Voice to Text on iOS10? I'm Deaf and curious if there is the possibility to point the iPhone toward a speaker and see its text on the screen?

Not sure if iOS10 comes with that Voice to Text functionality or if an external app is required for this?

Thanks for any suggestions!
The iPhone does have a native voice-to-text feature so one can dictate emails and texts. You could open Notes, for example, and then enable the voice-to-text by touching the microphone on the keyboard (not the one next to the text-input). It's to the left of the spacebar. 

Depending on what you want to use it for, the following apps may be useful to you. 

Ava - This might do what you want it to. It helps with verbal conversations. 

Speak2See - This also might work for you. Someone else could speak into your phone, and it shows nice large words in text on your screen. 

Braci - Probably not what you're after. It analyzes sounds like doorbells and alerts your phone.

RogerVoice - This probably isn't quite what you're looking for, but it's still interesting. It was originally a KickStarter and is now on the App Store.