As we approach the end of 2024, I find myself reflecting on why I remain as excited about surveillance today as I was when we launched VoxSmart over a decade ago. The journey has been long, often challenging, and occasionally frustrating, but it has also been filled with moments of validation as the market begins to embrace the vision we’ve championed for years.

Last week, at the XLod conference in London, these feelings crystallised further. XLod brought together banks, brokers, and asset managers from across Europe to discuss the critical role of surveillance and operational resilience in today’s financial landscape. While the conference reinforced the familiar refrain that compliance remains vital, what truly stood out was the growing recognition of surveillance as something far more than a regulatory tool. Increasingly, institutions are realizing the commercial power surveillance technologies can unlock, especially in the front office. This shift in thinking is significant, and it feels like the market is finally catching up to what we’ve always believed: surveillance, when deployed thoughtfully, can become a competitive advantage.

Nowhere is this clearer than in the accelerating adoption of real-time voice transcription. For years, VoxSmart has championed the idea that transcription technology can transform how banks operate. What was once seen as a tool for ticking regulatory boxes is now being reframed as a driver of efficiency, decision-making, and even revenue generation. Our partnership with IPC, which puts us at the forefront of this transition, could not have come at a better time. The market is moving fast, and we are perfectly positioned to lead the charge both technically and commercially.

This shift is particularly exciting because it’s rooted intangible, real-world applications. One of the most compelling examples is the ability to track missed Requests for Quotes (RFQs), a challenge that has long plagued sales desks. Hundreds of RFQs are processed verbally every day, and without transcription, those that don’t result in trades are simply lost to the ether. This isn’t just a missed opportunity for compliance reporting; it’s a missed opportunity to understand client behaviour, refine pricing strategies, and ultimately drive revenue. By capturing every RFQ—both executed and missed—and analyzing trends, banks can gain unprecedented insights into their operations, from identifying underperforming traders to spotting patterns in client interactions. The revenue potential here is enormous, making this a critical use case for transcription technology.

Another area where transcription is proving invaluable is in mitigating litigation risk. On a busy trading floor, especially during volatile market events, miscommunications are inevitable. Without clear records, disputes between clients and banks often devolve into “he said, she said” scenarios, leaving institutions exposed to costly errors and P&L slippage. Transcription eliminates this risk by providing instant access to verifiable records, allowing traders to resolve disputes quickly and confidently. This not only protects the bank’s bottom line but also fosters greater transparency and trust with clients.

Perhaps the most universally applicable use case is the ability to provide post-call recaps. In the complex world of over-the-counter (OTC) trading, where deals are often negotiated over weeks or months, keeping track of verbal agreements can be a logistical nightmare. Transcription simplifies this process by creating an accessible record of every conversation, complete with searchable highlights of key details like price, product, and direction. Traders can refer back to these records instantly, ensuring no detail is overlooked and saving significant time in the process. It’s a simple but powerful way to bring clarity and structure to an otherwise chaotic workflow.

What struck me most at XLod was how quickly the market is starting to turn toward these solutions. Banks are no longer viewing transcription as a mere compliance tool but as a critical driver of commercial success. For VoxSmart, this moment feels like the culmination of everything we’ve worked toward. The technology is ready, the market is primed, and we are in an exceptional position to deliver.

This is why I am so energized to engage with both new and existing clients, helping them integrate these capabilities into their daily operations. Surveillance isn’t just about preparing for the future—it’s about driving better decisions and outcomes today. The promise of RegTech has never been closer, and I’m excited to continue leading this journey alongside our partners and clients.