Symphony to use Google’s AI services with banks and investment firms

There always seems to be something new that generative AI can help with. Aside from generating your college essay, the technology has some serious business applications. Symphony, an enterprise-level communications company, will be using Google’s AI to help its clients with their communications compliance.

Right now, the US government is cracking down on companies for their lackluster communication tracking during the Covid-19 pandemic. It issued over $2 billion in fines for companies, though we don’t know which ones specifically. What we know is that no company wants to be fined, so changes are in order.

Symphony will use Google’s AI services

According to Reuters, Symphony is buddying up with Google, one of the largest AI companies in the world, to help companies keep up with their communication compliance. Symphony has industry-level communications solutions, so it has some major companies on its client list. These companies include JPMorgan and Goldman Sachs. The list includes these companies along with more than 1,000 more.

Being a communications company, it’s in the position to help its clients keep better track of their communications. As per the report, it tapped Google to help it with its Cloud9 voice product. The plan is to augment this tool with some speech-to-text capabilities so that calls can be transcribed and stored as text. So, essential communications within and without the companies can easily be stored.

The Cloud9 tool isn’t only being used by banks, as trading teams on the stock market are also under Symphony’s belt. These teams do a ton of communicating, and you never know what sort of malicious tactics are being discussed. Well, with better conversation retention, it will be easier for people to find suspicious activities.

Since this is generative AI we’re talking about, its uses go far beyond just transcribing. With tools like Bard, people can get summaries of the transcripts. If you’re trying to see what an entire hour-long phone call was about, you’ll easily be able to get a summary of that call instead of having to read every line.

It’s going to be a while before we see these enhancements hit the market, as the company’s CEO says that he hopes to bring these by Q2 2024.