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Released June 10, 2024 • 6 min read
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New AI advancements are enabling industry leaders to prepare their data for AI and deliver impact.
- HSBC is one of several industry leaders participating in Quantexa’s Lighthouse program for early adopters.
- HSBC expects to realize significant productivity gains within the first year of implementation through streamlined analysis and accelerated processes.
- Q Assist combines Quantexa’s decision intelligence platform with generative AI to enhance decision-making for sales, customer service and compliance teams in financial services, TMT and government.
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LONDON, June 10, 2024 (GLOBE NEWSWIRE) — Taking center stage at London Tech Week 2024 this Monday, Quantexa, a global leader in decision intelligence (DI) solutions for the public and private sector, launched Q Assist, a context-aware generative AI technology suite that helps organizations power trusted decision-making across their frontline and information worker teams. The announcement marks progress on the company’s platform innovation roadmap and comes nearly a year after Quantexa detailed major investments in the global artificial intelligence (AI) industry and previewed Q Assist as a standalone, LLM-agnostic copilot.
The new Q Assist Technology Suite enables Quantexa customers to operationalize generative AI and realize the transformational benefits without making significant investments in infrastructure, tooling or additional skilled resources.
Frontline and information workers can leverage Copilot, Linked Data, Quantexa’s knowledge graph capabilities, and other Decision Intelligence Platform capabilities to increase the accuracy and reliability of generative AI models that interact with all data (structured and unstructured), context, and insights across the organization. Combining LLM with the rich context within Quantexa’s Decision Intelligence Platform deepens data understanding, securely grounds responses, improves performance and reliability, and empowers teams with the most accurate and up-to-date information in one place.
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Learn what Q Assist is and how it works with Quantexa’s Decision Intelligence Platform.
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Helping customers succeed in the AI era
HSBC is one of several organisations currently participating in the Lighthouse programme for early adopters, who expect to use Q Assist in a variety of ways, including:
- Streamline analytical, research, and reporting tasks for information and knowledge workers, making them more efficient.
- Reduce reliance on data science and operations teams for ad-hoc data requests, freeing up time to focus on more strategic tasks.
- Give your customer-facing teams access to the rich data and insights they need to increase revenue and enhance customer experiences.
- Empower teams across your organization to consistently make trusted decisions that are traceable and accelerate operational process improvements.
BNY Mellon is currently in discussions to join HSBC’s Lighthouse. Quantexa worked with participants in the Lighthouse program to project the one-, three-, and five-year benefits of deploying Q Assist to their customer-facing, data science, and research teams. The results showed near-immediate productivity gains in three key areas: time savings and efficiencies, identifying new opportunities, and improving conversion rates.
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By democratizing analytics and accelerating processes in these areas, HSBC expects to see productivity gains within a year of implementation, while also freeing up employees’ time to refocus on other strategic tasks.
David Rice, global chief operating officer of HSBC’s commercial banking division, said: “By providing trusted data and contextual analytics, this new solution has the potential to increase the efficiency and accuracy of complex tasks such as anti-money laundering investigations and sales strategies. The implementation of contextual analytics and innovation will enable HSBC to focus resources more productively, ultimately helping its customers.”
Quantexa estimates that a Tier 1 global financial institution with three levels of defense in its financial crime and fraud compliance efforts, generating approximately 15,000 alerts per month, could realize significant efficiencies and cost savings by deploying the Q Assist Generative AI Technology Suite.
- By enhancing and automating financial crime and fraud investigation and reporting processes, we have realised annual savings of over £17 million.
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“Quantexa is excited to partner with Quantexa to bring our innovative solutions to the next generation of high-performance computing,” said Jamie Hutton, CTO at Quantexa. “Quantexa’s engineering principle of shaping solutions that provide the most value to customers has allowed our clients to play a key role in shaping the product requirements for Q Assist. Through our Lighthouse program for early adopters, they have the advantage of working with industry leaders who provide valuable feedback throughout the roadmapping process.”
“We’re excited to be working with NVIDIA to bring the power of analytics to the market,” said Eric Hirschhorn, chief data officer at BNY Mellon. “We’re excited about Quantexa’s continued innovation. Our collaboration over the years has enabled us to break down data silos and unify data with unprecedented precision. In the next phase of our innovation journey, we’ll explore how Gen AI can empower frontline employees across the bank to confidently act on data insights and drive new levels of process efficiency.”
How the new Q Assist generative AI technology suite works
Quantexa’s new Generative AI technology suite combines Quantexa’s Decision Intelligence Platform with Generative AI through a new Data Integration Layer, Prompt Builder and Copilot to accelerate teams’ ability to make critical business decisions.
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Q Assist delivers trusted, scalable AI built on Quantexa’s Decision Intelligence Platform, empowering non-technical teams to enhance and automate decisions by leveraging Quantexa’s key platform capabilities, including a connected data foundation, graph analytics, modeling and scoring. The Q Assist technology suite consists of three components:
- Q Assist Integration Layer: It’s the heart of Q Assist – a framework of tools, connectors and APIs designed to quickly and securely link Quantexa’s Decision Intelligence Platform to LLM and conversational AI systems.
- Q Assist Prompt Builder: Extensible prompt management and sharing capabilities easily integrate with external prompt engineering tools and frameworks, such as Microsoft’s Azure Prompt Flow, Semantic Kernel and AutoGen, allowing administrators to define and control prompts and responses based on contextual data generated by Quantexa’s Decision Intelligence Platform.
- Q Assist Copilot: Users can query large and diverse data through a natural language interface, understand and summarize data, insights and findings in real time, and automate research, investigation and report writing tasks.
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The company is currently offering the capabilities of its Q Assist Generative AI Technology Suite to select customers, with plans to make it generally available in early 2025.
To learn more about how Quantexa helps organizations prepare their data for AI, or to download Forrester’s Total Economic Impact™ of Quantexa’s Decision Intelligence Platform and begin measuring the ROI of your Decision Intelligence investments, visit https://www.quantexa.com/discover/ai/.
About Quantexa
Quantexa is a global AI, data and analytics software company pioneering decision intelligence, empowering organizations to make trusted operational decisions using contextual data. Powered by the latest advancements in AI, Quantexa’s Decision Intelligence platform helps organizations uncover hidden risks and new opportunities by unifying siloed data and transforming it into the most reliable and reusable resource. It solves key challenges around data management, customer intelligence, KYC, financial crime, risk, fraud and security across the entire customer lifecycle.
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The Quantexa Decision Intelligence Platform improves operational performance with over 90% improved accuracy and 60x faster analytical model resolution compared to traditional approaches. An independently commissioned Forrester TEI study on the Quantexa Decision Intelligence Platform found that customers achieved a 228% ROI over three years. Founded in 2016, Quantexa currently has over 700 employees and thousands of platform users across the globe handling billions of transactions and data points.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc615273-9f23-4d50-b6ec-62d59146a0e7
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