Connecting people with purpose – the recent Symphony Innovate event delivered on what it set out to do having taken place earlier this month to great success. The event brought together hundreds of key financial and technology experts from all over the world into a single, digital venue to discuss recent industry transformations, unlock powerful workflows, and indeed – connect with purpose. Take a look at coverage from the event below!
VoxSmart, having featured in an end-to-end trader workflow live at the event, are delighted to have had the opportunity to showcase the possibilities of our recently acquired Natural Language Processing (NLP) technology. NLP vastly accelerates access to data essential in mitigating risk in regulated markets by enabling downstream intelligence in an automated process providing traders with real-time transcription across a number of communication channels. Critical in trade reconciliation and trade dispute discussions, our technology revolutionises the way in which industries access and view communications.
Recalling the noise of the late 1980´s trading floor Andrew Stone, our Markets Specialist and ex-Interdealer Broker, cites the “semi-organised chaos” which was created within these environments. “Fifteen brokers, all with 2 phones clamped to their ears would be shouting prices to each other, whilst also having to listen to the various speakers and squawk boxes scattered around the desk![…] invariably things would get missed, arguments about who shouted what and in what order were frequent and it took all our skill to keep clients and colleagues happy.”
Squawk no more.
Although communication technology has evolved significantly over the years, from wired telephones and retro squawk boxes to sleek eComm platforms such as Bloomberg, WhatsApp and WeChat – noise still remains on these trading floors. In Andrew´s own words, “the problems are the same as they have always been” – how can an individual, or group of individuals, make sense of all the information that they are bombarded with on a daily basis?
So how does NLP help diminish the noise? NLP cuts through the noise with real time transcriptions, alongside AI and Machine Learning it is possible for traders to filter the information needed hence reducing the quantity of unnecessary noise. Not only this, but it also provides traders “the opportunity to monitor the time spent communicating with their clients and find out if this is driving sales and therefore profits” states Andrew, thus providing industries the unique opportunity to maximize revenue. This, in addition to risk mitigation, make NLP a no-brainer when it comes to trades and creates endless possibilities.
There are big things to come from NLP!
Check out VoxSmart’s recent feature in an end-to-end trader workflow live at Symphony Innovate here!
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