A note from the CEO – The use of speech-to-text technologies in finance

Published on 2024/10/07 11:42

I dedicate this post to my teams, in particular those in charge of transformation (TOP), data and operational efficiency (RED) and compliance (CRC).

I’d like to highlight Gladia, an innovative French AI start-up specialising in speech-to-text recognition, which is now competing with the American leaders in the sector.

In the banking and financial sector, a hashtag#speechtotext technology offers valuable solutions for reducing costs (cost-to-income ratio) as well as improving the customer experience and compliance. The use cases go far beyond simple real-time voice transcriptions.

Here are three examples from our experience 👇

1. Financial security

In our sector, this technology is particularly important because of compliance imperatives. Regulations such as MiFID II in Europe require banks to keep accurate records of the interactions of sales staff and front office staff in particular. Thanks to speech recognition, we can not only ensure compliance by recording and transcribing calls, but also analyse this data to identify risky behaviour, correlate it with anomalies in transactions or market movements and therefore spot suspicious behaviour.

2. Commercial banking

In retail banking, voice recognition is becoming an essential tool for improving the customer experience. Banks are increasingly adopting virtual assistants equipped with this technology to offer fast, seamless services. Automating processes using AI, coupled with speech recognition, enables customers to carry out simple operations, such as checking their balance or making transfers, simply by speaking. This makes a significant contribution to optimising customer satisfaction, an area in which banks are investing heavily.

3. Multilingual documentation

During cross-border meetings, real-time transcription facilitates the automation of minutes and encourages multilingual exchanges. In investment or risk management committees, the ability of the tools to manage language changes in real time is particularly valuable in an international context, where business languages can vary within the same meeting. This enables fluid communication between teams based in different countries.

With AI, we can turn words into action, because with speech-to-text technology, every word counts…😃