SmartStream launches new ‘Innovations’ team
SmartStream Technologies announced on Monday the launch of a new “Innovations” team that will work with financial services firms to implement systems based on new technologies such as blockchain, cloud computing and artificial intelligence and machine learning.
The team will be based in Vienna, which SmartStream says is a major centre for fintech developments as it possesses the skills necessary for such innovative techniques.
As legacy IT systems are slowly being replaced, financial services firms are becoming ever keener to embrace such new technologies as will help drive down costs by improving work flow efficiencies and combining the functions of several back office departments.
Further efficiencies can be gained by examining data at a more granular level and using technologies such as blockchain and AI to model new processes, helping speed up and reduce the cost of certain transactions – a positive for both the firms and their customers.
Darryl Twiggs, senior vice president of strategic initiatives said: “We are proud to be stepping ahead and investing in R&D and setting up a specialised team. We are also fortunate to bring together our banking partners who are keen to invest their time in these technologies.
“Our aim is to develop new data driven solutions and business models, designed to provide them with the innovative infrastructure to enhance their business goals.”