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Google Cloud, the cloud computing service arm of Google LLC, has joined forces with Symphony for voice analytics services for banks, investment groups, and other organizations in the financial market. The companies revealed their joint venture for generative artificial intelligence (gen AI) for voice analytics on Tuesday, Nov. 28.
Symphony Markets' infrastructure and technology platform will work with Google Cloud to strengthen the voice analytics services it is offering to its clients in the financial sector. Reuters reported that the company took this step as regulators tighten communications compliance.
Communication Compliance with the US SEC
In fact, the U.S. Securities and Exchange Commission has already enforced more than $2 billion in fines for errors or slipups in communications that are largely due to the failure to track or record business-related text messages that were sent via unauthorized platforms at the height of COVID-19 lockdowns.
Through the collaboration, Symphony’s Cloud9 voice product for trading could be improved by the Google Cloud’s speech-to-text fine-tuning gen AI capabilities. With Google’s technologies, Symphony will be able to offer a more efficient service and have better risk management to make sure its clients will have no issues with communication compliance.
Symphony’s Usage of Google Cloud
Symphony will use Google Cloud’s transcription and generative AI capabilities to deliver specialized financial markets voice analytics. It will also combine its own AI and domain technologies with the cloud computing firm’s versions to offer built-for-purpose financial markets voice analytics.
Likewise, it will utilize Google Cloud's Vertex AI gen AI platform to bolster its Cloud9 voice service with more sophisticated speech-to-text and natural language processing (NLP) power. Through the integration, Symphony’s Cloud9 will be able to offer real-time voice analytics services to financial institutions while enhancing customer service and maintaining compliance and security standards, as per PYMNTS.
“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,” Brad Levy, Symphony’s chief executive officer, said in a press release.
Google Cloud’s global head of Regulated Industries, Zac Maufe, also said, “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.”
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