Smarsh and AWS Collaborate to Transform Financial Services
Smarsh and AWS Collaborate to Transform Financial Services
In an exciting new development, Smarsh, renowned as the global leader in digital communications data and intelligence, is expanding its partnership with Amazon Web Services (AWS). This collaboration aims to leverage AWS Generative AI technology to enhance offerings for the financial services sector significantly.
Enhancing Financial Services with Generative AI
Smarsh and AWS's renewed partnership involves a substantial five-year agreement designed to introduce advanced Generative AI solutions tailored specifically for banks, insurance companies, investment advisors, and other financial institutions. As these organizations face an increasingly complex regulatory landscape, the partnership equips them with the tools necessary to manage compliance risks effectively. The Smarsh Enterprise Platform will utilize AI-enabled applications, allowing organizations to harness intelligence from their digital communications at an unprecedented scale.
A Unique Solution for Financial Institutions
Tom Padgett, Smarsh President of Enterprise Business, emphasizes that Smarsh is uniquely positioned to capitalize on its extensive financial communications data. This data is meticulously organized and is hosted on AWS, allowing for the rapid development of Generative AI capabilities that will greatly enhance compliance operations. Businesses can expect these innovations to improve the speed and efficiency with which they obtain critical insights from their data.
Innovative Features of the Partnership
Smarsh plans to roll out several exciting features that represent a significant leap forward in financial data management:
- Best-in-Class Risk Detection: This next generation of risk detection will incorporate advanced transformer-based technologies, enabling quicker identification of a broader array of risks. Interestingly, these features will also support multiple languages, making compliance efforts more accessible.
- Compliance Automation: Generative AI capabilities will help organizations detect vital signals within their communications data, allowing them to cut through noise and focus on what matters.
- Supercharged Investigations: With the integration of AI tools such as interactive visualizations and in-app translations, investigators will have access to deep insights into their data.
These advancements build upon Smarsh's next-generation platform, celebrated for its enhanced security, performance, and scalability. The platform supports the ingestion of billions of messages monthly, allowing for data migrations at impressive speeds of up to 37 terabytes per day. An illustrative case involved Smarsh assisting a client in merging 13 individual archives, showcasing the platform's capacity for optimizing operational efficiency.
Advancing Global Innovations in Financial Compliance
The collaboration between Smarsh and AWS has facilitated tremendous progress in the ability to manage and analyze financial communications on a global scale. By leveraging AWS's extensive portfolio of cloud services, including machine learning and AI technologies, Smarsh is exploring new workflows that cater to compliance requirements across various financial services organizations. This exploration includes using Amazon SageMaker for innovative predictive intelligence applications.
The Future of Financial Intelligence
Scott Mullins, General Manager of Financial Services at AWS, notes that generative AI is providing financial institutions with the intelligence they need to enhance customer service, improve security, and drive deeper insights into business operations. Utilizing AWS and Smarsh's offerings, these institutions can now employ generative AI to uncover data insights vital for navigating a challenging regulatory environment.
Since they first forged a partnership in 2020, Smarsh and AWS have successfully onboarded numerous global financial institutions, including some with workforces surpassing 50,000 employees. Smarsh has achieved recognition as an AWS Financial Services Competency Partner, validating its commitment to advancing financial compliance and combating financial crime.
About Smarsh
Smarsh is dedicated to assisting regulated organizations in capturing, archiving, and monitoring business communications. The goal is to identify potential regulatory and reputational risks before they escalate into more significant issues. Through its AI-enabled applications, including Capture, Archive, Conduct, and Discovery, the Smarsh Enterprise Platform offers unmatched capabilities in managing risk and leveraging insights from digital communications.
About Amazon Web Services
Since its inception in 2006, Amazon Web Services has led the way as the most comprehensive cloud service provider. With a suite of more than 240 fully featured services, including compute, storage, and AI technologies, AWS continues to empower organizations worldwide, helping them enhance agility and minimize costs.
Frequently Asked Questions
What is the purpose of the Smarsh and AWS partnership?
The partnership aims to leverage AWS Generative AI technology to enhance Smarsh's offerings for the financial services industry, focusing on compliance and risk management.
What innovations will Smarsh and AWS provide?
They will offer advanced risk detection, compliance automation, and enhanced investigative insights using AI technologies.
How does the Smarsh Enterprise Platform function?
The platform captures and analyzes digital communications data to help organizations manage regulatory compliance and risks effectively.
What recognition has Smarsh received from AWS?
Smarsh has achieved AWS Financial Services Competency Partner status, validating its enterprise-scale solutions in financial crime prevention and compliance.
How can organizations benefit from this partnership?
Organizations can improve their compliance processes, enhance their data insights, and better serve their customers through the innovative AI solutions provided by Smarsh and AWS.
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