Connect at the 2024 NMSDC Conference & Exchange
Meet Venkat Laksh and Swarnendu Banerjee at this year’s National Minority Supplier Development Council Conference in Atlanta and learn about advanced technology services from Iris, a certified MBE.
Annually certified by the National Minority Supplier Development Council (NMSDC) as a Minority-owned Business Enterprise (MBE), Iris is pleased to again participate in its annual Conference & Exchange. This year, it’s at the Georgia World Congress Center in Atlanta from October 20-23, 2024, and the theme is Defining New Norms.
Venkat Laksh, Global Lead - Insurance, and Swarnendu Banerjee, Client Partner - Life Sciences, will represent Iris. Connect with them at the Conference to learn how Iris has provided technology services and solutions to Fortune 500 and other companies in multiple industries for more than three decades. With our experience in Application Development, Automation, Cloud, Data Science, Enterprise Analytics, Integrations, Quality and Software Engineering, applying emerging technologies such as AI, Generative AI and Machine Learning, Iris advances clients’ digital transformation journeys while supporting their diversity, equity and inclusion (DEI) commitments. Our deep domain knowledge encompasses the banking, financial services, insurance, life sciences, manufacturing, pharmaceuticals, transportation and logistics sectors.
Iris is also certified as a top employer and award-winning workplace culture. Our story of success and growth in the technology business aligns with NMSDC’s mission and the goals C-suite executives and supplier diversity, hiring and procurement professionals attending the 2024 Conference.
Connect with Venkat and Swarnendu at the 2024 Conference or afterward to discuss how Iris’ capabilities can help your enterprise realize the benefits of innovative, future-ready technology. You can also visit industry-specific tech services to learn more and contact us.
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Get in touchITC Vegas – The Frontier of Insurance Innovation
ITC Vegas - the Frontier of Insurance Innovation
Meet Venkat Laksh, Global Insurance Lead, and Glenn DeGeorge, Client Partner, at InsureTech Connect 2024 to discuss advanced technology services and transformation for insurers.
Meet Venkat Laksh, Global Insurance Lead, and Glenn DeGeorge, Client Partner, at the Frontier of Insurance Innovation - the Mandalay Bay in Las Vegas, Nevada, from October 15-17, 2024. That’s the theme, place and date of this year’s InsureTech Connect (ITC) annual conference, billed as the industry's largest, with 9,000+ attendees - insurers, reinsurers, brokers, risk managers, investors, and technology solution providers, such as Iris Software.
Technology and innovation topics, mainly related to AI/Generative AI and Data, again dominate the agenda as they continue to be pivotal to the insurance industry. Here are examples of the sessions each day:
- Insurance in the AI Age
- 100x your Underwriting & Claims Performance with AI
- Driving Profitability with AI-Powered Externalized Rating and Underwriting
- Insurdata Revolution: Unleashing the Power of Analytics for Innovation
- The Role of AI and Data Analytics in Commercial Insurance: Driving Efficiency and Accuracy
- Building the Future: Responsible AI and Gen AI in Property Insurance
- Beyond the Hype - The Real Potential of Gen AI for Individuals, Insurers and Our Industry
- How Insurance Firms Drive Award-Winning Customer Experiences with Data and AI
- Insuring for Cyber Losses for SME's: An AI-led Approach to Estimating Loss Coverages
- Claim Smarter: Leveraging AI for Precision, Speed and Sustainability
Insurers can ensure their enterprises are future-ready, scalable, secure, cost-efficient, and compliant, by smartly employing next-generation, emerging technology through a highly-experienced insuretech services provider. Talk about your digital priorities with Venkat Laksh, Global Insurance Lead, and Glenn DeGeorge, Client Partner, at ITC Vegas 2024, and learn how leading insurers are applying Iris solutions in AI/Generative AI/Machine Learning, Application Modernization, Automation, Cloud, Data Science, Enterprise Analytics, and Integrations, to advance their digital transformation goals.
You can also contact Venkat and Glenn to learn more about our InsurTech Services that help future-proof insurance enterprises here: Insurance Technology Services | Iris Software and read a few of our Gen AI success stories and insightful perspective papers, including Gen AI – powered summarization boosts underwriting policies and compliance workflow and How Gen AI can transform software engineering.
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Get in touchMeet us at the NY FIA Forum: Treasury Clearing 2024
Meet us at the NY FIA Forum: Treasury Clearing 2024
Iris New York City-based financial services professionals are attending the Forum, where clearing capabilities and new regulatory mandates are the focus.
The FIA (Futures Industry Association) is hosting a forum on treasury clearing on October 15, 2024 at the BNP Paribas Tower in New York City. The theme is The Evolution of Agency Clearing and a major focus is on clearing model development and new regulatory mandates. Attendees can have beneficial discussions on these topics with experienced financial services professionals from our New York City office who are attending: Jatin Shah and Ryan Fagan, Senior Client Partners, and Jesse Regina, Account Manager.
According to its website, FIA is the leading global trade organization for the futures, options and centrally-cleared derivatives markets, which are key to the global economy as they allow for price discovery and risk management. FIA represents various market participants, including exchanges and clearinghouses, executing brokers, proprietary trading firms and others. The U.S. SEC (Securities and Exchange Commission) has mandated the clearing of certain treasuries and repos (repurchase agreements) by 2026, and many participants in the cleared derivatives markets are impacted and making plans for their operations, technology, compliance, compliance.
Session topics will include: the benefits of expanding central clearing and considerations for implementing the SEC’s central clearing rule; how clearing reduces counterparty risk, settlement flows, fails, and establishes consistent and robust risk management practices for clearing; client clearing access models, margin practices, and the possibility of multiple central counterparty entrants to the U.S. treasury market, which pertain to the new mandate; bank capacity and structural needs for clearing success; and the challenges and opportunities seen by buy-side participants.
Iris is a key provider of technology services to leading global banks, wealth management, brokerage and financial services companies operating in the capital markets and related sectors and as counterparties. Per the FIA, asset managers, hedge funds and principal trading firms will all be affected by the clearing mandate, but each type of market participant will have different needs and operational challenges as they comply. Learn how these entities can and do apply Iris’ deep domain knowledge and experience and our advanced technology solutions - in AI / Gen AI / ML, Application Development, Automation, Cloud, DevOps, Data Science, Enterprise Analytics, Integrations, and Quality Engineering - to enhance security, scalability, cost-efficiency, and compliance in myriad platforms, processes and systems supporting clearing, settlement, currency and major transactions.
Contact Jatin, Ryan, Jesse and our entire team of experts and obtain more information here: Iris Software Banking and Financial Services. You can also read our pertinent, insightful perspective papers, including: Navigating Distributed Ledger Technologies; Real-world Asset Tokenization and Productionizing Generative AI Pilots.
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Get in touchWomen in Payments Canada Symposium 2024
Women in Payments Canada Symposium 2024
Meet our Toronto-based experts, Subramanian Viswanathan and Suneela Katikala, at the Symposium to learn about advanced technology solutions for the banking, financial services and payments industries.
Each year, the Global Association of Women Leaders in Payments hosts annual forums in several regions around the world for women payments professionals to connect, share ideas, learn the latest trends and challenges in fintech and the payments market, and to advance change.
This year’s Women in Payments Canada Symposium will be held at Arcadian Court in Toronto, Ontario, on September 24-25, 2024. The theme, Women Leading in Generative AI, will be in focus as women leaders and various presenters share their perspectives on a range of topics impacting the payments ecosystem.
As a key provider of technology services to leading Canadian and global banks, including those operating in the retail banking and payments sector, two of Iris’ banking and financial services experts will participate in the 2024 Symposium. Connect there with Subramanian Viswanathan, Associate Vice President, Financial Services Practice, and Suneela Katikala, Senior Client Partner, Financial Services, to discuss digital transformation and payment system modernization.
Learn how banks and associated entities apply Iris’ deep domain knowledge and experience and advanced technology solutions - in AI / ML, Application Development, Automation, Cloud, DevOps, Data Science, Enterprise Analytics, Integrations, and Quality Engineering - to enhance security, scalability, cost-efficiency, and compliance in the myriad platforms, processes and systems supporting domestic and international payments transactions – involving clearing, settlement, currency, etc. Iris is PCIDSS 4.0-certified to ensure robust cyber security and compliance for our clients involved in payment card processing or that store, process, or transmit cardholder data and/or sensitive authentication data.
Contact our team and obtain more information about future-ready Iris Software Banking and Financial Services. You can also read our Perspective Paper on the state of Central Bank Digital Currency.
Read our Gen AI success stories here: https://www.irissoftware.com/stories/.
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Get in touchInnovation and InsurTech at LIMRA 2024 Conference
Innovation and InsurTech at LIMRA 2024 Conference
Talk about technology transformation in life insurance and annuities with Venkat Laksh, our insurance expert, at the LIMRA Annual Conference.
The LIMRA (Life Insurance Marketing and Research Association) Annual Conference of 2024 takes place September 15-17 in Nashville, TN, at the Gaylord Opryland Resort & Convention Center. This year’s theme, Innovate with Purpose, will permeate the workshops, seminars and networking, as hundreds of attendees and presenters focus on the topics of digital transformation, distribution systems, customer experience and talent strategy. The conference enables life insurance, annuities and workplace benefits service providers to discuss these subjects and the key business, technology and regulatory challenges and opportunities facing their enterprises and industry.
Iris Software’s Global Lead – Insurance, Venkat Laksh, will attend this forum. Iris provides leading life insurance companies with advanced InsurTech services and solutions that are key to future-proofing and ensuring the competitiveness of organizations. These services include Software and Quality Engineering, AI/ML/Generative AI, Application Modernization, Automation, Cloud, Data Science, Enterprise Analytics and Integrations.
Whether innovating product lines or user experiences, migrating from legacy systems to cloud, implementing Gen AI, or transforming data and analytics systems, connect with Venkat at the LIMRA 2024 Annual Conference for beneficial conversation on the latest technology trends and your priorities. Staying ahead of the curve in their digital journeys helps insurers enhance operational efficiencies, customer engagement and satisfaction, and compliance, risk management and security.
Read our Gen AI success stories applicable to insurers here: https://www.irissoftware.com/stories/.
Get more information about Iris InsurTech Services here: Insurance Technology Services | Iris Software.
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Get in touchGen AI interface enhances API productivity and UX
Integrating Generative AI technology and developer portal reduces logistics provider’s API onboarding to 1-2 days.
Client
Leading logistics services provider
Goal
Improve API functionality and developer team’s productivity and user experience
Tools and Technologies
Open AI (GPT-3.5 & 4 Turbo LLM), AWS Lambda, Streamlit, Python, Apigee
Business Challenge
A leading logistics provider offers an API Developer Portal as a central hub for managing APIs, enabling collaboration, documentation, and integration efforts, but faces limitations, including:
- Challenges to comprehend schemas, necessitating continued reliance on developers
- No means to individually search for API operations on the API Developer Portal
- Difficulties keeping track of changes in newly-released API versions
- Potential week-long delays as business analysts or product owners must engage developers to check if existing APIs can support new website functionalities
Solution
Integrating Gen AI technology with API, we provided a user-friendly chat interface for business users. Features include:
- Conversational interface for API interaction, eliminating the need for technical expertise to interact directly with APIs
- Search mechanism for API operations, query parameters, and request attributes
- Version comparison and tailored response generation
- Backend API execution according to user query needs
Outcomes
- Business users are now empowered with a chat-based interface for querying API details
- Users can seamlessly explore APIs, streamlining collaboration with the API team and reducing onboarding time to one or two days, ultimately enhancing the customer experience for all stakeholders
- Developer productivity improved with the AI-powered tools in the API Developer Portal
- Functionality is enhanced from the version comparison, individual API operation search, and tailored responses
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Gen AI summarization solution aids lending app users
Conversational agent built with Gen AI eases commercial lenders’ access to information, use of complex applications, and integration of new users.
Client
Commercial banking unit of a large Canadian bank
Goal
Help lenders access information for complex lending applications on more timely basis and simplify onboarding of new users
Tools and Technologies
PyPDF2, Meta
Business Challenge
As a part of the credit adjudication process for a transaction, commercial bankers use an application to create summaries, memos and rating alerts as needed, which are instrumental for ongoing Capital at Risk (CaR) monitoring, Risk Profiling, Risk Adjusted Return on Capital (RAROC) computations, etc.
There is a significant amount of complexity involved in understanding this application due to the diversity in types of borrowers / loans, nature of collaterals, etc., e.g., How to create a transaction report for my deal? How to update an existing deal?
All of this information is spread across multiple user guides and FAQ documents that may run into hundreds of pages.
Solution
- Ringfenced a knowledge base comprised of the user guides of various functionalities (e.g., facility creation, borrower information, etc.)
- Built a custom-developed, React-based front-end for the conversational assistant to interact with the users
- Parsed, formatted and extracted text chunks from these documents using libraries such as PDF Miner, PyPDF2
- Created vector embeddings using sentence transformer embedding model (all-MiniLM-L6-v2) and stored as indices in the Facebook AI Similarity Search (FAISS) vector database
- Broke down the user query into vector embeddings, searched against the vector database and leveraged local LLM (Llama-2-7B-chat) to generate summarized responses based on the context passed to it by the similarity search
Outcomes
Our custom solution was a conversational agent built using Generative AI, which summarizes relevant information from multiple documents.
It significantly:
- Improved existing users’ ability to access relevant information on a timely basis
- Simplified the migration of bankers and integrations of lending applications resulting from merger or acquisition
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Meet us at the Open Banking Expo in Toronto
Meet us at the Open Banking Expo in Toronto
Learn from client partners, Suneela Katikala and Pallavi Bhargava, how our tech solutions advance the digital transformation of banks, financial services and payments providers.
Meet Suneela Katikala and Pallavi Bhargava, our experienced client partners in the banking, financial services and payments technology space, at the Open Banking Expo on June 11, 2024 at the Metro Toronto Convention Centre in Ontario, Canada.
As financial institutions strive to rapidly implement the open banking initiative in Canada - more collaborative, secure, and efficient banking and payment systems - it is imperative that they work with technology providers with demonstrated agility, knowledge and IT expertise in these areas. For decades, Iris has accelerated the digital transformation journeys of major global and Canadian banks and financial services and payments enterprises.
Learn from Suneela and Pallavi how our solutions in AI / ML, Application Modernization, Automation, Cloud, Data Science, DevOps, Enterprise Analytics, Integrations, and Quality Engineering improved clients’ data quality, reliability and scalability; platform and systems efficiency; user interfaces and experiences; insight extraction and decision-making; and regulatory compliance. Also note that Iris is PCIDSS 4.0-certified to ensure robust cyber security and compliance for clients involved in payment card processing or that store, process, or transmit cardholder data and/or sensitive authentication data.
For more information on the benefits of our future-ready solutions, visit Iris Software Banking and Financial Services. Read our Perspective Papers on navigating Digital Ledger Technology and the state of Central Bank Digital Currency for more insights.
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Get in touchMeet us at the Payments Canada Summit
Payments Canada Summit 2024
Toronto-based banking, financial services, and payments technology experts, Subramanian Viswanathan and Suneela Katikala, are attending this year’s Summit.
As a key provider of technology services to leading Canadian and global banks, including those operating in the retail banking and payments sector, Iris will participate in the Payments Canada Summit at Beanfield Centre in Toronto, Ontario, May 29-31, 2024. This forum is considered Canada’s premier payments event, bringing together monetary, financial, regulatory, and technology leaders for presentations, networking, and idea-sharing relating to the fast-paced and continually-evolving world of payments.
Connect with two of Iris’ banking and financial services experts at the Summit to discuss digital transformation and payment system modernization: Subramanian Viswanathan, Associate Vice President, Financial Services Practice, and Suneela Katikala, Senior Client Partner, Financial Services.
Learn how banks and associated entities apply Iris’ deep domain knowledge and experience and advanced technology solutions - in AI / ML, Application Development, Automation, Cloud, DevOps, Data Science, Enterprise Analytics, Integrations, and Quality Engineering - to enhance security, scalability, cost-efficiency, and compliance in the myriad platforms, processes and systems supporting domestic and international payments transactions – involving clearing, settlement, currency, etc. Iris is PCIDSS 4.0-certified to ensure robust cyber security and compliance for our clients involved in payment card processing or that store, process, or transmit cardholder data and/or sensitive authentication data.
Contact our team and obtain more information about future-ready Iris Software Banking and Financial Services. You can also read our Perspective Paper on the state of Central Bank Digital Currency.
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Get in touchConversational assistant boosts AML product assurance
Gen AI powered responses improve the turnaround time to provide technical support for recurring issues, resulting in a highly efficient product assurance process.
Client
A large global bank
Goal
Improve turnaround time to provide technical support for the application support and global product assurance teams
Tools and Technologies
React, Sentence–Bidirectional Encoder Representations from Transformers (S-BERT), Facebook AI Similarity Search (FAISS), and Llama-2-7B-chat
Business Challenge
The application support and global product assurance teams of a large global bank faced numerous challenges in delivering efficient and timely technical support as they had to manually identify solutions to recurring problems within the Known Error Database (KEDB), comprised of documents in various formats. With the high volume of support requests and limited availability of teams across multiple time zones, a large backlog of unresolved issues developed, leading to higher support costs.
Solution
Our team developed a conversational assistant using Gen AI by:
- Building an interactive customized React-based front-end
- Ringfencing a corpus of problems and solutions documented in the KEDB
- Parsing, formatting and extracting text chunks from source documents and creating vector embeddings using Sentence–Bidirectional Encoder Representations from Transformers (S-BERT)
- Storing these in a Facebook AI Similarity Search (FAISS) vector database
- Leveraging a local Large Language Model (Llama-2-7B-chat) to generate summarized responses
Outcomes
The responses generated using Llama-2-7B LLM were impressive and significantly reduced overall effort. Future enhancements to the assistant would involve:
- Creating support tickets based on information collected from users
- Categorizing tickets based on the nature of the problem
- Automating repetitive tasks such as access requests / data volume enquiries / dashboard updates
- Auto-triaging support requests by asking users a series of questions to determine the severity and urgency of the problem
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