It seems that AI has reached a sufficient level of sophistication that the technology can be used to monitor enterprise wide communications, and understand what is being communicated. This is of course extremely useful in highly regulated industries such as the financial service sector. Digital Reasoning has just been awarded the ‘Best Artificial Intelligence Technology’ prize by Waters. Excerpts from the press release are below:
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.
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.