Symphony, a markets infrastructure and technology platform, has partnered with Google Cloud to enhance voice analytics capabilities in the financial services industry.
The firm will leverage Google Cloud’s transcription and generative artificial intelligence (AI) capabilities to offer specialized financial markets voice analytics, the companies said in a Tuesday (Nov. 28) press release.
“We are confident that by tapping Google Cloud’s AI capabilities for voice analytics, Symphony will be able to offer the more than 1,000 institutions we serve with top-notch service that will create further efficiency and innovation in financial markets,” Symphony CEO Brad Levy said in the release.
Transcribing speech in the financial markets space is challenging due to the specialized nature of the business, its fast-paced environment and the need for confidentiality, according to the release.
Symphony will utilize Google Cloud’s generative AI platform, Vertex AI, to enhance its Cloud9 voice product with speech-to-text fine-tuning and natural language processing (NLP) capabilities, the release said.
Cloud9 is a cloud-based voice solution that enables collaboration among finance and trading teams across various asset classes, per the release. By integrating generative AI, Cloud9 will provide real-time voice analytics capabilities to financial institutions, improving customer service, trade reconstruction and post-trade processing while maintaining compliance and security standards.
The generative AI-powered functionality will not only transcribe and summarize conversations for compliance purposes but also extract valuable insights from unstructured data, according to the press release. This includes identifying relevant entities, understanding customer sentiment and identifying trending topics.
“Our expanded partnership with Symphony builds on the success of our long-standing collaboration, and with the integration of speech-to-text gen AI, Symphony can provide financial institutions with high accuracy voice analytics that can help improve risk management and drive efficiencies across the trading floor,” Zac Maufe, global head of regulated industries at Google Cloud, said in the release.
In another recent deployment of speech-to-text technology, Meta said in August that it was unveiling an AI model that performs speech and text translations for nearly 100 languages.
The SeamlessM4T is an all-in-one multimodal and multilingual AI translation model that supports speech recognition, speech-to-text translation, speech-to-speech translation, text-to-text translation and text-to-speech translation, PYMNTS reported earlier this year.
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