JAKARTA - Market infrastructure and technology company, Symphony, is working with Google to increase voting analysis offers to banks and investment companies. This is done in line with regulators who are increasingly firm on communication compliance.
The United States Securities and Exchange Commission (SEC) has imposed a fine of more than US$2 billion (Rp30.8 trillion) for errors in this area, largely related to the failure to track or record business-related text messages sent via unauthorized platforms during the COVID-19 lockdown.
In sectoral action involving messages and emails, financial companies are now preparing to face an investigation into the use of their voice and video calls, in which only a small part of the communication is regularly recorded and stored, sources told Reuters last month.
Symphony, which has clients like Goldman Sachs and JPMorgan among its 1,000 clients, will use Google Cloud's generative artificial intelligence platform, Vertex AI, to improve its Cloud9 voice product with speech processing capabilities to more advanced text and natural language processing (NLP).
Communication through Cloud9 products, which help trade teams collaborate across various asset classes such as commodity, interest rate swaps, and equity derivatives, can then be more accurately transcribed for retention purposes and characterized for review when suspicious discussions are detected.
"Generative AI has the potential to change the trading landscape from automating routine tasks to identifying potential violations through anomalies in data," said Zac Maufe, Head of Global Regulated Industries at Google Cloud.
| TEKNOLOGI 28 November 2023, 19:30
| TEKNOLOGI 28 November 2023, 19:05
| TEKNOLOGI 28 November 2023, 18:30
| TEKNOLOGI 28 November 2023, 18:05
| TEKNOLOGI 28 November 2023, 17:30
In addition to transcribing and summarizing conversations for compliance, users will be able to mine data to generate additional insights that can be used to influence sales or trading strategies, as well as monitor the overall experience of customers.
"...What we are trying to do is create a platform that you can use to present your data stream in order to generate insight from your data," said Brad Levy, CEO of Symphony, quoted by VOI from Reuters. He hopes to bring the product that is upgraded to market in the second quarter.
Phil Moyer, Google Cloud's VP Global AI Business, said the platform would make compliance more "ambient".
"...Data increases by 50% to 60% every year. So currently there are 180 zetabytes of data on planet Earth, 90% of which have been created in the last two years."
"We are starting to go beyond the level where humans can handle it. So tools such as transformers and genrative AI really help manage the massive data that is being made," said Moyer.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)