Fintech Awards 2021

www.wealthandfinance-news.com 22 Wealth & Finance International - 2021 FinTech Awards APR2w2 Evolution AI sits at the heart of the AI community in London, with sharing its expertise and inspiring the adoption of AI being integral to its values: it leads the largest community of AI practitioners in Europe, London Machine Learning, which has almost 10,000 members. Every month, the community hosts high profile guest speakers who share the latest research in AI. Evolution AI CEO, Martin Goodson chairs the membership organisation representing Data Scientists in the UK, the Data Section of the Royal Statistical Society; helping the field of data science grow into a mature industrial discipline is also core to Evolution AI’s values. Using AI to extract data with human-like accuracy, Evolution AI products are self-learning, so there is no need to write code or define any rules. The company processes over 1.5 million pages per day for its clients which include Sky, Royal Bank of Scotland, and The Economist; it can extract data from any type of document including quarterly reports, balance sheets, P&L statements, account statements, invoices, etc. The company offers a product called Evolution Transcribe which is an end-to-end platform for data extraction from financial documents. Unlike traditional OCR, the intelligent data extraction engine does not need any templates or rules. It can find information by itself, because it inherently Evolution AI was founded in 2015 after realising traditional OCR (optical character recognition) solutions perform poorly on many real-life documents. Evolution AI’s technology for data extraction is built on proprietary deep- learning models that utilise computer vision and NLP to interpret documents, closely resembling how humans read. Leading Innovators in Data Extraction 2021 – Europe understands the way documents are put together. A full managed service is included, providing a human-in-the-loop data verification by Evolution AI’s skilled team of annotation experts. Evolution AI’s solution achieves high accuracy from day one while its self-learning model ensures results improve over time. Workflows are customisable for any additional validation or sign-off steps and a full audit trail ensures data governance. With a philosophy that reflects it as a “people first” company, not an “AI first” company, it understands that many clients don’t want to have to get involved with the technical aspects of AI. Therefore, Evolution AI offers a full end-to-end managed service which takes care of all the technical details and means clients only need to deal with its highly trained staff rather than an obscure interface. Furthermore, Evolution AI’s expertise in many different finance areas, from commercial lending to mortgages to quarterly reports, means it speaks the language of its clients and can also leverage best practices. It is constantly working at the cutting edge of new industry developments and has multiple solutions available to make its clients’ lives easier. One of these solutions is Evolution AI for Asset Managers which automatically extracts data from quarterly reports, capital accounts statements Evolution AI May21695 and other financial statements. The Swiss asset manager, Unigestion has reduced its costs by 75% on data extraction using this technology. Evolution AI also specialises in commercial lending underwriting. For example, the client makes lending decisions based on customer bank statements, balance sheets, profit and loss statements. Their underwriter’s ability to scale was severely limited by their capacity to manually extract data from documents. Automation using Evolution AI reduced the time decision by 15 times. Indeed, the Evolution AI team works relentlessly to deliver results that go above and beyond expectations, and as Reka La Roze, Change Manager at Unigestion put it: “We really appreciate that Evolution AI were available practically 20 hours a day, seven days a week.” Evolution AI is clearly a very successful company, which Wealth & Finance magazine has recognised in its FinTech Awards 2021. Speaking about his company receiving the award, Martin said, “This truly is a team effort. We could not have done this without our research consortium of the University of Southampton, corporate partners such as Dun & Bradstreet. Plus the backing from one of the largest R&D grants ever awarded by the UK government as well as investment from venture capital firm First Minute Capital. This recognition from the FinTech Awards establishes us as the best artificial intelligence data extraction company in the UK, and Europe.” In terms of what the future holds for the company, it will continue to add as much value as it possibly can to its clients’ businesses over the coming years. It strives to enhance its offering regularly and will be adding a major upgrade to further improve the handling of complex financial tables this year. Company: Evolution AI Contact: Martin Goodson Email: [email protected] Website: www.evolution.ai