HSBC and BNY Mellon have been announced as early participants in the Quantexa Q Assist program, which features a suite of context-aware generative AI technologies.
According to Finextra, the tool will enable customers to implement generative AI without requiring substantial investments in infrastructure, tools, or additional skilled personnel.
Quantexa’s copilots, linked data, and knowledge graph enable frontline and information workers to enhance the precision and reliability of generative AI models, integrating structured and unstructured data, context, and insights across their organisations.
By merging Large Language Models (LLMs) with contextual data within Quantexa’s platform, users can gain a deeper understanding of their data, leading to better performance, increased trust, and the most accurate and current information available in one place, according to the company.
HSBC and BNY Mellon plan to leverage this technology to streamline tasks related to analysis, investigation, and reporting; reduce the dependency on data science teams for ad-hoc inquiries; and provide customer-facing teams with enhanced data.
David Rice, HSBC’s global COO for commercial banking, stated, “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.”
Quantexa asserts that a top-tier global financial institution dealing with three levels of financial crime and fraud compliance, generating about 15,000 alerts monthly, could save over £17 million annually by using this technology for investigative and reporting processes in financial crime and fraud.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
