Financial services companies around the world are getting into the recording business in a big way. No, they’re not going into the studio with the latest pop music sensations. Instead, they’re recording just about everything being said in and around their institution. Client trades made over the phone. Voice mails left for financial advisers. Conference calls. Audio from videoconferences. Employee calls from mobile devices, whether the company’s or their own. A variety of federal, state and international regulations are driving institutions to blanket their operations with voice recordings. Regulatory requirements specify how long recordings need to be retained by financial firms and how quickly records must be delivered to government agencies or other requestors. Furthermore, compliance can involve granular searches. For example, complying with e-discovery requests may include isolating a specific recording of a certain employee or client conversation. For some time, institutions have stored and analyzed the content of audio communications using speech-to-text technology that translates audio into a minable data format. But the recent, rapid growth in regulatory requirements has thrown the limitations of speech-to-text into sharp relief. For instance, a bank that previously only had to record 1,000 turrets of financial trader information could now find itself having to record and retrieve audio from half-a-million telecommunications end points throughout the enterprise. Speech-to-text technology simply isn’t up to this kind of challenge, for several reasons. As a result, institutions are increasingly turning to phonetic search to find and analyze conversations and content. Phonetic search is a process built on phonemes — basic language elements that provide the building blocks for how human speech sounds. avaya.com | 1 Phonetic search: A powerful new regulatory compliance tool for financial institutions Complying with e-discovery requests may include isolating a specific recording of a certain employee or client conversation.
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Phonetic search: A powerful new regulatory compliance tool for financial institutions
Financial services companies around the world are getting into the recording business in a big way. No, they’re not going into the studio with the latest pop music sensations. Instead, they’re recording just about everything being said in and around their institution. Client trades made over the phone. Voice mails left for financial advisers. Conference calls. Audio from videoconferences. Employee calls from mobile devices, whether the company’s or their own.
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Financial services companies around the world are getting into the recording business in a big way. No, they’re not going into the studio with the latest pop music sensations. Instead, they’re recording just about everything being said in and around their institution. Client trades made over the phone. Voice mails left for financial advisers. Conference calls. Audio from videoconferences. Employee calls from mobile devices, whether the company’s or their own.
A variety of federal, state and international regulations are driving institutions
to blanket their operations with voice recordings. Regulatory requirements
specify how long recordings need to be retained by financial firms and how
quickly records must be delivered to government agencies or other requestors.
Furthermore, compliance can involve granular searches. For example,
complying with e-discovery requests may include isolating a specific
recording of a certain employee or client conversation.
For some time, institutions have stored and analyzed the content of audio
communications using speech-to-text technology that translates audio into a
minable data format. But the recent, rapid growth in regulatory requirements
has thrown the limitations of speech-to-text into sharp relief. For instance,
a bank that previously only had to record 1,000 turrets of financial trader
information could now find itself having to record and retrieve audio from
half-a-million telecommunications end points throughout the enterprise.
Speech-to-text technology simply isn’t up to this kind of challenge, for several
reasons. As a result, institutions are increasingly turning to phonetic search to
find and analyze conversations and content. Phonetic search is a process built
on phonemes — basic language elements that provide the building blocks for
how human speech sounds.
avaya.com | 1
Phonetic search: A powerful new regulatory compliance tool for financial institutions