Award recognizes achievements in applying artificial intelligence to the challenges of reducing risk while helping financial institutions meet demanding and continually evolving regulatory requirements
NASHVILLE, TN, April 6, 2017 – Digital Reasoning, a leader in cognitive computing, was announced as the company with the ‘Best Artificial Intelligence Technology’ at the WatersTechnology.com fifth annual Sell-Side Technology Awards event yesterday in New York City. Digital Reasoning created the Synthesys® cognitive computing platform, which is one of the most widely-adopted AI systems within financial services and used by many of the world’s leading investment banks in applications ranging across risk and compliance, financial crime, and customer insights.
Synthesys understands and analyzes human communications. Most communications data is unstructured, making it virtually unreadable using conventional technology. By applying artificial intelligence, Synthesys makes sense of human language in text, audio and images, and resolves who is talking about what and with whom. It works across multiple languages, multiple domains, and uses machine learning to grow smarter over time.
For decades, Waters’ has been serving the financial community with independent, expert journalism. Because of this, the Waters Sell-Side Technology Awards is recognized as the coveted award for financial institutions and software vendors that service the financial services industry.
“We are honored to be acknowledged by such an esteemed publication for our dedicated work in applying AI to combating risk and abuse,” said Marten den Haring, Digital Reasoning’s Chief Product Officer. “This award reflects our commitment to the success of our customers, and our dedication to deliver compelling solutions to the industry’s most daunting challenges.”
“Interest in artificial intelligence (AI) has grown significantly throughout the sell-side community, and now hype-driven anticipation has given way to expectations of proven impact,” said Victor Anderson, Editor-in-Chief of Waters and WatersTechnology. “Not only has Digital Reasoning developed an impressive AI for analyzing human communication, but it has also implemented that technology in live production environments within a number of the world’s leading banks. We expect to hear a lot more from Digital Reasoning in the coming months as interest in AI across the capital markets grows.”
The financial services industry has been an early adopter of AI and expectations of the technology have matured to the point where firms demand measurable outcomes and a clear return on investment. Clients using Synthesys have experienced the following benefits:
- A double ROI in 4 months and the inefficiency of false positive alerts halved (independently evaluated by Forrester).
- Monitoring of employees expanded from 5% to 100% coverage, eliminating the risks of sampling while significantly increasing accuracy.
- By eliminating the use of keywords, precision increased by 250% while investigation times decreased by as much as 60%
Synthesys has a track record of innovation, making it one of the most trusted cognitive computing platforms on the market. With proven results that demonstrate effectiveness, reliability and strong ROI, Synthesys is also used by US defense and intelligence agencies to protect national security and by large healthcare companies in the provider, payer, and physician space.