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FinTech Interview with Pete Major, VP of Fintech Solutions at Member Driven Technologies

FTB News Desk — Tue, 10 Sep 2024 13:30:48 +0000

Pete Major of Member Driven Technologies shares key fintech strategies for credit unions, tips for evaluating fintech partners, and the role of AI in financial services.

Pete Major, VP of Fintech Solutions at Member Driven Technologies

Pete, please guide us through your background and your role as VP of Fintech Solutions at Member Driven Technologies?
I have over 25 years of experience in financial services, spanning front-office and back-office operations, payments, IT processing, consulting, mergers, conversions and integrations. Prior to MDT, I spent over 15 years at Jack Henry with my last position being the director of Symitar implementations.

Even in my previous role, I admired MDT’s deep commitment to clients, employees and its dynamic culture, which are major reasons I ended up here. My passion is helping credit unions leverage the most effective technology and solutions to meet their unique needs and ultimately enhance member service, helping solidify our credit unions’ position as the financial partner of choice in their communities. As VP of Fintech Solutions, I support our clients with fintech integrations and strategy, helping them navigate today’s complex landscape to remain competitive and successful.

For banks and credit unions, what are the key considerations when evaluating potential fintech partners?
When evaluating potential fintech partners, there are several factors that institutions should consider to ensure alignment with their innovation goals and strategic priorities. First, prioritize fintech investments based on cost-effectiveness and their impact on the institution’s overarching strategy. Does the solution solve a pressing problem or business need? Some common top priorities include digital banking solutions, payment systems, efficiency improvements, and security/fraud prevention technologies along with technology that can drive deposits.

It’s also critical to make sure the potential partner has a strong values and culture match. If the fintech doesn’t align with the institution’s long-term vision, the implementation is likely to be disruptive instead of transformative. Finally, thoroughly evaluate the fintech’s track record (which should include reaching out to others who have leveraged the technology), their approach to data security and compliance, and its ability to integrate seamlessly with existing systems.

Prioritizing fintech partners based on overarching strategy, culture and values alignment – as well as extensive due diligence – will be best positioned for success.

What are the common pitfalls that financial institutions should avoid during the fintech selection process?
A major one is innovation for innovation’s sake. Community-focused institutions in particular have limited time and resources, so it’s critical for their attention to be dedicated to deploying technology that squarely supports the organization’s high-level strategy. If innovation is not a key part of your credit union’s strategy, then avoid the ‘shiny new thing’ and focus on investing in technology that augments your institution’s competitive differentiators.

Another common pitfall is only assessing the fintech’s sales and business development team. While these contacts might be great, what will matter most is connection and collaboration with who the institution will be working with on a daily basis, such as the fintech’s operational and support teams. Make sure there is good chemistry between key players.

How important is it for a fintech solution to align with the existing processes and culture of a financial institution?
It’s extremely important; even the most advanced technology can be harmful rather than helpful if it doesn’t align with the institution’s overarching mission or long-term vision. As part of this ‘vibe check’, institutions should evaluate the fintech’s commitment to the customer or member experience, their risk appetite and their view of technology’s role in the broader ecosystem. It’s important to understand how well the fintech solution integrates with existing processes, complements the company culture and advances organizational goals.

Please keep in mind that this isn’t the greenlight to make new fintech solutions to fit into existing processes that have been in place for 20 years. You will likely not gain the efficiencies you’re looking for if you take this approach. Be willing to consider different approaches to existing processes and make the changes that make sense from an ROI perspective.

Can you share some best practices for conducting thorough due diligence on potential fintech partners?
There are several key areas that should be thoroughly vetted to ensure a successful and secure partnership. This includes factors such as the solution’s technical architecture, integration points with existing systems, security posture and the company’s financial position. While this process is arduous, it’s extremely necessary; there is great financial and reputational risk involved in partnering with a company that doesn’t employ proper controls or fails to meet security standards. Here, it can be extremely beneficial to rely on trusted strategic partners for insight and guidance.

By conducting thorough due diligence and thinking long-term, institutions can identify solutions that not only help differentiate but also foster growth and lasting loyalty.

How can smaller institutions, with limited technology resources, navigate the vast array of fintech options available to them?
Navigating the fintech ecosystem can be especially difficult for smaller institutions without the extensive technology resources or in-house expertise available. This is where the right partner can make all the difference, one that is able to provide comprehensive support to guide institutions through the complex fintech ecosystem. Partners that help institutions bridge the fintech gap and understand and speak the fintech language are often a gamechanger for smaller institutions.

When it comes to integrating AI, what steps should financial institutions take to distinguish between hype and substance?
There is a lot of literature out there about AI needing a very structured waterfall approach to implementing this technology. If we’re talking about narrow AI, this approach makes sense because this technology has been around for decades and you’re likely already using this technology without knowing it. If we’re talking about the new Generative AI (GenAI), I don’t think a structured approach here is the right path, particularly for small institutions.

People have a very difficult time switching to new technologies and if you’re going to get the efficiency lift that GenAI promises, you have to change behaviors. It’s just nature, we all love a good habit (maybe it’s just me). But we have found that the best approach here is to pilot GenAI technologies. This approach gives your team a chance to test the new technology in a controlled environment and allows you to figure out the pros and cons without making a major investment in a platform that will likely be very different a year from now. Engaging strategic, and consultive partners is key here if you don’t have the technical expertise on staff.

What role does education and literacy around AI play in helping financial institutions make informed decisions about adopting this technology?
Education and literacy are huge. In general, people tend to fear the unknown, so it makes sense that institutions that fail to properly educate themselves about AI will avoid it. Ensuring key stakeholders understand AI’s potential – and risks – is a critical first step before a strategy can be formed. You can’t avoid AI’s impact. Your employees are likely using this technology now. Lean on industry groups, reputable publications and trusted partners to help share the most relevant AI information and content.

Can you provide examples of small-scale AI use cases that financial institutions can experiment with before fully committing to larger implementations?
As the hype and buzz around AI continues (and frankly, it’s exhausting), financial institutions are exploring several small-scale use cases before committing to larger implementations. For instance, they can start by integrating AI into simpler customer or member chats, where the AI can handle routine inquiries and free up human agents for more complex interactions. Keep in mind, quality here is extremely important as the chatbot is talking directly to your members. Another promising area is AI’s role in supporting the loan approval process by automating preliminary assessments and streamlining documentation review.

AI also proves beneficial in enhancing operational efficiencies by optimizing workflows, improving work quality, and proactively informing decision-making. And, it can support with crafting more personalized offerings, tailored to individual customer or member needs. Even if immediate action isn’t taken, it’s crucial for banks and credit unions to consider how AI could align with and support their service and brand strategy. Engaging with trusted partners and peers is a great starting point to stay informed about the latest advancements and potential applications.

Looking forward, what trends do you see in the fintech landscape that banks and credit unions should be aware of?
Origination and servicing in digital channels continue to be top of mind. Ensuring member engagement after they open their accounts is also areas of interest for our credit unions. We expect loan rates to start to decrease and as a result, lending volumes will go up (no surprise there). Make sure you have the right technology tools for loan origination in place before volume goes up. Also, you cannot be passive with respect to fraud and security. Using technologies to help mitigate these risks is a must for every financial institution.

We see a lot of interest in technologies to provide services for non-interest income. Business Banking and the associated fee income is big right now. Also, is there a way to use Faster Payments (FedNow/RTP) to generate non-interest income? Perhaps.

BNPL (Buy Now Pay Later) continues to get a lot of press and frankly, the adoption numbers are really amazing. But with multiple due dates and rising delinquencies, it does make me wonder if this new service is really helping or hurting consumers.

Anything from the CEO Forum we could highlight?

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Pocketnest Introduces AI-Powered Financial Companion

PRNewswire — Tue, 30 Jul 2024 17:30:17 +0000

Pocketnest, the woman-founded financial wellness platform, announces the launch of Birdie, its groundbreaking generative AI designed to transform how financial institutions engage with Millennial and Gen X communities.

Birdie represents a significant leap forward in Pocketnest’s mission to empower financial institutions with cutting-edge technology that guides digitally-native communities toward financial independence through personalized guidance.

“Especially with the addition of Birdie, Pocketnest revolutionizes the financial services industry by making hyper-personalized financial education more accessible,” said Jessica Willis, CEO and founder of Pocketnest. “This innovation embodies our commitment to continuously evolve to meet the next generation’s needs, and importantly, bring institutions key client insights and cross-selling opportunities.”

Built on Pocketnest’s foundation of behavioral science and advanced AI, Birdie provides instant, tailored financial guidance by integrating users’ linked bank accounts, financial data, behavioral tendencies, and preferences. Users can simply type prompts like “How much should I save for retirement?” to receive customized education that aligns with their unique financial situations, personal banking and investment accounts, and goals.

“Birdie represents a game-changing opportunity for financial institutions to deepen engagement with their digitally savvy community,” said Ben Maxim, Chief Operating Officer at Reseda Group and Chief Innovation Officer at MSU Federal Credit Union. “It’s not just an AI tool—it’s a digital financial advisor that grows with members, fostering financial literacy and empowerment.”

For financial institutions, Birdie offers:

24/7 personalized financial guidance for their community
Strengthened position as a trusted financial partner
Enhanced ability to meet the evolving needs of Millennials and Gen X
Differentiation in a competitive market
Key client insights to drive cross-selling revenue opportunities

Birdie’s launch follows Pocketnest’s remarkable success over the past 12 months, including a 469 percent increase in total contract value and a 49 percent growth in new clients. The company’s innovative approach has earned praise from industry leaders and resulted in significant improvements in financial wellness for partner institutions’ users.

With the introduction of Birdie, Pocketnest continues to pioneer the future of financial services, making financial planning accessible, engaging, and almost addictive for the digital generation.

Pocketnest, Inc. is the pioneering force driving digital innovation in the financial services industry. The premier white-labeled, AI-enabled platform empowers financial institutions and employers to cultivate deeper connections with digitally native Millennial and Gen X clients through personalized financial education, advice, and tools. By translating each user’s unique situation into hyper-personalized digital experiences, Pocketnest helps institutions guide their community toward financial independence, build trust and loyalty, and foster enduring relationships—while identifying millions of dollars in cross-sell revenue opportunities. Launched in 2019, the fintech is Google- and IBM-accelerated and is featured in Fast Company’s Innovation by Design Awards.

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Lucinity announced strategic partnership with Knights Analytics

PRNewswire — Tue, 30 Jul 2024 13:30:42 +0000

Lucinity has announced a strategic partnership with Knights Analytics to enhance its financial crime compliance platform with advanced AI data management capabilities. This collaboration will unify customer data, improve data quality, and enable advanced Generative AI analysis within Lucinity’s solutions.

Knights Analytics specializes in combining graph analytics and AI for connecting data, helping businesses extract valuable insights from large and siloed datasets. By integrating Knights Analytics’ expertise, Lucinity’s customers can now consolidate, standardize, and reconcile their data within Lucinity’s unified Case Management system. This is especially important as financial institutions report that poor data quality is a significant barrier to effective financial crime prevention.

The partnership will also create new opportunities for Generative AI capabilities and automations, including on the fly entity resolution, network analysis, and automated data extraction from documents. Users can interact with their data through Lucinity’s GenAI copilot, Luci, which provides actionable insights in an intuitive format. All of the recommendations provided by Luci are fully explainable, with human vs. AI actions recorded in an audit log.

Commenting on the partnership, Guðmundur Kristjánsson (GK), CEO of Lucinity, said, “Partnering with Knights Analytics will take the Luci AI copilot to the next level by enhancing data accuracy, reducing manual analysis, and increasing the reliability of financial crime investigations through advanced data linkage and profile analysis. This integration will unlock new use cases like on-demand entity resolution, enabling AI-driven automations and insights to streamline case investigations.”

Alex Ridden, CEO of Knights Analytics, added, “We are thrilled to simplify the ability to integrate more data within Lucinity’s platform. Combining our data matching and entity resolution solutions with Lucinity ensures financial institutions make the most of their data. Financial institutions these days are sitting on a wealth of information that they don’t utilize effectively.”

This partnership marks a significant step in fighting financial crime, using advanced AI to improve data and analysis, ultimately boosting productivity and efficiency in financial crime compliance.

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Lionpoint and BlueFlame AI Announce Strategic Partnership

BusinessWire — Thu, 25 Jul 2024 13:30:55 +0000

Lionpoint, an Alpha Group company and global consulting firm specializing in alternative investments and BlueFlame AI, the generative AI platform for alternative investment managers, announced a strategic partnership to support mutual clients implementing and expanding their firm’s AI strategy. Lionpoint’s parent organization, Alpha FMC, also announced that BlueFlame AI will be a featured partner for their new AI & Data Science Innovation Hub. This groundbreaking initiative aims to accelerate the adoption and integration of AI within the sector.

Alpha’s Hub monitors and researches the latest innovations in the industry and changes in leading technology platforms and applications, helping clients leverage the most appropriate technology architecture across their landscape. Clients can use the Hub to join Alpha’s consortium and gain access to AI experts, industry insights, blueprints and best practice to help them achieve tangible results and outputs targeted to industry-specific use cases. The Hub offers:

Definitions of structured AI architectures
Training and playbooks to enable the workforce
Tailored benchmarks and actionable insights
Organizational structures that fit architecture and strategy

By leveraging the combined expertise of BlueFlame AI and Lionpoint, users can leverage a platform for innovation, knowledge sharing, and best practices in AI applications in alternative investments.

“We are thrilled to partner with Lionpoint and Alpha FMC to establish the AI consortium and empower customers with invaluable tools and support along their AI journey,” said Justin Guthrie, Chief Strategy Officer at BlueFlame AI. “This collaboration represents a significant step forward in our commitment to harnessing the power of AI to drive value for our clients and the broader alternative investment community. Together, we will explore new frontiers in AI technology and its transformative potential for alternative investment managers.”

Lionpoint’s extensive experience in alternative investments and technology consulting will be instrumental in guiding the consortium’s initiatives. The firm plans to facilitate workshops, research projects, and pilot programs that demonstrate the practical benefits of AI in investment management.

“We are excited to join forces with BlueFlame AI to form the Hub,” said Michael Tracy, Senior Partner at Lionpoint. “Our shared vision of advancing AI aligns perfectly with our mission to deliver innovative solutions to our clients. This partnership will enable us to collectively push the boundaries of what AI can achieve in the investment landscape.”

Join Lionpoint and BlueFlame AI in NYC on September 10 for their informative gathering to discuss, “Preparation and Implementation of Your AI Journey”. The session will cover what Lionpoint and BlueFlame have discovered while working with clients to implement firm-wide AI solutions at private equity and hedge fund firms.

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FinTech Interview with Chris Li, SVP of Products at Xactly

FTB News Desk — Tue, 23 Jul 2024 13:30:04 +0000

See how integrating agile and innovation frameworks can transform product development and boost market leadership.

Chris Li, SVP of Products at Xactly

Chris, please give us an overview of your role at Xactly, its approach to product development, and how it has evolved in recent years.
As the SVP of Products at Xactly, I manage Xactly’s global Product Strategy, Product Management, Product Marketing, Product Operations and Product Success functions and am responsible for optimizing Xactly’s products to reinforce our position as the only AI-powered platform that combines revenue intelligence and sales performance management to help organizations transform their revenue operations. In my role, I focus on formulating and executing product strategies that drive sustainable competitive differentiation and market leadership, allowing organizations to unlock their full revenue potential.

Our approach to product management has evolved substantially over the years. We’ve complemented our annual roadmapping process with a long-term innovation framework and a short-term agile development process. This allows us to balance our focus on where we need to go over the next few years with what we need to get done in the next quarter or two.

What inspired Xactly to move from a traditional annual product roadmap to a multi-year innovation framework and quarterly agile development process?
Technology is evolving at a pace we’ve never seen before and with the emergence of Generative AI, the pace is only going to accelerate. Xactly has also been on a portfolio management transformation for the past few years; maturing from a multi-product organization to a true platform-first organization. To allow us to exploit the ever-changing technological climate and to effectively execute upon our product strategy transformation, we realized we needed to institute ancillary processes around the traditional annual roadmap planning process.

How do you balance the need for long-term visibility with the flexibility of short-term agile planning?
Although an annual roadmap establishes the key areas of focus for the upcoming year, agile development ensures we’re decomposing our roadmap into manageable bodies of work to allow us to deliver new features and products in a highly predictable way. By incorporating a multi-year innovation framework, we’re able to objectively determine where we should be placing our bigger bets and track the potential impact of those innovations along their journey to market.

What were the biggest challenges Xactly faced when transitioning to this new agile development approach, and how were they overcome?
The risk of change fatigue comes with any process transformation. We’ve discovered significant operational benefits by applying our quarterly agile process, which we’ve leveraged for a few years now. Earlier this year, we determined it would be best if we temporarily pause making additional changes to the process to allow our R&D teams to focus on executing the process, rather than continuing to refine it.

How has the adoption of a multi-year innovation framework impacted Xactly’s ability to innovate and respond to technological changes?
Our multi-year innovation framework has had a profound impact on our ability to innovate and respond to technological changes. We now have the capacity and tools to objectively assess the choices we should make, which could take multiple years to manifest into material benefits for our customers. Innovation is typically one of the most difficult things to get right. However, it’s required if you want to stay ahead of the market. The harsh reality is that most long-term innovation attempts don’t pay off for organizations. We’re using our innovation framework to stay on the right side of that equation.

How has the shift to a quarterly agile development process affected team dynamics and collaboration within Xactly?
Xactly has always been a highly collaborative organization, but the application of our agile development process has unlocked a whole new level of cross-functional collaboration. In most research and development (R&D) organizations, engineering and product are separate functions expected to work closely together. That’s the case at Xactly. But with the agile development process, our teams operate as one. Due to the planning we incorporate into the process, we’ve also seen the collaboration with our peers in go-to-market and customer experience improve as well. The process drives visibility and alignment.

In what ways has customer feedback been integrated into the agile planning process, and how has it influenced product development?
Software companies take risks in various ways to drive innovation and stay competitive, such as adapting new technologies like AI. Since we are constantly taking risks, we need rapid and timely feedback to determine what’s working and what requires a pivot. At Xactly, we leverage a launch strategy which allows us to release new capabilities in phases to solicit feedback early and often before those capabilities go to general availability (GA). For example, we might release a new capability to pilot, where technically the feature is code-complete, but we expose it to select customers, internal stakeholders, and partners to work with it and provide feedback. This allows us to apply improvements to the capability as we progress through the Beta phase; such that when we get to GA we’ve hardened the capability and have a degree of confidence regarding the value it will unlock for our customers.

What metrics or key performance indicators does Xactly use to measure the success of its agile development and multi-year innovation framework?
The KPIs we measure related to our agile development process are primarily focused on velocity and adherence to the committed scope. This ensures we’re building and shipping code quickly. The measurements of success for our innovation framework are different and depend on the innovation we’re contemplating. Those measurements could be related to validating product-market fit, understanding the potential profitability of the capability, or even bringing clarity to the total development timeline.

What advice would you give to other software enterprises looking to implement a similar agile development and innovation framework?
My advice would be not trying to operationalize both of these processes at the same time. First, you should identify what the biggest current challenge is and if it is related to development velocity and alignment or related to driving competitive differentiation. Based on that, choose the most appropriate process that addresses the current challenge. Then when operationalizing one of these processes, ensure you have executive buy-in and acknowledge it will likely take multiple years to get right. With the proper governance model, organizations will know when they’ve optimized enough and can then reap the benefits of the improved process.

How do you foresee the agile development process evolving at Xactly in the next few years, and what future trends do you anticipate in product roadmapping and innovation?
In the next few years, I’m looking forward to continuing to increase our pace of innovation leveraging these processes. We’ve taken the time to build an integrated framework balancing short-term and long-term planning and we can now benefit from that.

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Fintova Partners, Cogendi to Empower Family Offices Across the Americas

PRNewswire — Fri, 19 Jul 2024 15:00:53 +0000

Fintova Partners, a leading technology and operations consultancy to investment management organizations, announced a partnership with Cogendi, a renowned Fintech solution provider headquartered in Paris, France that caters to Family Office and Ultra High Net Worth Individual (UHNWI) clients. Through this agreement, Fintova Partners becomes the exclusive distributor of Cogendi’s innovative portfolio reporting platform in the Americas.

Addressing a Critical Need

“Family Offices, UHNWIs, and their wealth managers often struggle with inflexible reporting tools when it comes to bringing together liquid and illiquid investments. Cogendi provides the most flexible dashboard and reporting solution for multi-asset class portfolios,” said Guillaume Velut, CEO of Cogendi. “The partnership with Fintova Partners is a strategic move for Cogendi. Our solution has empowered global investors for over two decades, and we’re excited to extend that reach to Family Offices across the Americas. Fintova Partners’ proven track record in investment management technology, extensive network, and collaborative approach make them the ideal partner to bring Cogendi’s benefits to this significant market.”

“We’re committed to empowering clients through the use of robust data-driven capabilities and tools,” said Thalius Hecksher, Managing Partner of Fintova Partners. “Cogendi addresses a key challenge for UHNWIs and their family offices, delivering a user-friendly platform to better manage their entire investment portfolio. Their application of generative AI is particularly impressive, adding fresh contextual insights and rich commentary to an already extensive portfolio dataset. This is a real game-changer for the industry, and it’s only the beginning.”

Cogendi: Untangling Your Portfolio with the #1 Family Office Reporting Solution

Cogendi’s platform offers a comprehensive suite of features, including:

Covers all asset classes and portfolio structures.
Enables agile portfolio engineering, including aggregations and carve-outs.
Provides robust investment analytics, including modeling, forecasting, and AI enhancements.
Creates amazing dashboards and rich reporting, including for fully branded client portals.
Facilitates seamless data integration.
Delivers a fully personalized web solution accessible from anywhere.

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Red Teaming Platform for LLM in Global 100 AI Fintech List 2024

PRNewswire — Fri, 05 Jul 2024 15:30:34 +0000

Adversa AI is thrilled to announce its continuous AI Red Teaming solution inclusion in the renowned AI Fintech Global list for 2024. This honor highlights the world’s most innovative companies developing cutting-edge AI technologies in financial services, showcasing Adversa AI’s pivotal role in the AI and GenAI Security industry.

The recognition underscores Adversa AI’s flagship product, Continuous Red Teaming for Generative AI (GenAI), which is revolutionizing the financial sector’s approach to security and resilience. As financial institutions worldwide rush to implement GenAI for serving customers and grapple with increasingly sophisticated cyber threats specific to AI Applications, from prompt Injections and Jailbreaks to Data Leakages, Adversa AI’s Continuous Red Teaming stands out as an essential tool, ensuring Security and Safety of AI-driven applications in financial systems.

In an era where GenAI is transforming financial services, ensuring the security and reliability of AI systems is paramount. Adversa AI’s Continuous Red Teaming for GenAI addresses this critical need by providing continuous, rigorous testing and fortification of AI models against potential vulnerabilities and adversarial attacks. This proactive approach not only enhances the security of financial institutions but also builds trust and confidence among stakeholders and customers.

“Being named in the AI Fintech Global list is a testament to our commitment to innovation and excellence in the financial technology sector, the most growing customer segment and the most affected by Cyberattacks. This accolade recognizes our contributions to developing advanced and pioneering AI technologies that are crucial for the financial services industry in 2024 and beyond.” – added Alex Polyakov, Adversa AI CEO.

Continuous Red teaming involves the ongoing simulation of sophisticated cyber-attacks on AI systems, identifying weaknesses before they can be exploited by malicious actors. For financial institutions, this means staying ahead of threats, safeguarding sensitive data, and maintaining operational integrity. Adversa AI’s solution is designed to adapt to evolving threats, ensuring that financial companies can operate with the highest levels of security and reliability.

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4CRisk.ai on AI FinTech 100 List, Leading Financial Service Innovations

BusinessWire — Tue, 18 Jun 2024 16:30:12 +0000

FinTech Global, a research platform, launched the latest edition of its annual AI FinTech 100 list highlighting the leading movers and shakers who are creating a new era of artificial intelligence technologies in the financial sector to foster efficiencies and innovation. The selection process for this year’s AI FinTech 100 list was hotly contested. Finalists, including 4CRisk.ai, were picked by an esteemed panel of industry experts and analysts centred on research produced by FinTech Global on over 2,000 FinTech companies.

Established in 2020, 4CRisk products leverage advanced AI techniques to connect regulatory and business data, helping organizations gain efficiency and agility and reshape their approach to compliance, security, privacy and risk management. Customers experience benefit levels of magnitude greater with 4CRisk products, with results delivered up to 50 times faster than current manual methods.

“We are thrilled to be recognized by Global Fintech as one of the World’s 100 Most Innovative Al Technology Companies in Financial Services. Businesses spend up to 10% of revenues staying compliant and keeping pace with regulations and standards, with 55% of the spend on human capital – it’s not sustainable. To address these challenges, we offer a modern AI platform supporting the specific needs of regulatory, risk, security, privacy and compliance professionals, revolutionizing the way they work,” said Venky Yerrapotu, CEO and Co-Founder, 4CRisk.ai

FinTech Global director Richard Sachar said, “Generative AI and Artificial Intelligence in general are opening opportunities in the financial services sector to not only get ahead of the competition but to also increase efficiencies and offer personalised products to clients. This year’s AI FinTech 100 list details some of the best and the brightest in this area who are developing AI applications in areas such as banking, insurance, compliance, customer experience, investment & trading and payments.”

Unlike other AI tools that rely on generic language models in the public domain, 4CRisk.ai provides a new generation of AI technologies and models trained explicitly for the risk and compliance domain to automate the manual and effort-intensive tasks of risk, regulatory, security, privacy and compliance professionals, providing results in minutes rather than days, and days rather than months. This dramatic decrease in time and effort frees professionals to focus on more strategic concerns.

Supradeep Appikonda, Co-Founder and COO, 4CRisk.ai, added, “Our products provide organizations with the opportunity to gain the transformative benefits of AI while operating in a robust and secure cloud environment that incorporates Responsible and Trustworthy AI and Zero-Trust Security principles. We are delighted to be recognized as a trailblazer on the AI FinTech 100 List by the esteemed panel of industry experts and analysts from FinTech Global.”

4CRisk product highlights include:

Regulatory Research allows compliance professionals to seamlessly search across authoritative sources, including regulators, laws, and standards to gain insights required to build curated rule books applicable to their organizations.

Regulatory Change Management allows organizations to proactively keep pace with the velocity of change across all applicable rules, regulations and laws while mitigating compliance risks by aligning policies, procedures and controls with regulatory changes.

Compliance Map allows compliance professionals to assess the design efficacy of their compliance program by comparing their external obligations to their internal control environment by matching rulebooks (regulations, rules, and laws) to applicable governance artifacts (policies, procedures, contracts and controls).

Ask ARIA Co-Pilot provides up-to-date, highly accurate, contextually relevant answers to complex queries for the front and second line. ARIA analyzes an organization’s documents and laws to answer day-to-day business questions – saving up to 90% of time and effort.

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Expert.ai wins Silver Stevie® Award for Innovation in Insurance

PRNewswire — Mon, 20 May 2024 14:00:19 +0000

Expert.ai announced that its Platform for Insurance has won a Silver Stevie^® Award in the Insurance Solution Category in the American Business Awards^®, the USA’s premier business awards program. The accolade recognizes the company’s commitment to innovation and product excellence in transforming strategic and complex Insurance processes with advanced AI solutions.

Michael Gallagher, founder and Executive Chairman of the Stevie Awards, commented: “We are delighted to acknowledge the wide range of American organizations in The 2024 American Business Awards. This year, we witnessed a surge in nominations in categories like Product Innovation, Innovation of the Year across diverse industries, and Technology Categories, mirroring the influence of new and emerging technologies shaping our nation. We look forward to honoring the achievements of Stevie winners on June 11th in New York City.”

More than 300 professionals worldwide participated in the judging process to select this year’s Stevie Award winners from more than 3,700 nominations across a wide range of categories. The expert.ai Platform for Insurance automates the review of documents across claims, underwriting and risk management using a combination of semantic AI, machine learning and generative AI. This enables the categorization, extraction and summarization of data for faster decisions at scale to reduce risks and costs while driving better outcomes.

According to the judging panel, the platform “is catering to all the stakeholders—Risk Engineers, Underwriters, and Claim Handlers—well. In an industry where there is a lot of documentation, both standard and non-standard formats, the solution offers a great opportunity for automation, thereby increasing the efficiency and throughput.” The expert.ai solution was also lauded for the “exceptional innovation, expertise and effectiveness in leveraging AI to transform insurance workflows.”

“We are proud of this recognition honoring the work of our expert.ai team to continue to build innovative AI solutions that provide unequalled value for insurers,” said Keith C. Lincoln, CMO of expert.ai. “While there is significant buzz in GenAI within insurance, it is appropriate to be recognized for our innovative approach that focuses on results and value. Having worked with many of the world’s largest insurance companies on numerous implementations, we have deep experience helping insurers leverage practical AI to streamline their processes and transform their businesses.”

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Ryght and nmible announced partnership

PRNewswire — Tue, 30 Apr 2024 18:00:18 +0000

Ryght, a leading enterprise generative AI (GenAI) technology company for healthcare and life sciences, announced a partnership with nmible, an innovative fintech company that provides reimbursement solutions for clinical trials. The collaboration will enable nmible to integrate Ryght’s GenAI capabilities into its platform and use it to automate data processing, enhance security, and optimize workflows for its customers.

nmible will leverage Ryght’s advanced GenAI technology, which utilizes various large language models (LLMs) fine-tuned for the sector. The technology will enable nmible to securely and efficiently handle large volumes of data from clinical trial participants without compromising patient privacy or data quality. The partnership will help nmible meet the strict security requirements of trial sponsors and contract research organizations (CROs).

“We’ve always been excited by the potential of AI to revolutionize clinical trial payment workflows, but data security and privacy concerns have been a significant roadblock,” said Jon Anderson, CEO of nmible. “Our partnership with Ryght clears the way for us to innovate on solutions like intelligent data validation, which will dramatically boost the accuracy, efficiency, and speed of our payment processes, while saving valuable time and effort for sponsors, sites and participants. We’re thrilled to collaborate with Ryght to introduce cutting-edge AI capabilities that streamline and enhance the clinical trial payment experience, all while upholding the highest data security standards.”

“Today, the assurance of patient data security and privacy is more crucial than ever,” said Simon Arkell, CEO of Ryght. “Recognizing this imperative, our partnership with nmible signifies a step towards not only ensuring secure access to patient data, but also expediting workflows through automated data processing. By leveraging our GenAI platform, we are transforming data management at scale and instilling confidence among our customers and collaborators. This effort underscores our commitment to improving clinical trial processes, safeguarding patient privacy, and driving efficiency.”

Ryght Preview is available to life sciences knowledge workers as a free, secure platform with frictionless sign up. Ryght’s copilot library consists of a diverse collection of tools to accelerate information retrieval, document creation, and structuring of vast amounts of complex and unstructured data, taking what might have taken weeks to complete down to days or hours. To inquire about custom building, collaborations, and access to additional copilots, contact Ryght’s team of AI experts to discuss Ryght for Enterprise.

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