Financial institutions are becoming aware of the power of new technologies. They have started to explore how artificial intelligence, machine learning and blockchain technology can improve the customer experience, enter new markets and gain revenue more quickly, whilst enhancing regulatory and compliance efforts.
In response, SmartStream has brought together an innovations team, a collaboration made up of highly skilled members, including mathematicians, applied data scientists and computer scientists. The team is focused on evaluating and deploying artificial intelligence, machine learning and blockchain models with financial institutions, to drive down costs and boost workflow efficiencies - taking advantage of advanced data analytics to re-engineer traditional work models across middle and back-office processes.
The innovations team is currently working with SmartStream's banking partners who are investing their time in these technologies. The aim is to develop new data driven solutions and business models, designed to provide innovative infrastructure to enhance their business plans.
Through the adoption of these new technologies, organisations will benefit from:
- Lower operational risk - the ability to spot anomalies in transactions
- More profit efficiency due to displacement of manual, repeatable tasks
- Faster response time due to artificial intelligence learning
- Informed business insights
- Less exposure to processing failures, making decisions easier
- Identification of patterns, providing customised offerings to customers
- Alerting and learning from unusual transactions
- Staying competitive by adopting new algorithms
- Staff can focus more on strategic decisions, instead of repetitive tasks