SteelEye launches AI transcription engine for regulatory compliance

SteelEye, the compliance technology and data analytics firm, has launched an AI transcription engine in response to record demand. The industry-specific transcription engine is 120x faster with 90%+ accuracy.

Firms are seeking voice-to-text solutions for calls on fixed-line, mobile, MS Teams, Zoom, WhatsApp, and more to power their communications surveillance programs. The firm analyzed all Requests for Information (RFIs) for communications surveillance received over a 12-month period and found that in 100% of cases, businesses listed voice transcription as a key requirement.

The transcription model is tailored to the financial markets with linguistic customization that accounts for industry jargon and the specific language used to manipulate markets, amassed from hundreds of court filings covering market abuse offenses. With better voice-to-text accuracy, surveillance models can become more intelligent, allowing firms to better identify compliance risks whilst reducing false positives.

The demand for better and more automated transcription of voice data can be seen as a move from the industry to get ahead of regulators by enhancing their communications surveillance programs. Transcribing and indexing voice communications can enable firms to better analyze their data to identify risks and signs of wrongdoing. Yet most incumbent voice transcription services are slow with poor accuracy, making the speech-to-text process lengthy and the output often unreliable, impacting the analytics that can be derived:

“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,” said Matt Storey, chief product officer at SteelEye, in a statement. “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.”

“The demand for better technology in communications surveillance is only set to increase. Financial services firms tend to follow the herd when it comes to innovation. We are already seeing tier one firms investing in advanced and real-time transcription as a priority. If regulators start to expect the digitalization of voice as a norm, the “herd” will follow,” says Brian Lynch, president of SteelEye Americas, in a statement.

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