SmartStream is a recognised leader in financial transaction management solutions that enables firms to improve operational control, reduce costs, build new revenue streams, mitigate risk and comply accurately with regulations.

By helping its customers through their transformative digital strategies, SmartStream provides a range of solutions for the transaction lifecycle with artificial intelligence and machine learning technologies embedded - which can also be deployed in the cloud or as managed services.

As a result, more than 2,000 clients—including 70 of the world’s top 100 banks, rely on SmartStream Transaction Lifecycle Management (TLM®) solutions to deliver greater efficiency to their operations.

For more information about SmartStream, visit www.smartstream-stp.com

Revolutionising banking operations with SmartStream's artificial intelligence solutions

The technology can optimise processes in all levels, from reconciliation, to stress testing and payments.

Financial institutions around the Asia Pacific region are rapidly developing their own artificial intelligence (AI) tools to aid their operations as part of the digitalisation strategies that will provide them the leap towards a more digital future. This is something that SmartStream is leveraging in building its own innovations team focussed on developing tools and case studies in the deployment of AI for the use of financial institutions—not only to benefit the experiences of their clients but to also improve the efficiency of their operations.

Push for AI
For Peter Hainz, SmartStream’s global presales programme manager, the decision to implement AI for banks and other financial institutions is something that would be deemed inevitable given the advantages that the technology offers.

“The main driver is cost efficiency, so when we’re looking at, for example, automating the transaction matching process, this is a classical example,” he said. “Another is the regulatory space. So when we’re looking at the regulatory space, we have a lot of data. So, data is collected and used, for example, for stress testing and for analytics.”

He also highlighted the advantages that banks in the region are trying to reap given that 70% of these financial institutions are likely going to use AItools and technologies in their various operations, including collections and recovery by 2019, according to a survey by FICO.

“We can use the data for anomalies with AI. One more driver, I would say, if you’re looking at the operations process, and the user experience is the exceptions management and then routing the exceptions to the right stakeholders,” he explained.

Fast chips, massive data
The push for AI, according to Smartstream, has gone hand in hand with the advancement in technology. “Super fast chips, in combination with massive amounts of data give algorithms a massive boost, so banks have massive amounts of data and this is very important, for example, for data analytics,” he said, although he underscored the fact that AI is a tool and not the be all and end all of things for banks.

“It’s about 80% of getting the data right and 20% of getting the model right,” he said. “What is also very important if we look at, for example, information overload. So, what is fake news, what is real news. Natural language processing is used to extract the right data and to differentiate between fake or real news.”

Optimising workflow through AI
Hainz also shared certain examples on the operational processes of banks and where banks can potentially leverage artificial intelligence. He mentioned that AI, in its purest sense, can affect and improve operations of financial institutions at all levels. AI can optimise the work flow in the back office, including the reconciliation process—where you get the data, transform the data, match the data, and look for exceptions—as well as in cash sweeping.

For the mid-office segment, AI-powered tools and technologies can aid in stress testing activities as well as in supervision. For front-office activities, AI can be leveraged for payment scheduling and payment throttling. Some of the use cases include digital fingerprint, invoice extraction, and looking at anomalies on balances and other financial statements.

SmartStream, for its part, has been offering artificial intelligence-based solutions to banks and other financial institutions through its innovations team, “a collaboration made up of highly skilled members, including mathematicians, applied data scientists, and computer scientists.”

This group is tasked to evaluate and deploy artificial intelligence, machine learning, and blockchain models with financial institutions with cost efficiency and workflow enhancements as the main objectives. Some of the benefits that banks and financial institutions can get from the innovation lab of SmartStream include lower operational risk or the ability to spot anomalies in transactions; enhanced profit efficiency given that routine, reduction in repeatable tasks; and faster response time due to machine learning.

Further, banks stand to benefit from AI by coming into the possession of more informed business insights, and less exposure to processing failures, which will ultimately help any organisation’s decision making process.

They can also leverage on identification of patterns that could provide customised offerings to customers; alerting and learning from unusual transactions. Additionally, it can also help banks stay competitive through the adoption of new algorithms, and better human capital development as the staff are able to direct their focus and resources on more skilful and value-adding tasks.

Connect Now

CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

Other Articles

SmartStream launch high performance, AI enabled platform to meet client demands for managing complex data

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider today announces the launch of TLM Aurora Universal Data Control - driven by client demand - it is the only solution of its type to match any reconciliations data, from basic to complex matching by enabling AI, machine learning and cloud-native technology.

SmartStream steps ahead with new industry digital payments solution

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, announced the launch of TLM Aurora, the industry’s leading reconciliation platform.

Bringing automation and increased efficiency to post-trade processing in Asia

SmartStream’s post-trade processing solution eliminates downstream exceptions through enabling real-time processes based on verified data.

SmartStream reveal their latest API suite with a complete range of reference data services

SmartStream Technologies, the financial Reference Data Utility (RDU) solutions provider, today announces the launch of its Application Programming Interface (API) suite – for quicker access to services providing accurate data, with improved customer service, operational efficiency, greater agility and competitiveness. The new fully comprehensive API service will benefit financial institutions by saving huge amounts on infrastructure costs, as well as an affordable service which is straightforward to deploy.

SmartStream reveals new brand identity

This reflects the company’s mission to spearhead technological innovation.

Digital payments driving the trend in APAC market

As digital payments take the centre stage, the complexity of transactions is also increasing. Santosh Tripathy explains how providers can address these using SmartStream’s operational control platforms.

Digital payments automation: What now?

As digital payments push out cash amidst the pandemic, providers look to SmartStream Technologies, for an automation advantage. Santosh Tripathy talks about the backbone needed for would-be players.

How SmartStream's managed services is transforming banking in Asia Pacific

Managed services streamlines operations and cuts costs by eliminating manually intensive processes.

Asian banks to adopt cloud-based managed services for efficient back-office operations

Managing back-office trading processes are becoming more complex with the twin pressures of increasing regulation and reduced headcount, which requires banks to reexamine their operations, according to SmartStream’s global product manager of managed services Peter Hainz.

Banks embrace corporate actions automation with SmartStream's award-winning platform

When a European company was struggling with a corporate actions conundrum of spending four hours each day collating new event notifications that have been received into the organisation, it turned to SmartStream Technologies for a solution that would enable them to automate the painstaking process. The firm implemented SmartStream’s TLM Corporate Actions platform, which then drastically cut down the processing time compared to the previous manual system that was bogged down by an influx of printed SWIFT messages, fax messages, emails and Excel spreadsheet reports.

New technologies transform data validation and reconciliations in banking

AI and Machine Learning (ML) technologies improve operational efficiency and decision making for middle and back office.

SmartStream’s AI solution supports continuous streaming of reconciliations

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider announces the launch of SmartStream Air Version 4, which provides the continuous streaming of reconciliations using the latest AI cloud-native technology. The new version will manage large volumes of data in a variety of non-standard formats and structures, it will check for accuracy and completeness on a continuous basis, without the need to reload unmatched items.

SmartStream bolsters APAC team with two new hires to meet increasing demand for client support and delivery

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider today announces two senior appointments - Romain Rohee, Regional Head for Client Services and Delivery and Amol Deep, Delivery Engagement Director – both hires will strengthen the regional team in areas of solution delivery and client engagements.   Romain Rohee will lead and set direction on all product delivery, with a key focus on customer satisfaction and relationships across all stages of the client lifecycle. Prior to joining SmartStream, he was the APAC Head of Operations for ITRS Group and led their managed and professional services teams. Before this, he was at two other organisations managing process implementations and integration for Société Générale and Orsyp Group, globally. 

Addressing operational challenges in financial institutions through effective managed services

SmartStream Head of Business Development, Managed Services Mark Morris provided insights on the need to upgrade systems and create efficiencies to reduce costs and risks.

SmartStream steers new intelligent design for exceptions management

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, today announces new intelligent exceptions management design for its cloud-native AI powered SmartStream Air solution – enabling the process of identification, prioritisation, allocation, and audit to be further simplified.

Understanding the benefits of a robust intraday liquidity management system

Managing an effective intraday liquidity system doesn’t have to be a tedious and drawn-out process.