Financial Transcription Gets AI Bot Functionality

By Roy Urrico

Artificial intelligence (AI) meets transcription. Zurich, Switzerland based Luware, a software-as-a-service (SaaS) provider of digital communication technology, recently rolled out financial compliance automation with AI bot functionality embedded directly into its Luware Recording capabilities.

Luware offers two primary products: Luware Nimbus, an AI-Powered customer experience (CX) platform; and Luware Recording, which offers a fully managed, cloud-based compliance recording and analytics solution designed for financial institutions.

Alexander Grafetsberger, Luware.

“We believe that every interaction is an opportunity to create value, basically starting off with our contact center, which obviously brings people together, makes people talk, with all the smart features on top, like AI transcript,” Alexander Grafetsberger, chief business officer e of Luware Recording and managing director told Finopotamus. “And then at the back end with our Luware Recording offering, which, obviously enables, companies to be compliant with their regulations. With the latest (AI) developments, on top of that we go beyond compliance; we actually generate actual value out of the data that is stored.”

Luware Recording is powered by Verint, which in 2024 acquired Intelligent Voice’s AI and speech recognition capabilities for its CX automation platform. This enhancement, Grafetsberger explained, transforms recordings into proactive intelligence — enabling faster decisions, lower compliance costs, and more robust risk mitigation, according to Luware.

Starts With Transcription

Luware has been in the market for more than 15 years, revealed Grafetsberger. “We started out as a contact center solution for Microsoft Link, then Microsoft Skype for Business. Over the years we have added compliance recording for financial institutions. In recent years, we have moved our offerings to Microsoft Teams, positioned ourselves (with) smart software services for customer-centric communications in the Microsoft ecosystem.”

“It all starts with transcription,” said Grafetsberger. “For our compliance offering, we are using fully private AI, which is all run in our own data centers. Luware has multilingual call transcription capabilities.” Luware Recording supports some 40 languages including English, Spanish, German, French, Italian, various forms of Cantonese and Mandarin, Korean, Arabic, Danish, Dutch, Finnish, Flemish, Greek, Hindi, Indonesian, Portuguese, Romanian, Russian, Swedish, Tagalog/Filipino, Thai, and Turkish.

“Even if (within) a call the language switches, we're able to fully transcribe, translate and then use that transcription data, with our new AI insights or AI bots to generate further value out of them,” Grafetsberger continued. “And that's all happening within a very secure and auditable API (application programming interface) ready environment.” Grafetsberger emphasized the importance of ensuring security, because financial institutions “don't want their data to be in any public AI model.”

Capabilities and Benefits

By equipping its transcribing competencies with AI bot capabilities, Luware believes it eliminates the majority of review time spent listening to recordings or parsing transcripts. Grafetsberger emphasized the new feature allows financial institutions to focus on flagged conversations and increasing risk-event follow-up, using contextualized alerting. It also provides automated meeting summarization and action tracking, eliminating note-taking entirely; and improves customer relationship management (CRM) data completeness, enhancing both audit accuracy and client experience.

“There is a multitude of benefits. One is obviously the compliance benefit,” Grafetsberger said. “The other one is to really take those mundane tasks of summarizing calls, taking notes, sending out follow ups to customers, and make them as easy as possible for advisors so they can take more calls or even take more time in the call to speak to the customer.”

Key capabilities include:

• Automatic flagging of potential risks, beyond static rule sets.

• Categorized risk markers such as insider trading, regulatory breach, policy deviation.

• Complemented with context.

• Time-stamped to streamline investigation workflows.

There is also a full audit trail of everything that happens in the background, explained Grafetsberger. “We start off with that transcription and then on top of that I always like to start out with simple use cases, for example, call summarization and actions and minutes. Because that cuts down the work time of a financial advisor, quite tremendously if they do not have to type up notes after the call.”

“We have other bot offerings that are more deeply involved,” suggested Grafetsberger, such as risk detection, which can flag certain patterns. “You analyze it with a full LLM (large language model) on top. you can flag potential risks that go beyond static rule sets.”

Grafetsberger continued, “In the past if you had a talk call transcription, you had some static rule sets, you were looking for certain phrases, et cetera. But now with fully trained LLMs you can get way beyond that with really detecting context and streamline those investigation workflows.”

Looking for Credit Unions

Luware maintains its recording capabilities with AI provide compliance teams with automated review and risk summaries across calls; relationship managers with engagement and client history overviews to improve customer satisfaction and enrich CRM systems; operations with process summaries for documentation and audit to enrich surveillance systems

In terms of efficiency, Luware states its clients receive faster review process with fewer errors and improved decision making; automatic summarization, increased employee capacity by 10% by eliminating time spent taking notes.

“Obviously credit unions have slightly different needs than tier one and two banks,” noted Grafetsberger. “Obviously the personal contact between the credit union, their (members) is very important. The LLMs can be tailored, we work with customers in a consultative to find out what are their pain points, where do they see the most benefit of automating things. The number one output we want to get is efficiency gains and quality gains in in the customer relationship.”

In July 2025 Luware expanded its global footprint with the opening of its first U.S. office in New York City. “Our U.S. launch is very new. “We have started off with contact center offering in the U.S. and we are now, in the process of launching our recording product proactively in the U.S. We already have U.S. customers, but we do not have we do not have any credit unions yet.”