Finance is fast becoming one of the most important languages of our time. However, it's also one of the most complicated, especially for speech-to-text software. Financial jargon is almost like its own language for the industry and must be treated in a specific way. To demonstrate how our Autonomous Speech Recognition (ASR) engine does that, we compared our finance-specific English language pack to our Global English language pack.
Finance-specific language pack output:
"Reconciliation of these measures to the most comparable measure calculated and presented in accordance with gaap in our slide presentation."
Global English language pack output:
"Reconciliation of these measures to the most comparable measure calculated and presented in accordance with gas in our slide presentation."
This is just one example of how little errors can disrupt the accuracy of a transcript which can, in turn, affect decisions. Our accurate, finance-specific ASR language pack is helping revolutionize voice in the financial sector.
Finance’s Many ASR Use Cases
You may wonder how financial language would ever influence ASR. For starters, there are contact centers. Costing £234 billion in lost UK business sales every year, a bad customer experience can drastically affect the market. To ensure contact centers make the most of the data they gather, finance-specific language packs like ours reduce the number of errors and help improve the customer experience.
Then you have voice assistants. Transactions of devices such as Amazon's Alexa are expected to rise by 400% by 2023, amassing 19.4 billion in eCommerce sales. Voice assistants are becoming increasingly common in our everyday lives, with tasks such as shopping and banking available via speech recognition.
Financial language isn't exclusive to banking; it influences all our daily lives. Finance-specific language packs will prevent potentially costly mistakes. With an accurate ASR, voice recognition banking services are easier to use and are less likely to leave businesses fixing mistakes and preventing consumers from becoming frustrated.
Paving the Way to Fewer Compliance Problems
An accurate speech-to-text engine doesn't just boost performance and save time. It's also a safety mechanism, particularly for investment firms. GuardREC writes that “simply recording all phone calls and electronic communication that may lead to a transaction is, by itself, not enough to meet the rigid requirements of the MiFID II directive.”
To take the extra step, finance companies must “actively monitor communication to ensure compliance with regulations and minimize the risk of violations,” GuardREC explains. This is done with an accurate speech-to-text engine. It flags inflammatory phrases, preventing anything from slipping through the cracks. Our ASR's finance-specific language pack provides compliance-grade accuracy necessary for modern finance.
New Features That Make This Possible
Our ASR's financial language capabilities is helped by one of our newer features, Entity Formatting. This turns words into numbers, currencies, phone numbers, dates and so on – crucial for any finance-related audio. Here's an example of it in action.
Today is the 5th of January twenty twenty-one. We're very pleased with our exceptional fourth-quarter performance after an unprecedented year for 2020. Total revenues were one hundred and eighty-three billion dollars, up 13 percent year on year, or up 14 percent in constant currency.
Today is the 5th of January 2021. We're very pleased with our exceptional fourth-quarter performance after an unprecedented year for 2020. Total revenues are $183 billion, up 13% year on year, or up 14% in constant currency.
The difference is clear. Entity Formatting saves time and avoids confusion by making the transcriptions more accurate with improved readability; vital features across various industries, such as broadcasting, medicine, and education. Coupled with the financial language pack, our ASR is fully equipped to accurately support use cases within the financial sector. Here's a quick recap:
Various use cases: The versatility of financial language permeating our lives highlights how costly transcription errors are.
Fewer compliance problems: ASR's ability to flag inflammatory financial terms protects investment firms from breaking compliance directives.
Finance-specific language pack and Entity Formatting: two new additions that make speech-to-text a viable possibility for finance use cases.
The finance-specific language pack’s value is felt across industries. It adds to the stack of technology for financial use cases and by adding ASR to your business, you can save time and money through automation. Moreover, you can consume Speechmatics ASR on-premises or in the cloud, and in real-time or for pre-recorded media.
Essentially, the possibilities are endless.
Ready to Try Speechmatics?
Try for free and we'll guide you through the implementation of our API. We pride ourselves on offering the best support for your business needs. If you have any questions, just ask.