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.”
Introducing Symphony’s Technical Advisory Group
Since Symphony’s earliest days as a company, we have collaborated closely with our customers to ensure that our product both addresses their challenges and meets their needs. In that spirit of collaboration and in conjunction with Symphony’s board of directors, we recently formed a Technical Advisory Group (TAG) as a forum to discuss perspectives on technology with our customers and help to inform Symphony’s go-forward strategy. At its outset, the group committed to meeting twice a year to share knowledge and experience regarding technology trends and related Symphony initiatives, as well as to ensure that our development strategy aligns with our customers’ visions.
The initial TAG includes senior leaders and technologists from the following organizations:
- BNP Paribas Asset Management
- Deutsche Bank
- Goldman Sachs
- J.P. Morgan
- Standard Chartered
- Wells Fargo
The inaugural TAG session took place in early April, where we engaged the group on two timely topics: confidential computing and unlocking unstructured voice data.
Confidential computing involves protecting sensitive and/or highly-regulated data in the cloud. As it becomes more widely adopted, this technology will enable the movement of more confidential workloads to the cloud, further reducing the overhead of legacy on-prem computing environments.
With regards to unstructured voice data, the group discussed the mechanics of deploying artificial intelligence and machine learning to enhance audio quality and perform more robust analytics on data from voice calls conducted using our Cloud9 technology. The goal of this project is to furnish a secure way to better optimize these highly valuable content streams in real time.
Based on strong interest from the TAG members, Symphony will continue to explore these technologies with key strategic partners. The team will review progress at the next TAG meeting, which will take place at our primary R&D center in Sophia Antipolis, France in September.
As we explore emerging technology opportunities and challenges at Symphony, we are deeply committed to making sure our priorities are aligned with those of our customers. The TAG is one way we are actively partnering with financial services leaders to move our industry forward, and we express deep thanks to our TAG members for their contributions to our strategic progress.
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