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16th June 2017
IBM launches Watson-powered cognitive solutions suite
IBM has launched the first suite of cognitive solutions to help financial institution professionals manage their regulatory and fiduciary responsibilities. The Watson-powered software, which can be deployed on the IBM Cloud, is designed to help financial professionals in three areas: understanding regulatory requirements, delivering increased insight into potential financial crimes, and managing financial risk with a new architectural approach for data.
Promontory Financial Group, an IBM subsidiary that specialises in risk management and regulatory compliance, has trained Watson initially on 60,000 regulatory citations. Watson has also started to review transactions and cases related to potential financial crimes. The result is a suite of cognitive solutions that are designed to offer professionals assistance in making better-informed risk and compliance decisions with greater speed. Over time, additional data sets will be added, which will allow the machine learning and analytics embedded in Watson Financial Services to further expand and help improve the insights provided to professionals.
“Two generations ago, IBM brought the first computers to the financial services sector, allowing banks and other institutions to foster greater trust in the market by operating more efficiently and accurately,” said Bridget van Kralingen, senior vice president, IBM Industry Platforms.
“To strengthen trust today, financial institutions must analyse an industry’s worth of information to help monitor risk and compliance. No individual, or team of them, can adequately do this alone, and so once again, IBM is bringing a new type of computing – cognitive computing – to help these professionals operate more effectively.”