Innovation

Google launches AI voice analytics tool for bank compliance

Photo: Sundry Photography - stock.adobe.com

November 28, 2023

Google partnered with Symphony, a technology firm, to deliver generative AI voice analytics to banks and investment firms to help these businesses track and record business-related messages. This is in response to fines against banks for failing to track business-related text messages sent on unauthorized platforms, particularly during COVID-19 lockdowns, according to a report by Yahoo! Finance.

Last year, the Securities and Exchange Commission hit a dozen financial institutions with a $1.8 billion fine for allowing employees to use messaging apps to communicate about work related issues instead of official channels such as work emails.

Banks are now trying to get ahead of probes into their voice and video call practices since many are not recorded. Symphony will use Google Cloud's generative AI platform Vertex AI to improve its Cloud9 voice product with speech-to-text and natural language processing to address this issue.

"Generative AI has the potential to transform the trading landscape from automating routine tasks to identifying potential misconduct through anomalies in data," Zac Maufe, global head of regulated industries at Google Cloud, said in the report.

In addition, this platform can provide data-driven insights for sales and trading strategies, according to the report.