Connect with us
European Gaming Congress 2024

Artificial Intelligence

Altair Global Survey Reveals Growing Impact of Digital Twin Technology in Banking, Financial Services, and Insurance Industries

Published

on

altair-global-survey-reveals-growing-impact-of-digital-twin-technology-in-banking,-financial-services,-and-insurance-industries

Data highlights sector’s broad use of digital twins for behavior modeling, personalization, fraud prevention, and more
TROY, Mich., Aug. 15, 2023 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI), released results from a global survey that reveals the widespread use of digital twin technology in the banking and financial industries. Although digital twin technology is typically associated with designing physical products, according to the survey, the banking, financial services, and insurance (BFSI) sector is among the leading adopters of digital twins, using the technology to address challenges like security, fraud detection, behavioral prediction, and more.
Digital twin technology creates a digital representation of a physical, real-world object or process to improve collaboration, information access, and decision-making. The global survey of more than 2,000 professionals throughout several industries and across 10 countries gauged digital twin technology adoption and assessed how organizations are utilizing it, its business benefits, and impact on sustainability initiatives.
“The BFSI sector today faces a range of challenges – from new competitors to heightened consumer expectations to addressing increased regulatory demands and combatting ever-more sophisticated criminal activity. All this puts the sector under extreme pressure to deliver exceptional products and services,” said Sam Mahalingam, chief technology officer, Altair. “This survey’s findings underscore how quickly and broadly digital twin technology has become a critical tool in helping financial services organizations battle these challenges and prepare for the future.”
According to the survey, the BFSI sector’s top three applications for digital twin technology are optimizing business processes (54%), digitally monitoring real-time behavior (51%), and predicting future behavior using predictive analytics (51%). BFSI’s emphasis on applying digital twin technology for monitoring and predicting is unsurprising, since these functions allow teams and organizations to better prevent fraud, monitor and predict customer/borrower behavior, track customer satisfaction, and more.
Additional key findings include:
Adoption is widespread71% of BFSI respondents said their organizations already leverage digital twin technology, trailing only the automotive and heavy equipment industries.Overall, BFSI respondents were the most likely industry to say they are “highly knowledgeable about digital twin technology” at 64% – a number 14 points higher than the overall survey average (50%).Of BFSI respondents who said their organization currently leverages digital twin technology, 97% said the technology was “important” to their organization, and 71% of those respondents said digital twin was “very important” to their organization — tied for the highest in the survey and eight points higher than the overall average (63%).Personalization, real-time monitoring, and safety rank highBFSI respondents were the most likely of any industry to say digital twin technology had the greatest positive impact on “personalization of products and services” at 32%.The data also confirms the industry’s emphasis on using digital twins for “real-time monitoring and control” at 38% and “efficiency and safety” at 33%, which are important factors when tied to predictive analytics regarding customer behavior.Compared to the other 11 industries surveyed, the BFSI sector is much more likely to use digital twin technology for behavioral modeling (50% vs. 30% survey average).Sustainability cited as top benefit93% of BFSI respondents whose organization currently uses digital twins said it helps them create more sustainable financial products and processes — the third-highest proportion among the other industries within the overall surveyed (behind consumer electronics and the architecture, engineering and construction sectors). This is consistent with the recently reported uptick in consumer interest for greener banking products and services that promote sustainable practices and investments.83% of BFSI respondents said their organization is either currently using, or plans to use, digital twins to reach their sustainability objectives with 56% of those respondents’ organizations currently using the technology.To learn more about the survey methodology and to access the full report, visit https://www.altair.com/one-total-twin/bfsi. And to learn more about Altair’s digital twin solutions, visit https://altair.com/digital-twin.
About Altair Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. For more information, visit https://www.altair.com/.
Photo – https://mma.prnewswire.com/media/2185032/Altair_Newsroom_PR_DT_BFSI_Social.jpgLogo – https://mma.prnewswire.com/media/1421069/Altair_Logo.jpg
Media contacts
Altair Corporate
Altair Investor Relations
Jennifer Ristic
 Monica Gould, The Blueshirt Group
+1.216.849.3109
+1 212.871.3927
[email protected]
[email protected]
Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
[email protected]
 
View original content:https://www.prnewswire.co.uk/news-releases/altair-global-survey-reveals-growing-impact-of-digital-twin-technology-in-banking-financial-services-and-insurance-industries-301900003.html

Continue Reading
Advertisement

Artificial Intelligence

Colehouse Group acquisition of Dragonfly set to transform tech-enabled consulting

Published

on

colehouse-group-acquisition-of-dragonfly-set-to-transform-tech-enabled-consulting

LONDON, Oct. 10, 2024 /PRNewswire/ — Colehouse Group a leading UK-based financial services & government change & transformation consultancy has acquired tech-enabled services consultancy Dragonfly. This acquisition creates a dynamic portfolio of services integrating AI technology capabilities with consulting expertise. The collaboration will deliver powerful, end-to-end solutions that address growing demands for digital transformation, optimal project delivery, and growth.

This partnership addresses client demand to move away from the larger, broad-service providers to niche, specialised transformation and change consultants using cutting-edge AI technology to drive greater efficiencies in project delivery.
The acquisition will enable Colehouse to fuse AI technology with top-tier consulting talent to compete with traditional offshore models enabling more effective client integration, delivery optimisation and scalability.
Colehouse has delivered some of the most complex technology programmes in the UK from upgrading the UK’s Critical National Payments Infrastructure to banking post-merger integrations. 
Phil Tootell, CEO of Colehouse Group said: “I’m excited by what we can now deliver for our clients. They will benefit from a powerful fusion of innovative technology and consulting expertise, enabling them to deliver more, faster, at better value.”
This move strengthens Colehouse’s proficiency, combining its in-depth experience and knowledge in transformation-and-change management with Dragonfly’s advanced AI-technological solutions, such as SaaS platform Neuro.
UK-focused Dragonfly is a highly trusted consulting firm with a track record of supporting the successful delivery of technology and testing across financial services, government, standards bodies, and healthcare. Dragonfly is the only firm in the UK authorised to provide AI-testing certification.
Stacey Howard, CEO of Dragonfly said: “Combining forces with Colehouse allows us to provide more holistic change and transformation, strengthening our value proposition for our clients. We look forward to joining the Colehouse team and continuing to grow together.”
Company information
Colehouse Group
The Colehouse Group is one of the fastest-growing mid-tier change-management consultancies, specialising in effectively delivering complex change initiatives across all sectors. Its strength lies in the ability to relate and apply its wealth of experience to any project.
Dragonfly
Dragonfly is a UK-based consultancy with a track record of supporting the successful delivery of technology and testing across many sectors. Dragonfly’s AI-driven platform Neuro provides complete visibility of an organisation’s engineering and quality performance.
Media contacts
Kirsty Lyons Email: [email protected] Tel: +44 7525 931400
Dan O’Connor Email: [email protected]: +44 7525 751090
Website: https://colehousegroup.com Website: https://www.wearedragonfly.coLinkedIn: https://www.linkedin.com/company/colehouse-td
 

View original content:https://www.prnewswire.co.uk/news-releases/colehouse-group-acquisition-of-dragonfly-set-to-transform-tech-enabled-consulting-302271839.html

Continue Reading

Artificial Intelligence

Hyundai Motor Celebrates Production Milestone of 100 Million Vehicles with ‘One step further’ Exhibition

Published

on

hyundai-motor-celebrates-production-milestone-of-100-million-vehicles-with-‘one-step-further’-exhibition

Exhibition showcases driving forces behind achieving global production of 100 million vehicles and thanks customers for their unwavering supportJourney begins with first model ‘Cortina Mark 2’ and the Pony, Hyundai Motor’s first independently developed modelThree iconic models ‒ SONATA, ELANTRA and Scoupe – highlight Hyundai’s drive to go ‘one step further’ in design, production and engineeringModern SUV and EV lineups reinforce Hyundai Motor’s transformation from traditional automaker to smart mobility solutions providerSEOUL, South Korea, Oct. 10, 2024 /PRNewswire/ — Hyundai Motor Company is marking its historic achievement of producing 100 million vehicles worldwide with the grand opening of its ‘One step further’ exhibition at Hyundai Motorstudio Seoul. The exhibition showcases the driving forces behind the 100-million-unit production milestone and conveys Hyundai’s gratitude to those customers who have been part of the journey.

This exhibition is a continuation of the 100 million production celebration held at Hyundai Motor’s Ulsan Plant on September 30. At that event, the company delivered the 100 million and first vehicle, an IONIQ 5, to its new owner, representing the brand’s gratitude to its customers for their unwavering support.
“It takes thousands of parts and pieces to build a car, with combined efforts of millions of people involved in R&D, design and manufacturing over many years,” said Sungwon Jee, Senior Vice President and Global Chief Marketing Officer at Hyundai Motor Company. “We wanted to shed light on these behind-the-scenes efforts that went into producing 100 million vehicles and tell the story of Hyundai Motor’s transformation from a traditional automaker to a leading smart mobility solutions provider.”
Spanning five floors, the exhibition begins on the first floor by introducing the Cortina Mark 2, Hyundai Motor’s first production model; and the Pony, Hyundai Motor’s first independently developed model. The exhibition continues on the second floor where the history of major Hyundai Motor plants is showcased.
The third floor highlights key drivers in achieving the 100 million production milestone, focusing on three iconic models: the first-generation SONATA, the first-generation ELANTRA and Scoupe.
The fourth and fifth floors feature the brand’s modern SUV lineup – SANTA FE, KONA and INSTER; and electric vehicle (EV) lineup – IONIQ 5, IONIQ 5 N and IONIQ 6, looking ahead to Hyundai Motor’s future as it moves forward from a traditional automaker to a smart mobility solutions provider.
Visit Hyundai Newsroom for more information
Photo – https://mma.prnewswire.com/media/2527469/Image_1__Hyundai_Celebrates_100_Million_Production_with__One_step_further__Exhibition.jpgPhoto – https://mma.prnewswire.com/media/2527470/Image_2__Hyundai_Celebrates_100_Million_Production_with__One_step_further__Exhibition.jpg

View original content:https://www.prnewswire.co.uk/news-releases/hyundai-motor-celebrates-production-milestone-of-100-million-vehicles-with-one-step-further-exhibition-302272283.html

Continue Reading

Artificial Intelligence

CYRISMA, a leading Risk Management Platform for MSPs, secures $7 million Growth Equity Financing led by Blueprint Equity

Published

on

cyrisma,-a-leading-risk-management-platform-for-msps,-secures-$7-million-growth-equity-financing-led-by-blueprint-equity

ROCHESTER, N.Y., Oct. 9, 2024 /PRNewswire/ — CYRISMA, an all-in-one risk management platform, announced its Series A financing today. Led by Blueprint Equity, with participation from SaaS Venture and Golden Ventures, the funding will accelerate CYRISMA’s platform development, fuel customer success, and expand sales and marketing initiatives.

CYRISMA accelerates security programs for MSPs by providing a cost-effective, all-in-one solution to identify, prioritize, and remediate vulnerabilities, track compliance requirements, and manage AI security risk.
“In partnering with Blueprint Equity, we are excited to leverage their expertise and resources to further enhance our platform and support our customers,” said Liam Downward, co-founder and CPO of CYRISMA. “This investment will allow us to continue delivering an affordable and comprehensive risk management solution, empowering MSPs to protect their clients effectively. Additionally, it enables us to enter into new markets, expanding our reach and increasing brand awareness.”
Blueprint Equity’s Sheldon Lewis, who will join CYRISMA’s Board of Directors, commented, “With the rise of security threats for SMBs, there’s been an increasing number of businesses outsourcing their cybersecurity to MSPs. This has accelerated demand in the market for strong, multi-tenant cybersecurity solutions for MSPs to best serve their clients.” He added, “We were drawn to the breadth of the CYRISMA platform and their strong customer satisfaction. Oliver Downward, CEO, Liam, and the team have an unparalleled insight into the MSP market, and we’re honored to partner with CYRISMA during their next phase of growth.”
About CYRISMA
CYRISMA is an all-in-one risk management platform for Managed Service Providers. With the rise in security threats and demand for cybersecurity services, CYRISMA provides MSPs with an effective, all-in-one solution to manage their cybersecurity initiatives for clients in a multi-tenant platform. To schedule a demo of CYRISMA, please visit https://www.cyrisma.com/.
About Blueprint Equity
Blueprint Equity provides expansion capital to high-growth, capital-efficient enterprise software and technology-enabled services businesses worldwide. Blueprint has $275 million of assets under management and is based in La Jolla, CA. For more information, please visit www.onblueprint.com.
Media Contact:Oliver [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/cyrisma-a-leading-risk-management-platform-for-msps-secures-7-million-growth-equity-financing-led-by-blueprint-equity-302271854.html

Continue Reading
Advertisement
Advertisement

Latest News

Trending