Transcription is a critical tool in today’s financial industry, and it’s not just for earnings calls. There are all sorts of reasons to get conversations transcribed — shareholder meetings, TV and radio interviews, financial podcasts, meetings between analysts, and internal discussions among board members. Having a transcript gives stakeholders a searchable record to refer to, whether tomorrow or years into the future.
Client: One of the largest financial data providers in the industry was looking to outsource to a new transcription provider. The company needed fast, accurate, and reliable transcripts that analysts and others could use for performing competitive analysis and offering investment advice.
Notably, financial analysts rely on these transcripts to build their economic models and create research reports that get distributed to their clients, who in turn use the information to make investment decisions. If one number goes wrong or one decimal is out of place in the transcript, it can mean hundreds of millions of dollars get moved to the wrong spot, and legal liabilities come into play.With so much riding on them, the transcripts must be precise and detailed. So not just any transcription solution will do. Not only that, but the sheer volume of transcription — earnings calls alone can total at least 500 quick-turn transcripts per day at the height of the quarter — requires scalable infrastructure and specialized transcriptionists who understand the terminology and can handle the volume without sacrificing accuracy, detail, and budget. Few transcription providers are up to the task.
Digital Nirvana began providing earnings call transcripts in 2001. In the years since, we have developed — and continually refine — the technology and processes to handle all the variables and nuances of financial transcription.
Digital Nirvana offers transcription through two AI-based avenues:
You choose what’s best for your business.
Leading companies in the financial space use Trance to stream real-time transcripts of earnings and corporate conference calls conducted by Fortune 500 companies. Key attributes:
Outsource your transcription to Digital Nirvana
Many financial organizations choose Digital Nirvana to handle the real-time transcription function from beginning to end, which allows them to eliminate dedicated teams working on transcription.
Digital Nirvana’s finance operations team builds and maintains a calendar of earnings calls for as many as 4,500 of the most followed public companies by investors and competitors. This effort alone is of critical importance in helping users track which companies are reporting at which times and how to access the call (phone number, webcast login, etc.).
Once contracted to cover a call, the team uses an internal version of Trance to generate real-time transcripts. Digital Nirvana relies on a stable pool of specialized transcriptionists who understand the numbers and terminology to review the transcripts and ensure their accuracy.
At the height of the earnings-reporting period each quarter, Digital Nirvana’s transcription infrastructure scales up to handle at least 500 earnings calls per day, recording those calls, using speech-to-text to transcribe them and then having a human edit each one — and turning it all around in three to six hours to ensure timely reporting that keeps up with the markets and investment cycles.
Because this financial organization preferred not to live-stream direct speech-to-text output to analysts, Digital Nirvana worked with the company to develop what we call a near-live transcript. It works like this:
For the first version of the transcript, a speech-to-text engine generates a transcript in real-time. Digital Nirvana’s highly trained financial transcriptionists quickly review the engine’s output to correct blatant errors, insert paragraph breaks and speaker names, and generally make the transcript more readable.
Then we stream that version to the client’s chosen destination for viewing by its customers, usually within 30 seconds but up to three minutes.
The next version of the product, akin to a raw transcript that has not yet been fully edited, goes up within half an hour of the call.
From there, the Digital Nirvana team combs through the transcript in detail to correct errors, thoroughly review the numbers, add speaker tags, and apply the company’s style guide, branding, and formatting; with that done, the final edited transcript is shipped to the client’s database within six hours.
This financial data provider summarized the benefits of working with Digital Nirvana this way:
Today, Digital Nirvana is by far this financial data company’s largest transcription provider.
Because this significant financial data provider is also a broadcast media outlet with a TV, radio, online, and podcast presence, there is potential to use Digital Nirvana’s transcription solutions to handle so much more than earnings calls.