Regtech provider Symphony is drawing on the generative AI capabilities of Google to develop a service to ensure banks' voice calls are compliant.
The two firms are forming a joint venture (JV) that will combine Symphony's Cloud9 voice product with Google Cloud's speech-to-text service.
According to Symphony, voice transcription is a "complex endeavour" due to the fast-paced nature of financial markets mixed with the use of jargon, confidentialty of the calls and the growing compliance demands.
Consequently, off-the-shelf services currently available do not provide the necessary security and are not fit-for-purpose claims Symphony.
“Generative AI has the potential to transform the trading landscape from automating routine tasks to identifying potential misconduct through anomalies in data,” said Zac Maufe, global head of regulated industries, Google Cloud.