Sell-Side Technology Awards 2022: Best artificial intelligence (AI) technology—SmartStream Technologies
OVERVIEW
SmartStream’s Affinity, launched in collaboration with tier-1 banks, is an AI observational learning solution designed to meet the technical demands and business agility for operational data management and data quality processes.
THE SOLUTION
SmartStream’s Affinity automatically learns how records correlate to one another and can mimic and learn from actions made by a user. In just a few clicks, the AI establishes its own understanding of how records correlate and Affinity assists the user to significantly reduce the time it takes to carry out the matching of complex datasets. Ultra-fast matching results are delivered to the end-user with high-quality results. Developed in the SmartStream Innovation Lab, it delivers data quality and verification processes in an elastic cloud-based deployment model, using the latest technologies and digital-friendly services. Customers are up and running straight away and the solution can transform traditional data verification processes within seconds.
WHAT’S TO COME
SmartStream reinvested 25% of its revenue last year back into research and development (R&D). It is continuing to increase the number of developers working on its solutions with the view to driving up automation levels and helping banks to improve service levels, stem operational losses, enhance margin management, and carry out more accurate data analysis.
Affinity will be embedded within the firm’s core solutions with the view to improving performance by 20% to 25%, enhancing the capability of its existing solutions, and delivering services that are more flexible and cost-efficient for its clients.
WHY THEY WON
SmartStream has been pushing the AI envelope for a number of years now through its Innovation Lab in Vienna, headed up by Andreas Burner. Affinity, its observational learning AI platform, is designed to massively reduce the time it takes to match (reconcile) complex datasets, while also significantly enhancing accuracy and transparency, providing genuinely transformational functionality and results to users.
“The Innovation Lab has been working with a number of tier-1 banks to identify use-cases for AI technologies to increase STP and optimize costs. Our latest Affinity solution outperforms matching rates of anything else available on the market today. Client projects have been successful―they estimate at least 20% cost savings for their reconciliation business. It is gratifying that after 12 months of working with clients on our AI solutions, the technology has matured and we are now at a stage to deliver real value, helping banks become more efficient by streamlining processes and making greater use of their operations.”
SmartStream
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