NASHVILLE, TN, November 16, 2016 – Digital Reasoning, a leader in cognitive computing technology, has announced two key honors, marking its progress in bringing cognitive solutions to the financial services industry. It has been cited by Forbes in its 2016 Fintech 50 listing of the most innovative financial technology companies and has also won the ‘Innovation’ category in the prestigious RiskTech100® 2017 report.
“Now firmly a part of Wall Street’s response to a decade of accusations of fraud and wrongdoing, Digital Reasoning hopes its technology will not only do cleanup work, but also act as a preventative measure against bad actors,” wrote Antoine Gara, a Forbes reporter.
Peyman Mestchian, Managing Partner at Chartis, the research company that publishes RiskTech100, said, “Digital Reasoning topped the RiskTech100 Innovation category because its cognitive computing technology is driving disruptive change. It offers market-proven capabilities that allow banks to understand intent related to trades, see associated communications, and gain entity-centric insights about risk in their business. The accuracy and scalability of its platform is making unreliable and inefficient lexicon solutions redundant, but more significantly it provides the foundation of digital transformation that can be extended beyond surveillance to financial crime, enterprise risk and customer insights.”
“We are immensely proud to have achieved two such esteemed accolades,” commented Marten den Haring, Chief Product Officer for Digital Reasoning. “Our cognitive computing platform has enabled financial institutions to multiply their effectiveness at detecting misconduct, and given them a cost efficient way of defending their business from actions that have previously resulted in fines and damaged reputations. Together with our partner Nasdaq, we’re establishing a new benchmark for holistic surveillance that is helping restore integrity to the industry.”
Forbes, the leading business media company, compiled its listing of the top 50 fintech companies operating in the United States by interviewing hundreds of startups, CEOs, founders and independent industry experts. Following a stringent evaluation of around 300 companies, Digital Reasoning was included for its proven ability to help financial services institutions analyze employee communications to flag risky behaviors and better avoid multi-billion dollar regulatory fines.
The RiskTech100 report, now in its eleventh year, is globally acknowledged as the most comprehensive study of the world’s most significant risk and compliance technology companies. The ‘Innovation’ category recognizes technology companies that have developed significant new ideas, successfully brought them to the risk and compliance market, and in doing so established effective and scalable new business models.
The listing and award follow other key advances in its financial services business that Digital Reasoning has announced this year. The company has formed a global alliance with Nasdaq to integrate its cognitive computing technology into Nasdaq SMARTS Surveillance solutions. A study by Forrester Research independently verified that the Digital Reasoning solution delivered a 2.02x return-on-investment within 4 months.
Chartis is the leading provider of research and analysis on the global market for risk technology and is part of Incisive Media which has market leading brands such as Risk and WatersTechnology. Chartis’ goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
RiskTech Quadrant®, RiskTech100® and FinTech Quadrant™ are registered trademarks of Chartis Research. www.chartis-research.com