Symphony AI Group Launches Symphony Ayasdi AI, Delivering Next-Generation AI Solutions for Banks and Other Financial Institutions
September 24, 2019 – LOS ALTOS, CA – SymphonyAI today launched Symphony AyasdiAI, its sixth portfolio company, as its flagship for delivering industry-leading AI solutions that enable the next phase of transformation for banks and other financial institutions.
AML compliance costs financial institutions annually more than $100 billion and an average of $2.7 billion in annual regulatory fines. Ayasdi AML addresses these costs by reducing false positives, automatically spotting anomalies in customer behavior, accelerating investigations, and lowering the overall cost of compliance. It augments current systems of record to provide end-to-end intelligence, spanning across transaction management systems (TMS), event dispositioning, and case management systems.
Ayasdi AML is already in place at several leading financial services institutions, providing significant value. HSBC reduced its false positives and investigation volume by more than 20 percent with Ayasdi AML.
“Symphony AyasdiAI’s topological data analysis platform is ideal for solving the biggest challenges in the financial services and banking industry,” said SymphonyAI Chairman and CEO Romesh Wadhwani. “Symphony AyasdiAI’s focus on industry solutions will drive high economic value and position it as a trusted leader in financial services. The company’s advanced machine learning technology will accelerate new capabilities across the SymphonyAI portfolio.”
SymphonyAI is building a group of leading companies that provide next-generation AI solutions to enable the next phase of business transformation, with each SymphonyAI company focused on a vertical sector. SymphonyAI portfolio companies are delivering high value to retail, CPG, healthcare, industrial, media, and now financial services sectors. From its startup in 2017, SymphonyAI has grown rapidly to a group of six companies with a combined revenue run rate approaching $300 million. Portfolio companies include Symphony RetailAI, ConcertAI, Symphony IndustrialAI, Symphony MediaAI, Symphony SummitAI, and now Symphony AyasdiAI.
SymphonyAI is the fastest-growing private group of B2B AI companies, backed by a $1 billion commitment to deliver next-generation AI solutions for transforming the enterprise. Since its founding in 2017, the SymphonyAI has grown rapidly to a group of six companies with a combined revenue run rate approaching $300 million. Over 1,600 talented leaders, data scientists and other professionals operate the group under the leadership of one of Silicon Valley’s most successful serial entrepreneurs, Dr. Romesh Wadhwani.