ORLANDO, Fla.--(BUSINESS WIRE)--Gartner, Inc. has announced the winners of the 2018 Gartner Eye on Innovation Award for financial services in the Americas. The award recognizes innovative use of digital technology-enabled capabilities, products or services to highlight "best-in-class" financial industry initiatives launched within the past 12 months and to offer insight about developments in digital innovation. The finalists presented their case studies during Gartner Symposium/ITxpo, which is taking place here through Thursday, and BMO Bank of Montreal was selected as the regional 2018 Gartner Eye on Innovation Award Americas winner by the attendees at the event. Allstate and Liberty Mutual Insurance were also named as award recipients. BMO Bank of Montreal -- BMO Bank of Montreal created an entirely new way to pay bills by applying machine learning capabilities to recognize the biller, payee, account number, amount and due date across a range of corporations and statement formats.
Neurensic, an artificial intelligence (AI) technology startup focused on software-as-a-service solutions for the financial services industry, has announced the formation of a new Innovation Lab, which will focus on applying its big data aggregation and AI capabilities to nascent technologies such as blockchain. "Neurensic's ultimate goal is to bring together all business processes currently completed post-trade into a single vendor platform that is able to function real-time and at-trade, opening new horizons for self-regulating markets and ultimately redefining all financial transactions. I have faith that our new Innovation Lab will accelerate this process", said said David Widerhorn, Chief Executive Officer. This lab will be led by Neurensic co-founder Zachary Watts, who is being named as Chief Innovation Officer. "Bringing a business intelligence layer to distributed ledger solutions is critical to forming a sustainable path toward adopting these technologies in the long-run," said Watts.
With 8.4 billion connected gadgets worldwide, the Internet of Things is no longer a Sci-Fi concept – it is the reality we live in. What's more, IoT's paradigm has recently shifted from cost reduction and effective asset monitoring to…making profit! Manufacturing companies that use connected devices on-site, for example, report a 28.5% IoT-driven revenue growth. By 2025, the Internet of Things will generate over $11 trillion in economic value – and the use of IoT in the financial services industry seems inevitable. By using IoT solutions, banks and financial organizations gain real-time data on their own and their clients' assets (which leads to effective risk management).
Dow Jones, the longstanding financial news behemoth founded more than 130 years ago, has developed its own mass data service called DNA that allows clients to extract pre-existing and real time data for their operations. Some of the biggest clients are industries such as biological surveillance, reinsurance and capital markets. The Data, News and Analytics platform, or DNA for short, was launched in March 2017 but is still in beta. General manager of the DNA Platform and Technology Partnerships at Dow Jones, Niranjan Thomas, explains the business case for making its data sets more readily available: "A couple of years back, what became really quite clear to us, both internally and from the market was that we really needed to be able to unlock all of the great data assets that we have and make it easier for one of our enterprise customers to be able to get at that data programmatically." This was achieved primarily through the use of APIs and presenting information through feeds.
Cherre, a real estate data platform, today announced that it has closed a $9 million seed funding round led by Navitas Capital. Cherre provides large enterprises, insurance companies, banks and investors with a platform to collect, augment, and resolve property data in real-time from thousands of public, private, and internal sources, allowing them to evaluate investment and underwriting opportunities more accurately and efficiently than ever before. "In less than a year since formally launching its platform, Cherre has already revolutionized the way financial institutions, insurance companies, real estate brokerages and other large businesses process and analyze massive stores of data every day," said Navitas Capital Managing Partner Jim Pettit. "With the backing of Navitas and other investors, the platform will be in pole position to bring its streamlined real estate data services to an exponentially growing roster of clients." In addition to Navitas Capital, the funding round was also joined by Carthona Capital, iLOOKABOUT, Dreamit Ventures, and Red Swan Ventures.