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NICE Adds Automated Cloud-Based Transcription Service to NICE COMPASS Compliance Assurance Suite

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NICE COMPASS Discovery accelerates investigations and automates
manual processes around large volumes of trader voice communications

NICE (NASDAQ:NICE), the leading provider of financial
communication compliance solutions, today announced NICE COMPASS
Discovery
, a new automated, cloud-based trader voice transcription
service. The new service builds on the successful launch of the NICE
COMPASS compliance
assurance solution late last year by giving
financial services organizations (FSOs) new capabilities to save time
and money, and improve responsiveness to regulators.

Whether initiated by regulators or FSOs' own internal teams, extraction
and review of large volumes of trader voice recordings are becoming the
norm. Rapid response to investigative requests (in some cases within 72
hours) is mandated by a host of regulations and standards, including
MiFID II, FX Code of Conduct and Dodd-Frank. Increasingly, when such
requests are made, regulators and legal teams often request transcripts
of trade-related calls, in addition to a complete set of voice
recordings.

Chris Wooten, Executive Vice President, NICE, said, "For complex
investigations involving large volumes of calls, finding, downloading
and transcribing every call can be a long, tedious process. There are
additional costs and delays when recordings need to be sent to an
outside company for transcription. Some financial services organizations
have even resorted to trying to stitch together their own solutions
using middleware to integrate audio recording and third-party
transcription software. NICE COMPASS Discovery's cloud-based automated
transcription service fills this gap by providing a one-stop solution
without the headaches, and by dramatically improving the speed,
consistency and quality of transcriptions."

Working alongside the powerful capabilities of NICE COMPASS, including
Automated Bulk Call Extraction, NICE COMPASS Discovery helps firms
accelerate investigations and improve their responsiveness to regulators
by automating costly and time-consuming manual processes around
retrieving, downloading and transcribing large volumes of trade-related
communications. Downloaded calls are automatically ingested into the
NICE cloud-based voice-to-text transcription system, transcribed and
then packaged together with transcriptions and relevant metadata for
easy sharing with regulators and other requestors. FSOs benefit from:

  • Faster investigation turnaround times: Trader
    investigation turnaround times are significantly reduced. There's no
    waiting to send audio recordings out to an external company for manual
    transcription, and no waiting days to get transcripts back.
  • Cost savings: FSOs no longer need to send audio
    recordings out to expensive third-party providers for manual
    transcription; they only purchase the processing hours they need.
  • Fewer headaches: NICE COMPASS Discovery offers an
    all-in-one solution without the headaches of custom integration and
    middleware.
  • Scalability: FSOs can download and transcribe over a
    million recordings a day, and add more capacity as needed.
  • Greater accuracy and consistency: NICE COMPASS
    Discovery's hosted speech-to-text transcription solution is powered by
    Nexidia, NICE's award-winning automatic speech recognition engine,
    which offers an extremely high degree of consistency compared to other
    automated transcription tools and manual (human) transcription methods.

Additionally, trader communications come with a unique set of problems
for transcription – including slang and jargon, overlapping speech and
pitch variations, and short audio clips. NICE's speech recognition
engine returns highly accurate results regardless of audio quality,
speaker accents, dialects, slang and non-standard grammatical patterns.
NICE COMPASS Discovery's transcription engine is also able to
accurately transcribe audio in 44 different languages.

NICE COMPASS Discovery was designed to work with the NICE
Trading Recording System (NTR)
. Used by most of the world's leading
banks and investment firms to record and retain trade conversations from
turrets, desk phones, mobile phones, and Unified Communications
platforms, NTR is an ‘all-in-one' compliance-focused trade conversation
recording platform.

NICE COMPASS Discovery is part of the NICE
COMPASS
solution suite. NICE COMPASS
helps Financial Services Organizations streamline their compliance
assurance processes through automated provisioning, system health
checks, call extraction, compliance assurance reporting, and now
automated transcription.

NICE is a leading financial compliance solution provider, serving more
than 90 percent of the largest investment banks globally. NICE's
compliance solutions assist customers in the capture of trade
conversations and trades, analyzing them for potential risk, and
correlating trade conversations with trades for trade reconstruction.
The company's compliance solutions make automated and intelligent
holistic trade compliance programs possible and enable FSOs to more
efficiently comply with regulatory requirements, including MiFID II,
MAR, FX Code of Conduct, Dodd-Frank and future directives.

About NICE
NICE (NASDAQ:NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software solutions
that empower organizations to make smarter decisions based on advanced
analytics of structured and unstructured data. NICE helps organizations
of all sizes deliver better customer service, ensure compliance, combat
fraud and safeguard citizens. Over 25,000 organizations in more than 150
countries, including over 85 of the Fortune 100 companies, are using
NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks of
their respective owners. For a full list of NICE's marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements
This press release
contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Wooten, are based on the
current beliefs, expectations and assumptions of the management of NICE
Ltd. (the Company). In some cases, such forward-looking statements can
be identified by terms such as believe, expect, may, will, intend,
project, plan, estimate or similar words. Forward-looking statements are
subject to a number of risks and uncertainties that could cause the
actual results or performance of the Company to differ materially from
those described herein, including but not limited to the impact of the
global economic environment on the Company's customer base (particularly
financial services firms) potentially impacting our business and
financial condition; competition; changes in technology and market
requirements; decline in demand for the Company's products; inability to
timely develop and introduce new technologies, products and
applications; difficulties or delays in absorbing and integrating
acquired operations, products, technologies and personnel; loss of
market share; an inability to maintain certain marketing and
distribution arrangements; and the effect of newly enacted or modified
laws, regulation or standards on the Company and our products. For a
more detailed description of the risk factors and uncertainties
affecting the company, refer to the Company's reports filed from time to
time with the Securities and Exchange Commission, including the
Company's Annual Report on Form 20-F. The forward-looking statements
contained in this press release are made as of the date of this press
release, and the Company undertakes no obligation to update or revise
them, except as required by law.

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