Symphony, a markets infrastructure and technology platform, has announced a strategic collaboration with Google Cloud to revolutionise financial markets voice analytics.

This partnership will leverage Symphony’s AI and domain expertise in tandem with Google Cloud’s transcription and generative artificial intelligence (gen AI) capabilities.

The initiative aims to address the unique challenges of transcribing voice data in the dynamic and specialised environment of financial markets. Given the intricacies of financial jargon, the fast-paced nature of transactions, and the crucial need for data security, off-the-shelf transcription services have proven inadequate for the rigorous demands of financial services firms.

Building upon Symphony’s existing strategic partnership with Google Cloud as its primary cloud provider, the collaboration will utilise Google Cloud’s gen AI platform, Vertex AI. This will enhance Symphony’s Cloud9 voice product with advanced speech-to-text fine-tuning and natural language processing (NLP) capabilities.

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

“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.”    

Cloud9, Symphony’s cloud-based voice solution, caters to finance and trading teams involved in diverse asset classes, including commodities, interest rate swaps, and equity derivatives. With the integration of gen AI, Cloud9 is poised to deliver heightened real-time voice analytics capabilities. These capabilities are expected to improve customer service, expedite trade reconstruction, and mitigate post-trade processing challenges—all while adhering to compliance and security standards.

The compliance-enabling functionality of this integration extends to active risk analysis and management. It enables the system to flag calls for compliance review in instances where suspicious discussions are detected.

Beyond the primary goal of transcription for compliance, the gen AI-powered capability will extract valuable insights from unstructured data. This includes product details and other contextual information, enriching the user experience on the Cloud9 platform.

Users can expect to derive additional insights such as tagging relevant entities, understanding customer sentiment, and identifying trending topics.

Symphony and Google Cloud’s collaboration marks a significant step towards advancing voice analytics in the financial sector, promising a more secure, compliant, and insightful experience for industry professionals.

Symphony CEO Brad Levy said: “We have been on a journey with Google Cloud for the past two years, one that has been a true partnership on many fronts. 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.”