Smarsh, the global leader in digital communications data and intelligence, and Amazon Web Services (AWS), a leading provider of secure, resilient, and scalable cloud technologies, announced they have strengthened their existing partnership by signing a five-year agreement to bring cutting-edge Generative AI offerings to the financial services industry.
As banks, insurance companies, investment advisors, and other financial institutions navigate increasingly complex regulatory and compliance requirements, the partnership will give the financial services industry tools to manage risk and surface intelligence from their digital communications data at unmatched global scale through the Smarsh Enterprise Platform’s cloud-based AI-enabled applications and new Generative AI capabilities.
“As the steward of the world’s largest financial services communications data, Smarsh is uniquely positioned to develop Generative AI through its cleaned, structured and queryable data hosted on AWS,” said Smarsh President, Enterprise Business, Tom Padgett. “These industry-leading, AI-enabled innovations will make it possible for firms to rapidly surface business intelligence signals and improve the effectiveness and efficiency of their compliance operations.”
Smarsh recognizes that communications data contains information critical not only to compliance teams but businesses at large. Through its continued partnership with AWS and leveraging AI-based innovations like Amazon Bedrock, Smarsh will further accelerate:
- Best-in-Class Risk Detection: The next generation of Smarsh’s risk-detection catalog will apply the latest transformer-based technologies to identify a wider range of risks more quickly. This includes new risk scenarios and the ability to detect risks in multiple languages.
- Compliance Automation: Generative AI capabilities to enable firms to quickly sift through the noise to find the signal intelligence in their communications.
- Supercharging Investigations: Empowering investigators with robust insights including from embedded AI, interactive visualizations, and in-app translation.
These innovations build upon Smarsh’s next-generation platform on AWS, which provides enhanced security, performance and scalability with the capability to ingest billions of messages per month while achieving data migration speeds of up to 37 terabytes per day. In one example, Smarsh helped a customer consolidate 13 individual archives thanks to high ingestion and indexing speeds. The partnership has also led to the archiving of more than 2 million Microsoft Teams users and the monthly ingestion of billions of messages.
This long-standing partnership has enabled Smarsh to advance its global scale and intelligence capabilities by leveraging AWS’s extensive portfolio of cloud services, including industry-leading compute, containers, machine learning, and AI technologies. Smarsh is actively exploring a variety of new workflows powered by Amazon SageMaker to support compliance requirements for hundreds of financial services organizations globally and is also exploring Amazon Bedrock and Amazon Q Generative AI capabilities for deeper predictive intelligence.
“Generative AI is delivering intelligence that is helping financial services organizations to better serve customers, enhance security, and drive deeper business insights,” said Scott Mullins, General Manager of Financial Services at AWS. “Using AWS and Smarsh, financial institutions can now use generative AI to drive more data insights that will help automate compliance and enhance risk detection to navigate an increasingly complex regulatory landscape.”
Since first partnering in 2020, Smarsh and AWS have onboarded several global financial institutions, including organizations with over 50,000 employees. In May 2021, Smarsh achieved AWS Financial Services Competency Partner status, validating Smarsh’s enterprise-scale solutions to combat financial crime, conduct intelligent e-discovery, empower organizations to meet their compliance obligations, better protect intellectual property and enable compliant remote work. The Smarsh Enterprise Platform became available on AWS Marketplace in 2022.
SOURCE: PRNewsWire