DUBLIN, June 7, 2021 /PRNewswire/ -- AYLIEN, a leading provider of AI-powered risk monitoring and management solutions, has been announced as the Most Disruptive Fintech and Overall Winner in the Deloitte Financial Services Innovation Awards 2021 for their AI-powered Risk Identification and Monitoring Solution, RADAR.
The awards, run by Deloitte in partnership with Financial Services Ireland (FSI) and the Banking and Payments Federation Ireland (BPFI), recognise innovation by financial services-focused companies who solve long standing problems for the industry, address niche segments in a new way, or improve internal operations for financial services providers. The winners were announced on Thursday, 3rd of June, and AYLIEN were chosen from over 100 submissions for their innovation in the risk monitoring and management space, which is set to revolutionize the way financial services organizations manage their risk.
David Dalton, Head of Financial Services, Deloitte Ireland, said: "The judges were very impressed by the impact AYLIEN's product RADAR had on their customers, particularly in operational effectiveness. They identified an ineffective, manual process and developed a truly innovative product. Their innovation has allowed their customers to transform and operate more effectively, meaning highly skilled employees can focus on areas where they can contribute significantly higher value."
AYLIEN's risk identification and monitoring platform, RADAR, transforms how analysts in financial services identify and monitor potential known and unknown risk events on a global scale with beta users of RADAR identifying 10x more potential risk events coupled with an efficiency gain of over 70% in their current investigation processes.
Using proprietary Natural Language Processing (NLP) technology, RADAR aggregates and understands vast quantities of unstructured data such as news, regulatory updates, company filings, and internal data sources providing early signals of critical risk events related to a company's customers, supply chains, competition, and investment strategies.
RADAR applies advanced, specialized, yet configurable human-in-the-loop AI to large volumes of unstructured data to help analysts expand their monitoring reach and transform ineffective manual identification and investigation workflows that are attributable to more than $36bn in fines and losses for financial services companies since 2008.
Commenting on the award, Parsa Ghaffari, Founder & CEO, AYLIEN, said: "RADAR is a transformative tool for risk professionals for uncovering new risks faster and more accurately than any of the existing solutions, and we're delighted that its potential has been recognised by the prestigious Deloitte Financial Services Innovation Awards and the high-profile judges. RADAR is currently being piloted by some of the biggest names in the financial services industry, and our pilot customers are already seeing significant improvements in the effectiveness of their risk monitoring processes, while saving hundreds of hours of analyst time."
AYLIEN currently works with the world's leading financial services companies such as Revolut, IHS Markit, and Wells Fargo, helping them uncover risk and opportunity signals from vast amounts of unstructured data sources and plan on launching their innovative risk identification and monitoring platform in Q3 2021.
AYLIEN provides AI-powered risk and media intelligence solutions to the world's leading financial services companies helping them make informed business decisions by leveraging unstructured data sources.