- HSBC is among the industry leaders participating in Quantexa’s Lighthouse program for early adopters.
- HSBC anticipates that streamlining analytics and accelerating processes could lead to significant productivity gains within the first year of deployment.
- Q Assist combines Quantexa’s business intelligence platform and generative AI to improve decisions for sales, customer service and compliance teams in financial services, TMTs and government agencies.
LONDON, June 10, 2024 (GLOBE NEWSWIRE) — This Monday, on the central stage of the London Tech Week 2024, Quantex, the global leader in business intelligence (DI) solutions for the public and private sectors, has launched Q Assist, a context-aware generative AI technology suite to help organizations strengthen trusted decision-making within teams frontline workers and information. Announcement demonstrates progress against company goals platform innovation roadmap and comes nearly a year after Quantexa detailed a significant investment in the global artificial intelligence (AI) industry and introduced Q Assist as a standalone, independent co-pilot to the LLM.
With the new Q Assist technology suite, Quantexa customers will be able to operationalize generative AI for transformational gains without significant investment in additional infrastructure, tools and skilled resources.
Frontline and information workers can harness the power of Quantexa’s co-pilots, linked data, knowledge graph capability, and other BI platform features to improve the accuracy and reliability of generative AI models that interact with all data (structured and unstructured), context and information. throughout their organization. Combining LLMs with the rich context of Quantexa’s BI platform enables deeper understanding of data, grounds answers securely, increases performance and confidence, and ensures teams have the most accurate and timely information. latest in one place.
Learn what Q Assist is and how it works with Quantexa’s business intelligence platform.
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Helping customers succeed in the AI era
HSBC is one of the organizations currently participating in the Lighthouse early adopter program. Each organization participating in the program plans to use Q Assist in several ways, including:
- Streamline analysis, investigation and reporting tasks for information and knowledge workers to achieve greater efficiency.
- Reduce reliance on data science and operations teams for one-off data requests, giving them time to focus on more strategic tasks.
- Give customer-facing teams access to the enriched data and insights they need to increase revenue and improve the customer experience.
- Enable an organization’s teams to systematically make reliable, traceable decisions and accelerate the improvement of operational processes.
BNY Mellon is currently considering joining HSBC as part of the Lighthouse efforts. Quantexa worked with Lighthouse program participants to project the one-, three-, and five-year benefits of deploying Q Assist within their customer contact, data science, and investigations teams. The study found an almost immediate productivity boost in three main areas: saving time and efficiency, identifying new opportunities and increasing conversion rates.
HSBC anticipates that democratizing analytics and accelerating processes in these areas could lead to productivity gains within the first year of deployment. The company also hopes to free up time for its employees, allowing them to refocus on other strategic tasks.
David Rice, global operating director of commercial banking at HSBC, said: “This new solution has the potential to improve the efficiency and accuracy of complex tasks such as anti-money laundering investigations and sales strategies by providing reliable data and contextual analytics. The introduction of contextual analysis and innovation will enable HSBC to focus our resources more productively and ultimately help our customers.
Quantexa estimates that a leading global financial institution with three layers of defense in its financial crime and fraud compliance efforts, generating approximately 15,000 alerts per month, could realize efficiencies and Significant savings by deploying the Q Assist generative AI technology suite:
- More than £17 million saved each year through the improvement and automation of financial crime and fraud investigation and reporting processes.
Quantexa Technical Director, Jamie Hutton, said: “Quantexa’s engineering principle of shaping solutions to deliver maximum customer value has allowed our customers to play a critical role in shaping the product requirements for Q Assist. Through the company’s Lighthouse program for early adopters, we have the benefit of working with industry leaders who provide valuable feedback throughout our roadmap process.
Eric Hirschhorn, Chief Data Officer at BNY Mellon, said: “We are excited to see this continued innovation from Quantexa. Our multi-year collaboration has helped us break down data silos and unify our data with unprecedented accuracy. The next phase of our innovation efforts will see us explore the potential of enabling frontline banking workers to use generation AI to confidently act on data insights and achieve new levels of efficiency in the process.
How the new Q Assist generative AI technology suite works
Quantexa’s new generative AI technology suite will combine Quantexa’s business intelligence platform and generative AI through a new data integration layer, prompt generator and co-pilot that accelerates teams’ ability to take critical business decisions.
Q Assist delivers reliable, extensible AI anchored by Quantexa Business Intelligence Platform. This allows non-technical teams to benefit from the critical capabilities of the Quantexa platform, including a connected database, graphical analytics, modeling and scoring to augment and automate decision-making. The Q Assist technology suite is made up of three components:
- Q Assist integration layer: the nerve center of Q Assist. It is a framework of tools, connectors and APIs designed to securely connect Quantexa’s business intelligence platform to off-the-shelf LLMs and conversational AI systems.
- Q Assist prompt generator: an extensible prompt management and sharing capability that easily integrates with external prompt engineering tools and frameworks, such as Microsoft’s Azure Prompt Flow, Semantic Kernel, or AutoGen, to give administrators the power to define and control prompts and responses based on contextual data generated by Quantexa’s Decision Intelligence platform.
- Co-pilot Q Assist: allows users to query large, disparate data through a natural language interface, understand and summarize data, insights and results in real time, and automate research, investigation and reporting tasks .
Today, the company is making the capabilities of the Q Assist Generative AI technology suite available to a limited set of customers, with broader public availability planned for early 2025.
To learn more about how Quantexa helps organizations prepare their data for AI, or to download the Total Economic Impact™ of Quantexa’s Business Intelligence Platform by Forrester and start measuring the ROI of BI investments, please visit https://www.quantexa.com/discover/ai/.
About Quantex
Quantexa is a global AI, data and analytics software company pioneering business intelligence to enable organizations to make trusted operational decisions with data in context. Utilizing the latest advances in AI, Quantexa’s Decision Intelligence platform helps organizations uncover hidden risks and new opportunities by unifying siled data and transforming it into the most trusted reusable resource. It solves major challenges in data management, customer intelligence, KYC, financial crime, risk, fraud and security, across the customer lifecycle.
The Quantexa Decision Intelligence platform improves operational performance with over 90% greater accuracy and 60x faster analytical model resolution than traditional approaches. An independently commissioned Forrester TEI study on Quantexa’s Decision Intelligence platform found that customers saw a 228% return on investment over three years. Founded in 2016, Quantexa today has more than 700 employees and thousands of platform users working with billions of transactions and data points across the world.
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