SmartStream Develops Data Observational Learning Alongside Tier 1 Banks – Providing a 20% Cost Saving Using AI
Summary
LONDON--(BUSINESS WIRE)--SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, today launches ‘Affinity’ in collaboration with Tier 1 banks - an Artificial Intelligence (AI) ‘observational learning’ solution to meet the technical demands and business agility for operational data management and data quality processes. SmartStream in partnership with the Tier 1 financial institutions has identified an integrated AI solution that can result in cost savings of as much as $2M per annum - bringing reconciliations into a new era, by increasing match rates and helping business users to cope with the vast volumes of data. Once the neuronal network is trained, Affinity acts as a virtual user to support businesses dealing with large amounts of data - the more it observes, the more efficient it becomes, boosting matching rates - delivered to the end-user with high-quality results. Andreas Burner, CIO, SmartStream, states: “The banks have recognised that they need to roll out AI and machine learning technologies to realign resources, increase STP and optimise costs. In addition, we are currently starting five new feasibility studies to confirm AI business cases, the demand for new technology is huge and the team is extremely pleased to be partnering with our clients to make this happen.”
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