As the landscape of communication continues to evolve in our increasingly digital world, the financial services industry is feeling the pinch of regulatory scrutiny. In recent years, financial firms have faced nearly $2 billion in penalties from the SEC and CFTC due to unregulated “off-channel” messaging. This surge in “off-channel” communication, including usage of platforms such as WhatsApp, WeChat, SMS, LINE, and mobile calls, is largely fueled by the rise of hybrid work. Yet, regulators maintain that all business communications must be monitored, auditable, and occur only within official channels. In the words of SEC Chair Gary Gensler, “As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels. And they must maintain and preserve those communications.”
Symphony Innovate 2023 Recap
This past month, we held our Symphony Innovate event in London for our community of customers, partners and thought leaders. We showcased live demos and new innovations in action from Symphony, 22V, BNY Mellon, CIC Market Solutions, FIA Tech, Google Cloud, HSBC, IG Markets, J.P. Morgan, J.P. Morgan Asset Management, NatWest Markets, OpenFin, RBC, Tallarium, Taskize, and more.
Highlights from the conference
Diving into our Community’s Innovations
Seven customers and partners demoed the flexibility of Symphony’s platform featuring the Embedded Collaboration Platform (ECP), several cross-firm bots and new Professional Services-built automations, as well as a transcription integration with Cloud9. See all of the videos from our conference, including all Community Innovation demos here.
“I find it very useful as a tool for the front office, but there’s a massive amount of other stuff in there that supplements people can use people in the back office, the middle office. So the depth of information is huge”
— Richard Turner, Senior Trader, Insight Investment
Leveraging Amenity Analytics and AI
Introduction of Amenity Analytics and its first POC integration with the Symphony platform, bringing ESG results directly into the platform using AI and NLP.
Connecting Seamlessly with Compliance-Enabled Messaging
Mobile-only demo highlighted the latest updates in Symphony’s Federation offering including fast onboarding, native user experience, and voice recording.
“Nothing but game changing,”
— Luke Moore, Premium Client Manager, IG Markets
Flexibility Brought by Cloud9 and Instant Voice
Flexible, high-quality trader voice features showcased with using new capabilities such as Box-On, Zoom phone integration, and Instant Voice.
Introducing the Operations Directory
Unveiled Symphony’s new search & discovery tool to help connect the Operations community ahead of T+1 regulation.
“Our operations teams send and receive 15 million emails every month, so for us it is very important to understand what is waste or noise.”
— Vanessa Barade, Executive Director, J.P. Morgan
Understanding Automation, AI and Acceleration in Capital Markets
Leaders in the industry discuss the role of data, automation, and AI in financial services, and how the industry can best capitalize on these trends
“We can automate some of the lower value, repetitive tasks, such that traders can spend more time with brokers and sales teams with their clients…getting to understand them and armed with the information that they didn’t have before,”
— Ash Booth, Head of Artificial Intelligence, Markets & Securities Services, HSBC
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