AFTAs 2020: Best Artificial Intelligence (AI) Technology Initiative—Moody’s Analytics
New York-based Moody’s Analytics has enjoyed considerable success across a number of WatersTechnology’s awards programs over the years—for example, in 2020 it won the best credit risk solution provider category in the Waters Rankings—although a win in the AFTAs has always eluded the financial intelligence and analytical tools specialist. Until the 2020 AFTAs that is: This year, Moody’s Analytics walks away with a pair of wins, the first of them coming in the best artificial intelligence (AI) technology initiative category, thanks to its QUIQspread offering, an AI-based financial spreading tool unveiled in 2020, designed to help institutions automate the spreading of financial statements.
Financial spreading is the manually intensive process through which lenders extract key data from unstructured financial statements from the purposes of conducting credit risk analysis on borrowers. According to Eric Grandeo, senior director, product manager at Moody’s Analytics, QUIQspread uses machine learning technology to automate the financial spreading process, resulting in normalized datasets and allowing lenders to make faster and more judicious lending and credit decisions. “It’s a process that can be cumbersome and inconsistent, potentially resulting in costly mistakes,” Grandeo explains. “Lenders want to empower their relationship managers and analysts to focus more on high-value credit risk analysis tasks and increase their throughput in the most efficient way possible, and QUIQspread helps them do that.”
Given the unstructured nature of financial statements, incumbent rules-based applications tend to struggle when it comes to accounting for the variety of information/data formats presented in statements. Machine learning, Grandeo explains, is the ideal technology to automate that process. Machine learning technology learns from “previous practices and behaviors and can adapt to change over time without any development work,” he says. “Spreading is an evolving practice and needs a technology that evolves with it. Today, QUIQspread is processing thousands of spreads for customers in production who are now benefiting from significant time savings and efficiencies.”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Awards & Rankings
IMD & IRD Awards 2024: All the winners
Here are the 28 category winners of this year's Inside Market Data & Inside Reference Data Awards, announced on the evening of May 16 at a reception following this year's North American Financial Information Summit in New York.
Witad Awards 2024: Technology innovator of the year (vendor)—Christy Bremner, SS&C Technologies
Christy Bremner, senior vice president, Institutional & Investment Management (I&IM) division at SS&C Technologies, wins technology innovator of the year (vendor) in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: EDM professional of the year—Neslihan Yegul, S&P Global Market Intelligence
Neslihan Yegul, vice president, head of EDM and thinkFolio at S&P Global Market Intelligence, wins EDM professional of the year in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: Technology innovator of the year (end-user)—Laura Hamilton, Bank of America
Laura Hamilton, global head of corporate treasury, credit risk, climate risk, and financial forecasting technology at Bank of America, wins technology innovator of the year (end-user) in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: Vendor professional of the year (data and operations)—Joanna Davies, OSTTRA
Joanna Davies, head of trade processing at OSTTRA, wins vendor professional of the year (data and operations) in the 2024 Women in Technology and Data Awards.
Most read
- Waters Wavelength Podcast: Bloomberg’s Tony McManus
- IMD & IRD Awards 2024: All the winners
- Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters