HSBC and BNY Mellon are at the forefront of adopting Quantexa‘s groundbreaking Q Assist context-aware generative AI technology suite. This innovative step promises to revolutionize how these financial giants handle data and analytics.
Quantexa’s Vision for AI and Data
Quantexa, a leading AI, data, and analytics software company, specializes in “decision intelligence” to help organizations make better operational decisions using data. Their new Q Assist suite aims to enable customers to harness the power of generative AI without heavy investments in infrastructure, tooling, and additional skilled resources.
The Q Assist suite integrates Quantexa’s copilots, linked data, and knowledge graph to enhance the accuracy and reliability of AI models. This integration allows these models to interact with structured and unstructured data, providing a comprehensive view of the information and context across an organization.
Benefits for HSBC and BNY Mellon
Both HSBC and BNY Mellon anticipate significant benefits from this technology, including streamlined analysis, investigation, and reporting tasks. The AI suite will also reduce reliance on data science teams for ad-hoc requests and empower customer-facing teams with enriched data.
David Rice, Global COO of Commercial Banking at HSBC, highlights the potential of this solution: “This new solution has the potential to enhance the efficiency and accuracy of complex tasks such as anti-money laundering investigations and sales strategies by providing trusted data and contextual analytics. The introduction of contextual analytics and innovation will enable HSBC to concentrate our resources more productively and ultimately help our customers.”
Financial Impact
Quantexa claims that for a tier-one global financial institution, with three levels of defense in financial crime and fraud compliance generating approximately 15,000 alerts a month, the technology could lead to savings of over £17 million annually. This cost reduction stems from more efficient investigating and reporting processes in financial crime and fraud.
The Future of Decision Intelligence
The adoption of Quantexa’s GenAI suite by leading financial institutions like HSBC and BNY Mellon marks a significant step towards a future where AI and data analytics drive operational excellence. By integrating generative AI with contextual analytics, these institutions are set to enhance their decision-making processes, ensuring the most accurate and up-to-date information is available at their fingertips.
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