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Banking Tech Awards
4th December 2024
Royal Lancaster Hotel

Banking Tech Awards Finalist: SmartStream - Innovations Lab

SmartStream has been selected as a finalist in the Best Smart Banking Tech Solution - AI-Driven Data Insights category at the Banking Tech Awards 2022 for their project Innovations Lab.

SmartStream - Innovations Lab

SmartStream’s Innovations Lab has developed a sophisticated, yet easy-to-use and install, AI-enabled solution – SmartStream Air. It is a revolutionary approach for managing data reconciliations. Hosted as a cloud-native application, it allows business users to reconcile complex sets of data in just seconds. The solution harnesses the latest developments in AI and machine learning technology.

Trust the power of AI-enabled technology


The innovation team has developed an observational learning component, called Affinity. This technology, which also forms part of SmartStream Air, automatically learns from human users’ manual matching behaviours and, once it feels confident, takes over, carrying out matching based on the learned patterns. To further drive-up efficiency, it makes suggestions for new improvements to processing activities.

In addition, the latest version incorporates the latest AI technology to further control exceptions management. It helps with the cumbersome and work-heavy exceptions management process by learning directly from user actions or historic data – and when the model is trained, the AI can predict fields and workflows for managing exceptions. This is a first in the industry; it is designed to help reconcilers to focus on other tasks, which in turn helps businesses reduce costs when managing their reconciliations and empowering workforces.

SmartStream’s AI technologies are already in use with a wide range of customers and are now considered to be mature solutions. These advancements raise automation levels, helping organisations to improve customer service, reduce operational losses, achieve superior margin management, and carry out more accurate data analysis. These technologies help clients build a strong data governance framework to ensure data quality, completeness and accuracy of reporting.

SmartStream Air was developed to address the below points:

  • Pure AI automation of all data integration tasks
  • Acceleration of technology projects
  • Technical and business agility at ultra-fast speeds
  • Complete removal of implementation and professional service costs and IT project delays
  • Reduced (near elimination) of human effort and time spent on data checks
  • Readiness for future requirements/unknows
  • Lower risk and ensure nothing slip through the cracks
  • Handling huge complexity and large volumes of data in the cloud
  • Demonstrate to the regulators the completeness and accuracy of their transaction reporting process

SmartStream Air is a revolutionary approach for data reconciliations that allows business users to reconcile complex sets of data in just seconds. Lightning quick, the solution is immediately accessible and uses transformative AI algorithms to auto-configure reconciliations of any data structure. With the super speedy technology underpinning SmartStream Air, financial institutions can instantly see where exceptions are, releasing them from a lengthy, iterative process of trying to work out where the data mismatches lie.

SmartStream Air is all about automation and control and we built SmartStream Air to be agile and give end users instant results.