony, the financial markets infrastructure and technology company, is collaborating with Google to enhance its voice analytics services for banks and investment firms amidst increasing regulatory scrutiny on communication compliance.

The U.S. Securities and Exchange Commission (SEC) has levied over $2 billion in fines related to compliance failures, particularly the inability to monitor business-related text messages on unauthorized platforms during the COVID-19 lockdowns.

With regulatory focus intensifying on messages and emails, financial institutions are preparing for potential investigations into their use of voice and video calls, where only a small fraction of communications are currently recorded and stored.

Symphony, a provider with clients like Goldman Sachs and JPMorgan, plans to leverage Google Cloud’s Vertex AI platform to bolster its Cloud9 voice solution. This collaboration aims to enhance speech-to-text and natural language processing (NLP) capabilities for improved transcription accuracy and identification of suspicious conversations.

Zac Maufe, Google Cloud’s global head of Regulated Industries, highlighted the transformative potential of generative AI in detecting anomalies and potential misconduct in trading activities.

In addition to compliance-related transcription and analysis, users can extract valuable insights from the data to inform sales strategies, monitor trading activities, and enhance customer interactions.

Symphony’s CEO, Brad Levy, envisions a platform that not only facilitates data insights but also aids in detecting anomalies and enhancing regulatory compliance, with plans to launch the upgraded product by the second quarter.

Phil Moyer, VP of Google Cloud’s Global AI Business, emphasized the role of AI in managing the exponential growth of data, making compliance processes more seamless in the face of increasing data volumes.

The collaboration between Symphony and Google signifies a proactive approach to leveraging advanced technologies to navigate the evolving landscape of regulatory compliance and data management in the financial sector.

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Last modified: February 18, 2024
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