Company insight
AI and ML help to generate better insights from customer data and enable automation of key processes.
they solve specific problems. Every use case must pass the relevance test and reinforce the core value in the company’s DNA. In practice, that means improving decision- making and generating competitive advantage through the operationalisation of data.
“That is about the benefits of being curious,” emphasises Kilcoyne. “That is where AI and ML trump everything: they have no bias, they are impartial, they may tell you things you don’t like, but they always generate the next question and highlight the next area for improvement.”
Progress through partnership AI and ML not only help to generate better insight from customer data and, therefore, drive value-added services such as fraud detection, but they also enable the automation of key processes such as reconciliation.
“A key driver is manual touchpoints – MTPs – and each instance generates additional cost or margin erosion,” says Kilcoyne. “We have built AI models that reduce MTP by a large percentage. That
Future Banking /
www.nsbanking.com
changes the cost model and enables organisations to redeploy people to higher- value operations.
the workflows of individual users. That ensures key processes only require human input in the management of exceptions.
“AI and ML trump everything: they have no bias, they are impartial, they may tell you things you don’t like, but they always generate the next question and highlight the next area for improvement.”
“For banks and non-banks, our operational DNA is the key to operating economically and profitably,” he adds. “The key to change is to have agile operations, so we have engineered our solutions to deliver that flexibility. The single biggest differentiator with SmartStream is that we understand how to bring in AI as part of our control structure.”
AIR, for example, is an AI-powered reconciliation platform that can match any data set, either structured or unstructured, in a matter of seconds. Affinity, for its part, is an ML-powered observational learning tool that can understand and implement
“Our solutions are about more than just matching data,” says Kilcoyne. “They are about enabling control procedures and ensuring transparency and visibility. We bring deep subject matter expertise and critical and analytical thinking to help organisations position themselves for success.” Whatever stage of development a payments services provider is at, it needs solutions that have been developed to meet the challenges of tomorrow. Listen to Kilcoyne and it is clear this is what SmartStream was built to deliver. ●
www.smartstream-stp.com 19
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