SmartStream Technologies today launched Affinity, an Artificial Intelligence (AI) observational learning tool, to provide operational data management and data quality processes.
SmartStream, in partnership with unnamed Tier 1 banks, has developed the integrated AI solution that it says can result in cost savings of as much as $2 million per annum, “bringing reconciliations into a new era, by increasing match rates and helping business users to cope with the vast volumes of data”.
The technology comes out of the SmartStream Innovation Lab and marks 12 months since the launch of its first AI service. Affinity is available in SmartStream Air and will be embedded into SmartStream’s reconciliations solutions. It can be supported in the cloud as a fully managed service or it can be deployed with clients’ existing on-premise solutions.
Affinity AI observes the users’ actions and establishes its own understanding of how records correlate and assists the user to significantly reduce the time it takes for matching complex data sets, the company says. 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.
Andreas Burner, CIO, SmartStream, says: “The banks have recognised that they need to roll out AI and machine learning technologies to realign resources, increase STP and optimise costs. Affinity outperforms matching rates of anything else available on the market today. Client projects have been very successful and they are estimating at least 20% cost savings for their reconciliation business. It is very 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. 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”.