1. A computer-implemented method for reducing latency in an automatic speech recognition (ASR) system, the method comprising: transcribing via a processor speech data using a first ASR pass, which operates at a first transcription rate near real time, to produce first transcription data; transcribing said speech data using a second ASR pass slower than said first ASR pass to produce second transcription data, wherein said second transcription data is more accurate than said first transcription data; transcribing said speech data using a third ASR pass based on the speech data and transcribed speech data from the second ASR pass to produce third transcription data; displaying via a display a part of said first transcription data, which corresponds to a portion of said speech data, prior to transcription of said portion of said speech data by said second ASR pass; updating said displayed part of said first transcription data with one or more of said second transcription data and said third transcription data upon completion of the transcription of said portion of said speech data by said second or third ASR pass; and displaying with transcription data an indication of how many additional transcription passes are forthcoming that will update the transcription data.