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Ikigai and OpenCrowd Partner to Unlock the Power of AI for Financial Services Organizations

Ikigai and OpenCrowd combine powerful forecasting and problem-solving technology with deep Financial Services expertise, bringing the power of AI to key financial services use cases such as fraud detection, portfolio optimization, and insurance underwriting.

Jun 25, 2024
15 minutes to read

Partnering together to bring AI to financial services organizations

Ikigai, a leader in generative AI for time-series data, has recently announced a partnership with OpenCrowd, a design and technology services firm with almost 20 years of experience driving innovation for financial services customers. The partnership comes at a time when banks and financial institutions are seeking to leverage the vast potential of AI to combat market pressures by gaining a better understanding of their business, as well as emerging challenges and opportunities. Through its collaboration, Ikigai and OpenCrowd hope to empower financial institutions as they transition from AI experimentation to production-ready applications that deliver true value.  

Moving From AI Experimentation to Production Applications in Financial Services

In the rapidly evolving world of financial services, increased competition and regulatory pressures have created an urgent need for innovation. Thankfully, financial institutions have a secret weapon—vast troves of data, particularly time-series datasets, that power their entire business.  

Generative AI for time-series data unlocks nearly unlimited potential for financial services orgs:  

  • Banks can use AI-powered fraud detection systems to analyze transaction patterns in real-time, reducing losses and protecting customers
  • Insurance companies can predict risk more accurately, streamlining underwriting processes and customizing policies
  • Wealth management vendors can crunch market data to identify investment opportunities and optimize portfolio performance

Across all segments, AI transforms decision-making by uncovering insights hidden in time-series data – from market trends and customer behavior to business risks -- that enable proactive strategies and give financial institutions a competitive edge.  

The message is clear—financial services organizations must harness AI and their data to innovate, compete, and thrive in the digital age. Unfortunately, while the potential of AI is well-recognized, it is yet unrealized for many organizations. Although 91% of financial services companies are experimenting with AI, according to a recent Nvidia study, widespread adoption has been hindered by concerns about data security, compliance, and the trustworthiness of AI outputs.  

This is where Ikigai and OpenCrowd have an opportunity to work together to help organizations tackle their most significant hurdles hindering AI adoption through best-in-class technology, a shared vision for innovation, and deep domain expertise in critical financial use cases.  

Ikigai + OpenCrowd Combine Powerful Forecasting & Problem-Solving Technology with Deep Financial Services Expertise

On the technical side, Ikigai's patented large graphical models (LGMs) enable financial services organizations to quickly and accurately reconcile data, as well as forecast and plan for outcomes such as customer churn or incidences of fraud. Unlike large language models (LLMs) that struggle with hallucinations and have a tendency for bias, Ikigai prioritizes transparency, interpretability, and explainability. This allows stakeholders to understand how the models arrive at their predictions and recommendations and collaborate with the system to refine results over time. Additionally, Ikigai's autoML capabilities can handle sparse, incomplete data from various sources, making it a perfect fit for the often-fragmented data landscapes of financial institutions.

With OpenCrowd, financial services organizations have a true partner in bringing powerful AI applications to life. The company brings a wealth of experience in integrating emerging technologies to solve complex business problems in the financial services industry. Since its inception in 2005, OpenCrowd has been at the forefront of innovation, harnessing tools such as open-source software and distributed ledger technologies and earning an impressive roster of financial services clients such as JP Morgan, Morgan Stanley, UBS, and Deutsche Borse.  

“We are very excited to forge a deep partnership with OpenCrowd,” said Kamal Ahluwalia, president of Ikigai. “By combining OpenCrowd’s extensive knowledge of financial services with our cutting-edge AI technology, financial services companies get everything they need to move from AI experimentation to production-ready solutions. OpenCrowd’s proven track record of harnessing emerging technologies to solve complex business problems perfectly complements our expertise in generative AI for time-series data. Together, we are breaking down the barriers that have previously hindered AI adoption in this industry."

"Working with Ikigai gave us access to a highly accurate forecasting solution that we could leverage for rapid time-to-value,” said Brad Buck, Co-Founder and Head of Financial Services at OpenCrowd. “We were impressed by the power of Ikigai’s LGMs to enable an entirely new class of problem-solving for financial services organizations, and how easy it was for us to build production-ready applications without the high training and infrastructure costs of other approaches.”  

Ikigai’s Low-Code Platform Fuels Diamond Price Forecasting for OpenCrowd

To showcase the potential of Ikigai for financial services organizations, OpenCrowd has developed a diamond index forecasting tool using Ikigai's AI technology in just 4 weeks. The application analyzes demographic data, consumer sentiment, financial markets, and internal customer information to forecast the price of the Bloomberg Diamond Index. By combining insights from the diamond index with customer data, banks can make targeted offers, such as low-interest mortgages for recently married couples who have paid off their student loans.  For the diamond industry, buyers and sellers have a longer-term forecast that can improve their profitability.  

OpenCrowd brings industry expertise to help Financial Services Win with AI

As banks and financial institutions seek to stay competitive in an increasingly digital world, the Ikigai-OpenCrowd collaboration offers a compelling path forward.  

"Financial services companies are very amenable to adopting new technologies, but we need to address some key concerns financial institutions have when it comes to AI adoption, such as bias, hallucinations, compliance, and the ability to work with clients' data in a secure and compliant manner," said Buck. "This is one place Ikigai excels. Accuracy is important. Explainability is very important. The ability to work with clients' data only is very important because this allows AI adoption without the risk."  

In this article:

Authors:

Alex Gammelgard
Director of Product Marketing

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