Today we are proudly announcing we have won the ‘Most innovative unstructured data management project’ category in the A-Team Innovation Awards 2021, which were announced at an online launch event on Wednesday 24th March. The award recognizes Shield’s work with a top Nordics bank to introduce a powerful end-to-end comprehensive market abuse solution, which extracts business insights from previously unstructured data to gain a competitive advantage.
Iftach Drori, Head of Marketing and Investor Relations at Shield commented, “We are delighted to have been recognized in this year’s A-Team Innovation Awards. The entry project has helped a long-standing and well-respected business evolve its market abuse capabilities and vigorously meet modern standards, further protecting its customers and its own reputation in a fiercely competitive marketplace. This is a prime example of how the Shield platform is flexible and powerful enough to provide peace of mind to even the largest top-tier financial enterprise.”
The annual A-Team Innovation Awards recognize the expert application of technology within the financial sector, to address even the most challenging of needs by utilizing insight and market-leading technical expertise. In the case of Shield’s winning project, the client was struggling with the desire to standardize its systems versus the need to continue business operations whilst using an extensive legacy of systems at multiple locations. The bank was struggling with a high cost of maintenance compliance solution that was cobbled together, leaving it some-what vulnerable and inefficient. It was also acutely aware that without a unified solution for gathering regulatory and business insights, it was potentially missing some instances of market abuse – particularly around the growing use of eComms (and its unstructured data), which the bank’s tools were not equipped to monitor.
All this was transformed by assistance from the Shield platform. The solution provides an end-to-end comprehensive market abuse detection solution that also extracts business insights to increase the efficiency of operations and attain a competitive advantage. With the considered application of Artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) capabilities to enrich all relevant data, Shield has eliminated the inefficient manual monitoring and detection systems that varied from one bank location to another. Recordkeeping, investigative search capabilities, monitoring, and reporting, are all accessible through one unified platform, which was rapidly rolled out across the enterprise, and features a simple UI which meant all the employee training was delivered in just one day.
Iftach added, “This award win recognizes the multiple benefits of embracing the right solution. Our client can now execute surveillance projects in two or three months instead of one year and the alerting accuracy has increased dramatically, including robust market abuse detection for eComms. Now it has our full end-to-end solution for regulatory eComms compliance, the bank can be confident its systems will readily evolve to keep up with changing requirements and new modes of eComms in the future.”