UK’s leading financial technology (Fintech) organization, Quantexa has announced a fresh investment of $160.25 million (£125M) into the global AI industry. This investment would improve the abilities of both private enterprises as well government agencies in utilizing the power of AI-enabled solutions for Decision Intelligence and Business analytics. The CEO of Quantexa outlined his company’s vision for investment in support of UK Government’s plan to make UK an AI Hub which in turn would bring more jobs across the region.
Rishi Sunak, Prime Minister of the United Kingdom, said: “We want to ensure the UK remains the best place in the world to build, test, and use safe AI technology. Quantexa’s new £85M London AI Innovation Centre will help cement this reality. It will create over 170 jobs, harness the extraordinary potential of AI as we grow our economy, and lead the way on responsible AI development around the world.”
AI IN Fintech: 5 Amazing Examples Of AI And ML In The Financial Sector
Considered a global leader in Decision Intelligence (DI) solutions, Quantexa will set aside around $110 million (£85M) specifically for AI-related job creation in the London AI Innovation Center. In addition, the Fintech company would also demonstrate its prowess in latest Generative AI technology for investigating cases relate to financial crimes. Overall, the new funding in the AI space highlights the company’s commitment to help clients advance the use of AI to protect, optimize, and grow their organizations.
By 2027, Quantexa’s total global investment in AI will reach more than £200M.
Currently, Quantexa’s Fraud, Financial Crime, and Data Management solutions empower the Federal agencies stay prepared against evolving cyber threats that arise from the complex data landscapes. Users gain valuable insights from their financial data to make well-informed decisions based on predictive intelligence and AI-driven insights. Quantexa’s DI platform and solutions can be deployed on-premise or in the Cloud through Microsoft Azure, AWS and Google Cloud.
Quantexa has also launched its generative AI assistant called Q Assist, marking its foray into the advanced AI and deep learning space. Its commitment to improve the existing AI products further supports its mission to meet the growing demands of clients and partners globally. With AI research and development initiatives, backed by sustainable investments, Quantexa aims to take its existing AI stack to unlock existing and emerging opportunities in the different Fintech use cases for financial services, insurance, telecommunications, healthcare, and in the public sector.
Quantexa’s Decision Intelligence platform and suite of solutions for data management, customer intelligence, KYC, risk, fraud, and financial crime have been deployed in over 70 countries.
Q Assist: A Generative AI Assistant for Financial Analysts
Generative AI is an explosive domain in the current LLM development industry. Fintech companies are adopting generative AI tools to improve their conversational solutions. Q Assist is one such generative AI tool for the fintech industry, built on Quantexa’s Decision Intelligence Platform. It demonstrates the advanced capabilities of generative AI solution trained on highly accurate financial data. Users, including financial analysts as well as customer service agents can use this tool to identify the complex risks during investigations intuitively. With time, as Q Assist augments its capabilities with LLMs and financial data, organizations can derive more benefits for their analysts, helping them become more effective and smart while investigating complex financial cases.
How does generative AI solve Fintech challenges?
Q Assist is a powerful LLM agnostic tool. It is designed to augment its learning in a scalable fashion, utilizing client’s own proprietary, open source, or commercially available AI models. It also provides integration with Open AI’s ChatGPT. When merged with Quantexa’s DI platform, users can turbo-charge their AI ML capabilities for a wide range of commercial applications. For example, solving complex cases in the financial crime investigation scenario.
Quantexa showed the potential in using NLP to query vast amounts of structured and unstructured data at scale. Generative AI solutions can create Suspicious Activity Reports (SARs) and investigate lengthy summaries that are printed in multiple languages. In short, Q Assist is a fast-paced self-learning NLP tool for Fintech customers who can typically save hours of time and millions of dollars while investigating financial crimes and risky situations.
Currently Quantexa’s AI Stack is pivoted on three basic principles. These are:
Context-Based Learning
Making a sound financial decision requires tons of data and insights. Even for AI-powered tools, context is everything. When the model lacks context, AI could give obtuse responses, called hallucinations. For an AI platform to be deployed successfully, contextual learning is very important at every stage of training and re-modeling. Quantexa’s AI stack provides a solid foundation for context-based learning to its generative AI solutions, ensuring all its products deliver accurate real-time information for a sound decision-making in the Fintech industry.
At the time of this announcement, Vishal Marria, CEO and Founder, Quantexa, said, “While many companies are talking about AI and machine learning, we have been investing in it since our inception. We are investing our time, money, and resources into the biggest technological breakthrough for generations as it will transform how organizations make decisions. We’re proud to invest in London-based innovation but the impact will be felt by the global economy and will start a ripple effect that will unlock decision intelligence capabilities for our clients and their respective industries.”
Composite AI
Quantexa’s AI stack brings together different types of techniques and technologies under one roof through a well-designed Composite AI infrastructure. These include Deep Learning, NLP, and machine learning. Composite AI layers allow organizations who are relying on Quantexa for AI ML innovation develop their own customized “out-of-the-box” models for various use case scenarios.
Earlier this year, Quantexa acquired Aylien. The latest announcements revolve around this acquisition that helped Quantexa position itself as a leading NLP solution provider for unstructured text data analytics.
At the time of Aylient;s acquisition in February this year, Quantexa had revealed its immediate game-plan. It had mentioned, “With the acquisition completed, Quantexa plans on increasing R&D investments in the AI and NLP space. Quantexa will build on the success of Aylien’s advanced state-of-the-art deep learning-based NLP research program based in Dublin, Ireland.”
X-AI and Trustworthiness
Explainability (X-AI) and trustworthiness of AI models is paramount in today’s world. Fintech companies operate in highly regulated ecosystems, and this creates a lot of friction between technology and people when it comes to meeting the compliance. Most importantly, with AI in the picture, transparency and control become a blurred concept. Quantexa’s AI stack solves this challenge for users by combining the power of its context-based learning, composite AI, and X-AI without privacy concerns.
Chloe Smith, Technology Secretary, said:
“The Government is serious about AI, which is why we’ve invested £2.5B in AI infrastructure and skills since 2014 and this year set out our plan for AI regulation to drive innovation and build trust. Quantexa’s investment is a huge vote of confidence in those plans and will unlock new opportunities for growth and job creation, enabling us to continue to pave the way as a global leader in the development of AI.”
Dr Oren Etzioni, Professor at the University of Washington’s Computer Science and founding CEO of the Allen Institute for AI, said: “An investment of 100 AI jobs will drive economic growth not just in London but around the world. The places most likely to benefit are AI innovation hubs like New York City, Seattle, and San Francisco. Based on my research into the impact of AI on employment and economic growth, the long-term monetary benefits of this announcement will increase significantly because of the multiplier effect from job creation and innovation. An initial investment of £200M is likely to benefit the wider AI industry by £600M globally within three years.”
