Summer 2019 has been a very rewarding period for Squirro, as we recently won our second award based on the use of our technology in Financial Services (FS). This follows Squirro’s recent winning of the Allianz Global Investors (AllianzGI) Hackathon, in which nine global start-ups competed to find the best Artificial Intelligence (AI) solution to unlock asset value for clients.
Our team has since had another win, this time at the DXC Technology Fintech Invitational 2019. DXC’s intention of the competition was to identify later-stage Fintech partners that enable DXC’s banking clients to leverage data in order to offer differentiating services and experiences to their customers.
We put a lot of focus and resource on honing our solutions to ensure they deliver value for our clients and partners, and FS has always been a strong sector for Squirro. Of course, our ambition is not to win awards, but it is hugely satisfying to have our work acknowledged in this way.
Squirro and the Financial Services Sector
Some of our earliest clients were in FS and we have continued to work with some of the world’s biggest FS providers ever since. We count Investec, ING and Helvetia among our customers and in 2018 we tailored our augmented intelligence solution to suit the specific needs of particular market sectors within FS.
Our offering includes a range of applications in banking and finance, including real estate and investment banking, as well as specialized solutions for the insurance industry, particularly for commercial insurance and reinsurance. Such bespoke solutions and our understanding of the needs and requirements of FS firms were a major factor in our win at the DXC Invitational.
A Search for the Best Startups
The invitational was DXC Technology’s first such event in Europe and aimed to find startups that began with insurance and are now expanding into FS with which DXC could launch joint solutions. It is part of DXC’s broader strategy to expand its partner ecosystem of innovative Fintech partners and collaborate with them to bring new value propositions to clients globally.
DXC reviewed almost 50 candidates across the course of the competition in collaboration with Silicon Valley-based startup accelerator Plug-and-Play. Four winners were announced at the end of the Invitational, with Squirro being one of them, and all were chosen based on the relevance of their use cases for FS, as well as for the value and potential in a future joint offering with DXC Technology.
Squirro and Unstructured Data
A crucial factor for our success was Squirro’s core proposition of unlocking the insights that are found in FS firms’ unstructured data. While businesses have become reasonably effective at extracting insight from their structured data, a vast majority of enterprise data is unstructured, and most FS CRM systems are incapable of revealing the insights within unstructured data.
Squirro adds significant value to our clients by structuring and analyzing such data, which includes earnings call transcripts, social media content, customer correspondence, and premium data from 3rd party providers. By using our AI-based platform Squirro is capable of extracting the insights hidden in this data. It is an approach and proposition that has proved to be hugely effective, both in terms of adding value to our FS customers and also in being recognized and acknowledged by technology analysts such as Forrester. The gained insights are used to deliver a richer customer experience, gain a deeper understanding of the FS market, have a 360-degree view of each client and its activity, and bring tremendous upsell and cross-sell potential.
DXC partners with some of the world’s best-known technology firms and consultancies, including IBM, SAP, PwC, Microsoft, and Oracle, so for Squirro to keep that company is a testament to the quality of our proposition and the value it can bring to the FS industry.