The innovations team has partnered with a number of SmartStream’s Tier 1 banking customers to investigate the use of AI, machine learning and blockchain in their operations. These partnerships assess how advanced technology can be used to re-engineer traditional processes in order to boost efficiencies, cut costs and enhance business plans.
Dedicated Innovation Lab
SmartStream’s dedicated Innovation Lab is a collaboration of highly skilled mathematicians, applied data scientists and IT specialists.
As a result of these partnerships, firms are now using AI and machine learning to spot anomalies in transactions, lowering operational risk and exposure to processing failures. These technologies are assisting banks to detect patterns in data, creating sharper business insights and faster response times. Operations staff are also being freed up from traditional, repetitive tasks, releasing them to focus on higher-value activities, making firms more competitive and profitable.
Client projects have been very successful and they are estimating at least 20% cost savings for their reconciliation business.
CIO, SmartStream
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