Canberra-headquartered artificial intelligence (AI) compliance software specialist, Castlepoint Systems, has been named for the second year in a row in the prestigious AIFinTech100 as one of the world’s most innovative companies using AI and machine learning technologies to transform financial services.
The number of technology providers employing AI or data solutions to solve challenges in areas such as banking, insurance, customer experience, investment & trading and compliance has skyrocketed, making the selection process for this year’s AIFinTech100 list extremely competitive.
The finalists were selected by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies. Those making the list are recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain.
Powered by AI, Castlepoint automatically discovers, classifies, and controls every document, email, chat message, database, or webpage in an organisation’s network, regardless of its location or format, identifying rogue data and potential compliance risks based on regulatory rules and reporting.
“To make this list again for the second consecutive year, in what is a hugely competitive field, recognises the important role our software plays in solving real world problems impacting the financial services sector,” said Rachael Greaves, Castlepoint CEO and Co-Founder.
“Our AI solution to managing information has challenged the old traditional models that simply do not work well anymore in today’s environment. We have deliberately been on a path of disruption, and as the first and only company in the world with this new kind of solution, we have been educating customers and are seeing rapid adoption of Castlepoint in Australia, New Zealand and now in the UK.
“With rapidly growing data stores, increased security risk, more diverse applications, and greater regulatory obligations, today’s organisations need a low-impact, high-coverage method of controlling data risk and value,” added Greaves.
The adoption of AI and data analytics solutions by financial institutions has exploded over the last two years accelerated by technological advancements, increased use of digital channels, and shifting regulatory frameworks. Additionally, the potential cost savings for banks from AI applications is estimated to reach $447bn over the next 12 months.
FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry.”
Image and article originally from australianfintech.com.au. Read the original article here.