In collaboration with Tier 1 banks, SmartStream has launched Affinity, a new artificial intelligence (AI) ‘observational learning’ solution.
SmartStream’s new solution is set to meet the technical demands and business agility for operational data management and data quality processes.
The new solution increases match rates and helps business users to cope with the vast volumes of data.
SmartStream explained that Affinity AI 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.
Andreas Burner, chief information officer, SmartStream, commented: “The banks have recognised that they need to roll out AI and machine learning technologies to realign resources, increase straight-through processing and optimise costs. Affinity outperforms matching rates of anything else available on the market today.”
Burner continued: “Client projects have been very successful and they are estimating at least 20 percent 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,” Burner added.
Affinity is available in SmartStream Air, its cloud-native AI solution, and will be embedded into SmartStream’s reconciliations solutions.
This new technology has come out of the SmartStream Innovation Lab and marks 12 months since the launch of its first AI solution.
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