In collaboration with tier 1 banks, SmartStream Technologies launched an artificial intelligence (AI) “observational learning” solution, called Affinity, to meet the technical demands and business agility for operational data management and data quality processes.
Once the neural 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.
The integrated AI solution can result in cost savings of as much as $2 million per annum by increasing match rates and helping business users to cope with the vast volumes of data. It observes the users’ actions and establishes its own understanding of how records correlate and it will assist the user to significantly reduce the time it takes for matching complex data sets.
“The banks have recognized that they need to roll out AI and machine learning technologies to realign resources, increase STP and optimize costs,” said Andreas Burner, CIO, SmartStream, in a statement. “Client projects have been very successful and they are estimating at least 20% cost savings for their reconciliation business.”
In a separate news release, SmartStream announced an AI data quality solution, called Air version 2, which takes reconciliation processes that would usually be measured in weeks and months to seconds. In addition, with cloud-based technology accessed via a new user interface it manages large volumes of data, in any format, to achieve even higher match rates.
The observational learning capabilities of Affinity are built in, which means manually changed data matching activities get learnt and adopted for the algorithm’s future use. SmartStream Air version 2 has a number of industry certifications for robust security controls across the whole organization, including physical security, personnel security, fraud control mechanisms, IT & data security and data privacy.
Victoria Harverson, global head of Business Development for SmartStream Air, said in a statement: “Controlling risks, delivering transformation projects and optimizing data quality processes is going to be easier than ever with this introduction of our next generation AI application”.