Smarsh and AWS renew partnership to drive AI-powered compliance in finance
Smarsh, a leading communications data and intelligence platform, has entered into a new five-year agreement with Amazon Web Services (AWS), aiming to advance automation and innovation for the financial services sector. Building on an existing partnership that began in 2020, this collaboration will leverage the power of generative AI to address compliance and security challenges in financial institutions.
Smarsh's platform ingests vast amounts of communications data from within organizations to detect potential security threats, which is particularly vital in financial services where sensitive information is at stake. As compliance remains a critical focus for these institutions, Smarsh’s new AI-powered tools are set to transform how companies manage and safeguard their communications data.
Generative AI for Enhanced Compliance
With the new agreement, Smarsh has introduced generative AI tools that will bring a fresh level of automation to various processes, including:
Risk Detection: Using transformer-based technologies, the Smarsh platform will identify a wider range of risks more quickly, including those in multiple languages.
Compliance Automation: Generative AI will help firms sift through vast amounts of data, quickly surfacing critical intelligence needed for compliance.
Issue Investigations: AI-driven insights, interactive visualizations, and in-app translations will empower investigators to conduct more thorough and efficient investigations.
Tom Padgett, President of Enterprise Business at Smarsh, emphasized the importance of the partnership saying, "as the steward of the world’s largest financial services communications data, Smarsh is uniquely positioned to develop generative AI through its cleaned, structured, and queryable data securely hosted on AWS. These AI-powered innovations will enable firms to rapidly surface business intelligence signals and improve the efficiency of their compliance operations."
Smarsh and AWS for the future
Since deploying on AWS in 2020, Smarsh has taken advantage of AWS’s global scale and robust technology offerings, such as compute, containers, and artificial intelligence tools. The expanded partnership will see Smarsh continue to develop workflows powered by Amazon SageMaker to support compliance requirements for hundreds of financial services organizations globally. In addition, Smarsh will explore new offerings with Amazon Bedrock and Amazon Q, AWS’s generative AI tools.
Scott Mullins, General Manager of Financial Services at AWS, highlighted the impact of AI on financial services noting, "Generative AI is delivering intelligence that is helping financial services organizations to better serve customers, enhance security, and drive deeper business insights. Using AWS and Smarsh, financial institutions can now leverage generative AI to drive more data insights that will help automate compliance and enhance risk detection."
