Voice transcription services have become a major priority for firms as they increase the use of digital communication tools, like Zoom, Teams, WhatsApp and more.
RegTech company SteelEye analysed all requests for information for communication surveillance received over a 12-month period and found that 100% of cases had voice transcription as a key requirement.
The demand for voice-to-text solutions for calls has been driven by increased regulatory scrutiny of communications rules after the pandemic and a move to remote working. For example, the UK’s FCA has reinforced the fact financial firms need to record and monitor relevant telephone and electronic communications.
There are hefty fines for compliance failures. Last year, JP Morgan was given a $200m fine by the SEC and CTFC for failures with employee communication monitoring.
SteelEye also claims firms have sought automated transcription of voice data that is quicker and more accurate.
SteelEye chief product officer Matt Storey said, “One of our clients explained that it used to take them over 24 hours to process the voice communications that occur within their firm each day.
“Where data volumes increase, so does the processing time which is where the problem arises for large firms who end up racking up large transcription costs with limited upside. Running searches using inaccurate transcription data is ineffective and leaves firms vulnerable to missing key signs of risk.”
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