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It’s super Smart! In developing its new generation of intelligent software, SmartStream has benefitted from its huge customer base of 1,500 clients, which include 70 of the world’s 100 biggest banks. It has learned by harnessing the data provided by these contracts. “We run operations on behalf of banks, and we deploy AI internally on what we run, and then realise those benefits elsewhere,” adds Kaddoura. “The software solutions we deliver are not driven by hypothetical issues we’re trying to prove, they are the result of work we have done and proved internally. We’ve put our software to the test with existing clients and it allows us to then develop our commercial products.”

powerful data analytics, SmartStream was able to take the step towards AI to re-engineer traditional work models across back-office processing. Kaddoura says: “Banks have collected data ever since they existed but it’s only in the last decade that they have started realising the value in it. Having the right data in the right format, updated consistently across their client base and operations, is now the big challenge. “There have been some major reports recently that have looked at the banking infrastructure’s ability to clean and enrich this data, so that it is useful from an AI utilisation perspective. AI is going to make financial services much smarter and more efficient. It has the ability to pick up data trends much faster than any human can and

shared between customers. On top of this, SmartStream has a 20-year plus reputation for serving the industry to uphold. Kaddoura says: “There’s a strong level of trust that is moving us increasingly into a greater strategic role in relation to these financial institutions. I think it’s down to the changing nature of the environment that banks are increasingly wanting to work strategically with a fintech such as SmartStream. “Bank IT departments, with all due respect, are not necessarily sufficiently funded, or geared up, to address requirements from a wider industry perspective. It’s much more efficient for a fintech player, which is well embedded with financial institutions on a global basis, to do so. SmartStream is happy to be playing that role. And it means our

that makes the banks much more responsive in addressing their own regulatory requirements, their feedback to clients and all their stakeholders.”

portfolio of products and services is growing.” Smith adds: “It’s been a J-curve in acceleration because we recognise that, in this day and age, nobody wants to sign up with a vendor and then hear it’s going to take six months before they see any benefit to their organisation. Our dedicated teams do this day in, day out and, as they’ve got smarter, the automation of client onboarding has got better and faster. “It’s also important to say that we’re not an outfit making a play because we see a space in the market. There’s a real commitment here and real investment at SmartStream, to make sure our clients are going to want a long-term relationship with us.

AI is going to make financial services much smarter and more efficient. It makes banks much more responsive in addressing their regulatory requirements, their feedback to clients and stakeholders Of course, data is key to the success of AI, and when a client buys into SmartStream’s AI solutions, they must also buy into its obsession with data hygiene. To process the vast quantities of data needed to cope with modern digital banking systems, the company has developed tools to organise and store data in a standardised format to avoid a garbage-in/garbage-out scenario. At the company’s core is the SmartStream Reference Data Utility, originally created in partnership with US banking giants Goldman Sachs, JPMorgan and Morgan Stanley. It helped the company’s first clients by providing complete, timely and accurate reference data on request. And with a history of such

Something to prove SmartStream’s launch of AIR and the AI enhancements to TLM Aurora fuel the financial sector’s potential to embrace an artificially intelligent future, which has until now been held back by low levels of internal IT expertise in AI and related fields, as well as a lack of investment following the credit crunch. SmartStream’s mutualised model provides a solution to these problems, since expertise is outsourced and the costs are effectively

Issue 13 | TheFintechMagazine



Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13

Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13