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Home AI & Finance AI & Finance | News AI & Finance™ | News for the Week Ending
6/28/24
 * AI & Finance
 * AI & Finance | News


AI & FINANCE™ | NEWS FOR THE WEEK ENDING 6/28/24

By
Christopher Robbins
-
June 26, 2024
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WE WRITE A LOT ABOUT THE POSITIVES AND POTENTIAL OF ARTIFICIAL INTELLIGENCE
BECAUSE IT’S FUN TO ENVISION THE FUTURE AND WATCH IT UNFOLD AND TEST OUR
PREDICTIONS, AND BECAUSE THE AI-DRIVEN FUTURE OF FINANCE IS LARGELY A POSITIVE
STORY. BUT THERE ARE SOME CAVEATS TO THE NEW TECHNOLOGY. 



A war is raging right now between good, helpful, positive artificial
intelligence, and criminal, bad actors seeking to use the technology for their
own gain. The financial services industry is already more than a battleground in
this war: it’s a major front. 

Take a recent survey sponsored by accounts payable provider Medius that found
more than half of financial professionals in the U.S. and UK report being the
targets of deepfake fraud. 

For the dwindling number of uninitiated among us, deepfakes are videos produced
with artificial intelligence that very closely mimic the verbal and physical
mannerisms of real people. 

Outside of some professionally produced examples, deepfakes are still limited.
For example, criminals—for the most part—can’t produce deepfakes that can
interact in real time with others. They usually lack the capacity to produce
long-form deepfakes. Today, most of us will not have the opportunity to have a
conversation with a deepfake, though it’s certainly possible. 

We’re in the process of blowing past the so-called “Turing Test,” when
artificial intelligence becomes capable of appearing so realistically human that
it fools the average person into believing it’s a flesh-and-blood human being
they are interacting with instead of technology. 

In the coming months, the technology to fool the average human with fake video
and audio is coming to all of us, good and bad alike. Financial services
professionals will have to become accustomed to receiving video—both streaming
and in live calls—from clients, consumers, co-workers, regulators and
bosses—that is potentially fraudulent. We will no longer be able to trust our
own eyes, ears and brains to tell the difference between a human and artificial
intelligence. 

Artificial intelligence itself, however, is proving to be quite capable of
distingusihing between itself and real flesh-in-blood people—but there’s no
knowing how long that will continue to be the case. Asking if AI can create a
deepfake it can’t detect is a little like asking if God can create a rock that
He can’t pick up. 

This week we have more than 20 AI and Finance headlines from across the
financial and technology industries. 

READ ON…..

--------------------------------------------------------------------------------

PrevNext


1. ARCHIVE INTEL 

Archive Intel, a pioneering provider of AI-powered communications archiving and
compliance solutions, announced today that Rossby Financial (Rossby), a
tech-forward registered investment advisor (RIA) firm, is now utilizing its
services as part of its industry-leading tech stack. Advisors affiliated with
Rossby will have access to Archive Intel’s cutting-edge compliance technology to
streamline compliance and mitigate risks. 

Utilizing advanced artificial intelligence (AI) and machine learning
capabilities, Archive Intel effortlessly captures client communications while
reducing false positives across a comprehensive and growing list of platforms,
including iMessage, WhatsApp, Outlook, Gmail, X, Facebook, Instagram, YouTube,
Slack, Zoom, SMS, MyRepChat, Microsoft Teams, RingCentral, and other websites. 


2. BLUEFLAME AI 

BlueFlame AI (BlueFlame), the generative AI platform for alternative investment
managers, announced the successful completion of its Series A funding round. The
$5 million private funding round, which was oversubscribed by 25%, was raised
through BlueFlame’s network of industry leaders and strategic partners, along
with significant participation from the management team. This round will enable
BlueFlame to continue its rapid pace of product enhancement for clients and
brings its valuation to $50 million. 

With this investment, BlueFlame will be able to accelerate its growth
trajectory, enhance its generative AI platform, and expand its team of
world-class client success managers, engineers, product managers, and operations
professionals. This funding showcases BlueFlame’s commitment to client support
as it continues to develop new AI use cases and technologies designed to enhance
efficiency and streamline data sources for alternative investment managers. 

BlueFlame has quickly established itself as a pioneer in the alternative
investment management industry, delivering innovative AI and machine learning
techniques to build game-changing methodologies for harnessing the power of AI.
Founded by former cybersecurity, financial technology pioneers, and GRC
specialists, BlueFlame is uniquely positioned to not only understand the
operational challenges faced by alternative investment managers, but also to
proactively deliver an AI platform that provides security, privacy, and
compliance features that address investor and regulatory mandates. 


3. CHARLIE 

Charlie, the fintech company on a mission to help older Americans get the most
out of their money and keep it safe, announced the launch of SpeedBump, a
proprietary combination of pauses, alerts, and real-time education introduced at
the exact moments customers are most vulnerable to fraud. 

Research shows that when people are aware of a specific scam, they are 80% less
likely to engage with it, and if they do engage, they are 40% less likely to
lose money or sensitive information. As financial fraud plagues older Americans,
with over $28 billion stolen from them each year, SpeedBump ensures customers
are maximally aware of the latest information about fraud, so they are empowered
to protect their money during the moments they are most at risk. SpeedBump is a
major step forward in protecting older Americans from rampant financial abuse. 

SpeedBump is activated by certain triggers, like using unfamiliar devices to
access an account or transactions of a certain size. When this happens, the
system imposes a six-hour pause on transactions to allow the account owner to
review, stop or verify the activity, after which the transaction will proceed as
normal. 


4. CME GROUP 

Reaching a significant milestone in the companies’ transformational partnership,
CME Group and Google Cloud announced plans to build a new private Google Cloud
region, and a co-location facility, in Aurora, Illinois. The private Google
Cloud region will host Google Cloud’s new, industry-first specialized platform
designed to support global trading of CME Group’s futures and options markets,
and offer derivatives traders cloud-based, ultra-low-latency networking, and
high-performance computing. 

Locating the platform in the new private Google Cloud region in the Chicago area
will allow CME Group’s clients to utilize existing connectivity options and
access points to other global markets. Additionally, CME Group’s clients can
choose between self-managed infrastructure in the co-location facility or Google
Cloud’s specialized infrastructure-as-a-service offering, both with equal
network latency to the exchange. 

The new specialized platform will enable a number of benefits for CME Group’s
clients, including expanded flexibility, strengthened operational efficiencies,
and increased access to cloud services, and artificial intelligence (AI)
capabilities, all of which will deepen the value proposition for market users
around the globe. For example, CME Group clients will be enabled to rapidly
experiment, test, and deploy new strategies without impacting their production
trading environments. 


5. CONCENTRIC 

Concentric AI, a vendor of intelligent AI-based solutions for autonomous data
security posture management (DSPM), announced it has incorporated new industry
compliance capabilities into its Semantic Intelligence DSPM solution. With these
new innovative features, Concentric AI now identifies data risk within
organizations’ environments applicable to several compliance frameworks, helps
remediate those issues, and satisfies compliance regulations like no other
product available on the market. 

The new compliance functionality provides organizations with a comprehensive and
detailed compliance dashboard for data security controls. The compliance
capabilities include out-of-the-box monitoring and reporting for popular
regulations and frameworks such as HIPAA, NIST, PCI, HITRUST, ISO 27001, SOC 2,
GLBA, SOX, GDPR, CCPA, and others, enabling organizations to efficiently track
their progress across multiple regulatory standards. 

This new functionality allows for easy mapping of data security controls to
specific enterprise environments, ensuring compliance with various regulatory
requirements. This helps organizations leverage Concentric AI to adhere to those
security controls and gauge their compliance status. Unlike completing
solutions, Concentric AI provides a clear view of an enterprise’s compliance
status, with the ability to drill down into specific frameworks and controls. 


6. CONFLUENCE 

Confluence Technologies, Inc. (“Confluence”), a global technology solutions
provider for regulatory, analytics, and investor communications, announced Rex
2.0, a significant advancement of its AI-powered SaaS offering that delivers
capabilities beyond TSR/Annual Report reconciliation, allowing the investment
management industry to gain a new level of operational efficiencies and
insights. 

Last year, Confluence launched Rex 1.0, an AI-powered solution that offers
intelligent reconciliation between Tailored Shareholder Reports and annual
financial reports. Rex 2.0 expands the document-to-document reconciliation
capabilities, covering use cases such as reconciling annual reports with
prospectuses, excel working papers with annual report PDFs, quarterly reports
with annual reports, and prospectuses with KIID documents. 

Rex 2.0 also expands capabilities beyond reconciliation such as intelligent data
extraction, validation, and transformation with unstructured documents. These
are the first sets of capabilities of Financial Document Intelligence, a new
innovative way to work with unstructured documents that couldn’t be done with
traditional technologies, giving investment managers unprecedented efficiency
and access to insights. 


7. DIGITAL FUTURE 

Digital Future (“the think tank”), a new public policy and advocacy think tank
dedicated to promoting the development of the next generation of the financial
services industry, announced its emergence from stealth. 

Led by CEO Michelle Bond, a former SEC senior counsel, Digital Future seeks to
advance the interests of the financial services industry, consumers, investors,
and the broader public by promoting transparency and efficiency in the evolving
financial markets, and by facilitating capital formation and innovation. The
think tank will work together with policymakers, stakeholders, and the public
about issues impacting the financial services industry, and to advocate for
policies that enhance the integrity and stability of the marketplace. 

Bond brings over 20 years of experience in financial policy and is an expert in
securities, derivatives, banking, and fintech regulation. Most recently, Bond
has served as the CEO of the Association for Digital Asset Markets (ADAM). Prior
to ADAM, Bond served as global head of policy and regulatory affairs at two
fintech companies, where she developed and executed global regulatory strategy
for digital assets, blockchain, global payments, and fintech. Bond also worked
at Bloomberg LP as head of global regulatory affairs. 


8. FINTOVA PARTNERS 

Fintova LLC and Nexgen360 LLC, consultancies offering strategic advisory,
technology, operations, and risk management services to the financial services
industry, today announced their merger to form Fintova Partners LLC. 

This powerful combination brings together accomplished financial services
veterans with extensive domain experience at industry giants like Blackrock, BNY
Mellon, UBS, Apex Fund Solutions, and Trident Trust Group. The company’s leaders
have also been integral to the creation of leading technology and data
platforms, including Blackrock’s Aladdin. Fintova Partners will leverage this
deep expertise to continue to provide best-in-class services to investment
management firms and other financial institutions as they navigate an
ever-evolving industry landscape. 

Fintova Partners offers a comprehensive suite of services, starting with
strategic advisory and on-demand C-level leadership to ensure clear direction
and strong execution. The company provides clients of all sizes with the same
industry competencies, innovative thinking, technology capabilities, and robust
risk management solutions that are the hallmark of world-class investment
management platforms. They also work with clients to drive operational
efficiencies and process improvements that deliver real cost savings and reduced
operational risks. Fintova Partners empowers its clients to focus on sustainable
growth. 


9. GONG 

Gong, the Revenue Intelligence leader, announced a series of enhancements to its
industry-first AI Smart Trackers concept capture technology that users can train
to help revenue teams achieve better accuracy, efficiency, and automation in
their sales execution. Customers can now leverage insights from AI Smart
Trackers – both out-of-the-box and those they have trained – and bring
operational rigor into revenue workflows with new AI Methodology Playbooks and
AI Scorecard Suggestions. 

In today’s hyper-competitive and constantly evolving market, revenue leaders
struggle to get the right data to pinpoint gaps in their processes and
understand what’s working and what’s not. According to a Gartner® Press Release,
“Eighty-four percent of sales leaders agreed that sales analytics has had less
influence on sales performance than what leadership expected.”1 This gap exists
largely because tracking sales processes, such as coaching and methodology
adherence, is still based on sales reps manually inputting data into CRM
systems. 

To address the challenges of ensuring sales leaders have the right data to
effectively evolve their organizations, Gong is announcing new AI capabilities
to help teams autonomously capture this critical data and operationalize it
within their revenue organizations. 


10. INSTABASE 

Instabase, an applied artificial intelligence (AI) solution for unstructured
data, announced a partnership with Rocket Mortgage, America’s largest retail
mortgage lender and a part of Rocket Companies (NYSE:RKT). The partnership helps
Rocket Mortgage facilitate data extraction and automation from the 1.5 million
documents the lender receives each month. 

The mortgage process is historically lengthy, complex and not conducive to
automation. Traditional automation tools could not solve these problems because
they struggle to maintain high variability and accuracy, especially when
deciphering unstructured data trapped in complicated documents – a common
occurrence in the mortgage industry. Rocket Mortgage has transformed the journey
by creating automation-friendly workflows that enable plug-and-play AI solutions
to further optimize processes. 

Rocket Mortgage is utilizing the Instabase platform to help automate the
extraction of critical data elements to expedite the lending process. This
technology, and several others pioneered by Rocket, has resulted in closing
loans 2.5 times faster than the industry average. 


11. MATERIA 

Materia, a comprehensive generative AI platform built specifically for public
accounting firms, announced its launch with over $6.3 million in funding led by
Spark Capital with participation from Haystack Ventures, Thomson Reuters
Ventures, Exponential Founders Capital, and the Allen Institute for AI. 

Materia was founded to improve the lives of accounting service professionals by
supercharging accounting firms with intelligent technology that augments a range
of time-consuming day-to-day tasks to free up time for more energizing and
value-adding work. 

Materia’s founders Kevin Merlini (CEO), and Lucas Adams (CTO), met while working
at Facebook where they built AI systems to understand journalism content.
Kevin’s motivation to start Materia was driven by the painful and tedious tasks
that he personally experienced while working in the Audit practice at Big Four
accounting firm KPMG earlier in his career. This ultimately led Lucas and Kevin
to incubate the idea at the Allen Institute for AI during the Fall of 2022
(several months before the launch of ChatGPT). 


12. MOAT METRICS 

Moat Metrics Inc., a Spokane, WA based company that delivers AI driven next
generation business and research intelligence, announced that it has acquired
technology and intellectual property (IP) assets from Aon, a leading global
professional services firm. 

As part of the agreement, Aon is retaining its IP broking team as part of Aon’s
Global Specialty and Financial Products offering within Risk Capital and the
firm will continue to support the development of the IP risk marketplace. 

Moat Metrics was formed to deliver an entirely new intelligence dimension in
investment research and business intelligence to help clients make better
investment and business decisions. Founded by Lewis Lee, former CEO of Aon’s IP
Solutions, and a group of former Aon colleagues, Moat Metrics provides a
proprietary AI Platform that generates insights into a company’s value
continuum, starting with strategy and innovation and expanding into product mix
and IP coverage, which ultimately informs future performance and value.  


13. NEXTATLAS 

Nextatlas announced the launch of Generate Suite, an advanced conversational AI
designed to revolutionize market research. This cutting-edge tool empowers
businesses to leverage AI for deep insights into market trends, consumer
behaviors, and innovation scenarios. 

Since 2012, Nextatlas has been a pioneer in utilizing technology to analyze
social media data, online content from hundred of thousands of early adopters
and innovators, and other sources to identify and continuously track emerging
trends and changing consumer behaviors. Generate Suite integrates this robust
analysis with GPT-4o’s generative AI technology, offering businesses an
unparalleled ability to visualize future markets and understand consumer
behavior instantly. By conversing with Generate, users can quickly identify
research foundations, test hypotheses, and comprehend end-user needs. 

Generate Suite stands out from typical chat companions by offering a suite of
specialized AI agents, marking a significant leap in market research
capabilities. These autonomous systems streamline traditionally time-consuming
tasks, enabling businesses to achieve market research goals and strategic
planning with unprecedented efficiency. Generate Suite’s agents, such as the
Persona Generator Agent and the Sentiment Pulse Agent, provide fully automated
workflows that address essential market research needs. 


14. PATRA 

Patra, a provider of technology-enabled insurance outsourcing and software
services, announced the extension of its PolicyCheckingAI to a Self-Service
solution that provides access to all brokers and agencies across the industry.
As the first company to introduce AI for Policy Checking over a year ago,
Patra’s patent-pending PolicyCheckingAI (‘PCAI’) offers insurance professionals
an innovative solution to streamline operations and ensure complete and accurate
coverage for clients – whether you perform this task in-house through this
Self-Service solution or choose Patra’s tech-enabled outsourcing services. 

This new SaaS based Self-Service version of PCAI is introducing technologies
that streamline workflows for users to automatically capture, compare, and
validate policy data effortlessly. Leveraging AI, Patra automates
labor-intensive extraction and comparison of policy data and form schedules,
then enables quick and intuitive human review, ensuring a flawless process and
achieving 100% accuracy. Patra’s AI-powered technology creates material
efficiencies that save up to 85% of the time and effort typically needed for the
critical task of policy checking. With PCAI, agency staff can now shift their
focus from the policy checking process to customer acquisition and retention. 

Since the introduction of PolicyCheckingAI, Patra’s global service delivery
teams have been using this proven capability to automate the checking of
hundreds of thousands of commercial P&C insurance policies for dozens of Patra
enterprise clients. That experience provided the necessary data to continue the
evolution and material advancement of its AI models, leading to the introduction
of this Self-Service offering. Insurance organizations that prefer to check
policies in-house can now access this technology directly within their own
offices and teams. 


15. PAYPAL 

PayPal Holdings announced the appointment of Srini Venkatesan as Chief
Technology Officer (CTO), effective June 24, reporting to PayPal President and
CEO Alex Chriss. In this role, Venkatesan will lead the development and
implementation of technology across the entire PayPal ecosystem, including
analytics and data science, artificial intelligence (AI) and machine learning,
information security, infrastructure operations, and product engineering.   

Venkatesan joins PayPal from Walmart where he most recently led the U.S. Omni
Platforms and Tech organization. At Walmart, he led a team to build platforms,
features, and capabilities to support the retailer globally. Prior to Walmart,
Venkatesan oversaw Yahoo’s display and video ad technology platform. Earlier in
his career, he led product and technology teams at eBay and was Chief Technology
Officer at StubHub and Marketo. Venkatesan earned a bachelor’s degree in
electrical engineering from Bharathiar University.  

Archie Deskus, who currently serves as PayPal’s Chief Technology Officer, has
decided to leave PayPal. Under Deskus’ leadership, PayPal has made significant
progress toward operating as a true platform company and strengthened its
technology team, processes, and systems. 


16. PROVENIR 

As the financial services world becomes increasingly digitized and consumer
demands evolve, fraudsters and their methods are becoming more
sophisticated. Provenir is helping organizations fight back by detecting these
emerging threats via sophisticated decisioning tools and advanced analytics to
increase fraud detection while minimizing friction in the customer journey. 

Identity theft and synthetic identities continue to be major concerns and will
account for roughly half of all financial services fraud cases by 2025. Also, in
a global survey of financial services executives, 43 percent said identifying
fraud is a top challenge, yet only 7 percent report their anti-fraud measures
are completely effective. This emphasizes the need for powerful fraud solutions
that offer flexibility, putting control in the business user’s hands. 

Provenir is on a mission to help businesses navigate this increasingly complex
landscape and has collaborated with best-of-breed third-party providers to bring
a fraud onboarding solution to market. Provenir’s AI-Powered Decisioning
Platform enables organizations to stay ahead of fraud threats, with readily
available data sources that can be easily integrated into decisioning workflows,
AI model creation and monitoring, to continuously optimize fraud risk models,
with configurable rules to respond quickly when new threats arise. 


17. QUANTIFIND 

Quantifind announced an addition to its strategic leadership team. Michael
Shepard, Deloitte’s global Financial Crime executive, has retired from Deloitte
and is joining the Quantifind advisory board. 

Michael Shepard is an internationally recognized financial crime risk management
executive with 37 years of experience. Over his distinguished career, he was a
principal at Deloitte for 18 years and was the global Financial Crime leader for
the past six years. Before joining Deloitte, he was the BSA Officer and head of
Financial Crime Compliance and Deputy General Counsel at Commerce Bank, N.A., a
partner in the White-Collar Criminal Defense practice at Blank Rome LLP, and a
federal prosecutor at the US Department of Justice. 

As a Deloitte Forensic & Financial Crime principal, Michael assisted client
executives and boards of directors at financial institutions and FinTechs in
navigating financial crime and sanctions risk management and operational and
regulatory challenges. His extensive experience provides deep industry insights
to drive innovative technology adoption, which is critical as the field
witnesses Artificial Intelligence challenge the status quo in regulatory
expectations and software capabilities. 


18. SHIFT TECHNOLOGY 

Shift Technology, a provider of AI-powered decision optimization solutions for
the global insurance industry, reported that customers using the company’s
generative artificial intelligence (AI) solutions are achieving significant
accuracy and efficiency improvements in claims processes. Shift introduced
generative AI into the company’s detection products in 2023, tapping its power
to extract the most relevant data from a wide variety of insurance documents and
convert it into intuitive, targeted and actionable insights for claims
handlers.  

It is estimated that claims professionals spend more than 30 percent of their
time daily reading documents in order to extract the information required to
effectively process policyholder claims. This traditionally manual process can
be significantly time consuming, often resulting in delays that degrade the
policyholder experience. Relying on claims professionals to manually review
large volumes of physical or digital documents can also hinder the successful
implementation of straight through processing or other claims automation
initiatives. 

Generative AI is ideally suited to removing this responsibility from a claims
handler’s daily “to do” list. Real-world implementations of Shift’s solutions
demonstrate that insurers can achieve over 95 percent accuracy in extraction of
key information from documents, providing the knowledge required to progress a
claim through the system quickly and efficiently. This level of accuracy also
provides confidence that a claim identified for straight through processing does
not require human intervention. In the area of subrogation and recovery, Shift’s
solutions using generative AI are delivering over 90 percent accuracy for
liability determination. This has led directly to an average doubling of
referral volume and a 30% increase in referral acceptance rate and has helped
make recovery efforts faster, easier and more profitable. 


19. SYMPHONYAI 

SymphonyAI announced entry into the trading and investing market with a division
focused on bringing insights and analysis from predictive and generative AI
capabilities to global financial markets. 

The SymphonyAI Trading and Investing division’s Tenor platform will combine new
advanced AI capabilities, powered by SymphonyAI’s award-winning Eureka Gen AI
platform, with decision science, data management, and data analytics technology
from its acquisition of 1010data that leading financial institutions have
trusted to simplify trading, research, valuation, and risk modeling workflows
for more than 20 years. 

The SymphonyAI Tenor platform provides ad hoc analytics capable of flexible and
fast data manipulation across billions of rows of data, customizable to specific
customer requirements. The modularized solution automates orchestration and
integration of disparate datasets and seamlessly connects it to proprietary data
science tools to provide turnkey solutions for housing finance, consumer credit,
and macroeconomic modeling workflows. 


20. SYMPHONYAI 

SymphonyAI announced that Adam Quinones has joined the company as president of
its newly launched Trading and Investing division. 

Quinones brings a unique and robust background with 20 years of experience in
the financial industry, including 10 years of liquidity facilitating in global
bond markets, five years of cutting-edge technology development in the Office of
Innovation at a leading financial market data firm, and the founding of two
successful analytics startups. Quinones will head a division focused on
combining advanced AI capabilities, powered by the SymphonyAI Eureka GenAI
platform, with 1010data’s sophisticated decision science, data management, and
data analytics technology that leading financial institutions have trusted to
simplify trading, research, valuation, and risk modeling workflows for more than
two decades. 


21. TIFIN 

TIFIN Give, a modern philanthropy platform serving families, employees, and
other cause-based communities, announced a new strategic relationship
with AssetMark, a prominent wealth management platform provider. This
collaboration will empower financial advisors and their clients with a modern
donor-advised fund (DAF) solution, designed to streamline the charitable giving
process and enhance the impact of philanthropic and tax planning endeavors. 

Under this arrangement, TIFIN Give’s digital-first donor-advised fund technology
will be integrated into the AssetMark platform, providing a seamless and
efficient way for financial advisors and their clients to manage and optimize
charitable contributions. This collaboration will provide AssetMark’s network of
financial advisors with an innovative tool to facilitate more effective
philanthropic and tax planning across multiple generations of their clients and
their families. AssetMark clients will have access to TIFIN Give’s advanced DAF
technology, which simplifies the process of setting up, managing, and
distributing charitable donations, making it easier for individuals and
organizations to support the causes they care about. Through seamless
integration, AssetMark advisors can now incorporate philanthropy as an integral
part of their clients’ overall financial and legacy plans. 

This strategic relationship between TIFIN Give and AssetMark is set to
revolutionize the way financial advisors and their clients approach
philanthropy. By combining TIFIN Give’s innovative technology with AssetMark’s
wealth management expertise, this collaboration will empower individuals and
organizations to give back more effectively and make a lasting impact on the
causes they hold dear. 


22. TRUE 

TRUE announced the general availability of the TRUE Cloud. The TRUE Cloud brings
all the power, features, and benefits of TRUE’s award winning, on-prem,
AI-powered document-to-data capabilities to the cloud. This allows lenders to
process documents in near real-time with extreme accuracy – greatly reducing and
often eliminating the need for a BPO – while experiencing all the cost benefits
and flexibility of a cloud-based infrastructure. 

As with all TRUE technology, the TRUE Cloud is designed to operate within the
lending lifecycle. Early adopters of the TRUE Cloud state experiencing much
easier deployment and significantly reduced effort than managing the
implementation on their own. This makes it far easier than ever before to
benefit from TRUE’s best-in-class document manufacturing capabilities and TRUE’s
AI powered products and solutions, which intelligently automate mortgage
workflows in near real-time. 

These capabilities and benefits help lenders make decisions rapidly, reduce
operating costs, and scale on demand to meet market opportunity. 


23. VENA 

Vena announced the expansion of its Product & Technology (P&T) team with a new
office in Indore, India. This strategic move underscores Vena’s commitment to
expanding its global footprint and marks a significant milestone in the
company’s continuous growth and development. 

With the addition of the Indore team, Vena will accelerate the delivery of its
entire product roadmap, including its generative AI features for financial
planning and analysis (FP&A) teams. Recently, Vena introduced Vena Copilot,
which harnesses Microsoft Azure Open AI technology for Complete Planning. The
expanded team will support the addition of new features and functionality to
these innovative products, reinforcing Vena’s commitment to delivering tailored
solutions that address the evolving needs of finance and operations teams. 

While Vena’s initial focus is on establishing a strong Product & Technology
(P&T) presence, the company recognizes the broader talent potential in Indore
and has a long-term vision to expand other teams there. Taking a phased
approach, Vena plans to leverage the talent pool in Indore strategically while
ensuring a smooth integration of new P&T team members into the existing global
organization. 


24. VERINT 

Verint announced that a leading financial services brand selected the Verint
Open Platform to support its contact center made up of 1,800 agents. The brand
evaluated multiple vendors and awarded Verint the contract based on its open
approach and ability to deliver tangible AI business outcomes. 

The Verint Open Platform will consolidate siloed behavioral data into a unified
hub within the platform’s core. In addition, the brand will deploy multiple
AI-powered bots trained on behavioral data, including the Verint Personally
Identifiable Information (PII) Redaction Bot to protect sensitive personal
information, the Exact Transcription Bot to accurately transcribe customer calls
and the Data Insights Bot to transform the contact center into a data-driven
operation. 


25. WEALTH.COM 

Wealth.com, an estate planning platform, unveiled its latest innovation: Family
Office Suite, a cutting-edge collection of estate management technologies
designed for highly complex estates. The Family Office Suite is specifically
tailored to the needs of firms that service high-net-worth (HNW) and
ultra-high-net-worth (UHNW) individuals and families, enabling their advisors
and in-house wealth strategists to deliver incredible estate planning value to
clients, while reducing manual work through automation and processes that are
both scalable and repeatable. 

With Family Office Suite, advisors gain the ability to quantify tax alpha,
organize and collaborate with clients and other professionals using AI,
visualize complexities and nuances and deliver refined reports. 

As wealth.com strives to revolutionize the estate planning experience for
advisors and their clients, it is continually developing creative solutions that
are underpinned by legal excellence and rigor. In support of these efforts, the
company has appointed David Haughton, JD, CPWA®, as senior corporate counsel.
Drawing from his experience as team lead of Advanced Planning at Commonwealth
Financial Network (“Commonwealth”), in addition to his legal acumen, Haughton
will aid in developing sophisticated yet intuitive products. Collaborating
closely with the broader wealth.com team, he will work to ensure that all
offerings are of the quality and caliber that advisors expect. 

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