Silent Eight’s software is grounded in generative AI, similar to the technology behind the viral ChatGPT chatbot.
Silent Eight, led by CEO Martin Markiewicz, has made it its mission to empower financial institutions to combat financial crimes more efficiently and effectively through the use of its Artificial Intelligence (AI) software.
Among Silent Eight’s distinguished clientele are global financial giants like HSBC Holdings plc (LON: HSBA), Standard Chartered PLC (LON: STAN), and First Abu Dhabi Bank, to name a few. These institutions have recognized the value of Silent Eight’s AI-driven solutions in bolstering their efforts to combat financial crime effectively.
The Role of AI in Financial Crime Prevention
Markiewicz highlighted in a recent report that he envisions a future where AI, not humans, takes the lead in this critical endeavor. He believes that AI should have the capacity to perform millions of investigations without the limitations imposed by the size of a human team. Silent Eight’s ambition is to revolutionize the way financial institutions combat financial crimes by integrating AI into their operations.
One of the central challenges for banks is that addressing financial crimes requires enormous investments of time and resources. Manual investigations are labor-intensive and time-consuming, leaving banks exposed to both financial penalties and damage to their reputation.
Silent Eight’s innovative solution harnesses AI to tackle these issues head-on, significantly reducing the resources needed to combat financial crimes and keeping banks in the good graces of regulators.
Silent Eight’s software is grounded in generative AI, similar to the technology behind the viral ChatGPT chatbot. However, it follows a different training methodology. While ChatGPT relies on a single Large Language Model (LLM) trained on vast amounts of data to generate responses, Silent Eight’s model consists of several smaller models tailored to specific tasks.
For example, one of Silent Eight’s AI models specializes in translating names across different languages. This functionality can identify individuals attempting to open accounts with variations of their names in different regions, potentially flagging suspicious activity. These smaller models are combined to create Silent Eight’s comprehensive software, which is adopted by some of the world’s largest banks, including Standard Chartered and HSBC.
One of the key advantages of Silent Eight’s software is its cost-effectiveness. Markiewicz emphasized that for financial institutions, purchasing their software is “orders of magnitude” cheaper than employing a large team of human investigators to perform the same tasks.
Silent Eight’s Growth Trajectory
The company’s efforts have not gone unnoticed, with its revenue set to witness a threefold increase this year, marking a significant milestone as it heads toward profitability.
With its sights firmly set on expansion, Silent Eight is working towards positioning itself for a potential Initial Public Offering (IPO) in the United States, further cementing its status as an industry disruptor.
However, Markiewicz, made it clear that the company has no immediate plans to raise additional capital after securing a substantial $40 million funding round last year. This funding round, led by TYH Ventures and with participation from HSBC Ventures and existing investors like OTB Ventures and Standard Chartered’s investment arm, provided Silent Eight with the resources needed to further develop and expand its offerings.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Source: https://www.coinspeaker.com/banks-silent-eight-ai-software/