Snorkel AI Signs Agreement with BNY to Accelerate the Development of Predictive AI Models
Snorkel AI has announced a strategic agreement with BNY Mellon (NYSE: BK) to provide software, expertise, and insights for transforming unstructured data into actionable solutions. This collaboration aims to accelerate BNY Mellon's AI initiatives, focusing on efficiency, productivity, and client insights. Snorkel AI's approach moves away from manual data curation to a more programmatic method, making AI model creation more affordable, scalable, and secure.
Sarthak Pattanaik, Head of AI Hub at BNY Mellon, emphasized the importance of tech innovation in their strategic focus. The partnership with Snorkel AI is expected to leverage unstructured data expertise to deliver innovative, safe, and resilient solutions for clients and the market. Snorkel AI's CEO, Alex Ratner, highlighted that their technology has been adopted by the majority of the largest US banks, simplifying tasks like data curation, tagging, and labeling.
Snorkel AI ha annunciato un accordo strategico con BNY Mellon (NYSE: BK) per fornire software, competenze e approfondimenti per trasformare i dati non strutturati in soluzioni utilizzabili. Questa collaborazione mira ad accelerare le iniziative AI di BNY Mellon, concentrandosi su efficienza, produttività e conoscenze sui clienti. L'approccio di Snorkel AI si allontana dalla curazione manuale dei dati per adottare un metodo più programmatico, rendendo la creazione di modelli AI più accessibile, scalabile e sicura.
Sarthak Pattanaik, Responsabile dell'AI Hub di BNY Mellon, ha sottolineato l'importanza dell'innovazione tecnologica nel loro focus strategico. Si prevede che la partnership con Snorkel AI sfrutti l'expertise sui dati non strutturati per fornire soluzioni innovative, sicure e resilienti ai clienti e al mercato. Il CEO di Snorkel AI, Alex Ratner, ha evidenziato che la loro tecnologia è stata adottata dalla maggior parte delle principali banche statunitensi, semplificando compiti come la curazione, il tagging e l'etichettatura dei dati.
Snorkel AI ha anunciado un acuerdo estratégico con BNY Mellon (NYSE: BK) para proporcionar software, experiencia y conocimientos para transformar datos no estructurados en soluciones accionables. Esta colaboración tiene como objetivo acelerar las iniciativas de IA de BNY Mellon, centrando su enfoque en la eficiencia, la productividad y los conocimientos del cliente. El enfoque de Snorkel AI se aleja de la curación manual de datos hacia un método más programático, haciendo que la creación de modelos de IA sea más asequible, escalable y segura.
Sarthak Pattanaik, Director del AI Hub en BNY Mellon, enfatizó la importancia de la innovación tecnológica en su enfoque estratégico. Se espera que la asociación con Snorkel AI aproveche la experiencia en datos no estructurados para ofrecer soluciones innovadoras, seguras y resilientes para los clientes y el mercado. Alex Ratner, CEO de Snorkel AI, destacó que su tecnología ha sido adoptada por la mayoría de los bancos más grandes de Estados Unidos, simplificando tareas como la curación de datos, el etiquetado y la clasificación.
Snorkel AI는 BNY Mellon (NYSE: BK)과 전략적 협약을 체결하여 비정형 데이터를 실행 가능한 솔루션으로 변환하기 위한 소프트웨어, 전문 지식 및 통찰력을 제공한다고 발표했습니다. 이 협업은 BNY Mellon의 AI 이니셔티브를 가속화하는 것을 목표로 하며, 효율성, 생산성 및 고객 통찰력에 중점을 둡니다. Snorkel AI의 접근 방식은 수동 데이터 큐레이션에서 보다 프로그래밍적인 방법으로 전환되어 AI 모델 생성이 더 저렴하고 확장 가능하며 안전해집니다.
BNY Mellon AI 허브의 책임자인 Sarthak Pattanaik은 전략적 초점에서 기술 혁신의 중요성을 강조했습니다. Snorkel AI와의 파트너십은 비정형 데이터 전문성을 활용하여 고객과 시장을 위한 혁신적이고 안전하며 탄력적인 솔루션을 제공할 것으로 예상됩니다. Snorkel AI의 CEO인 Alex Ratner는 그들의 기술이 대부분의 미국 대형 은행에 채택되어 데이터 큐레이션, 태깅 및 라벨링과 같은 업무를 간소화했다고 강조했습니다.
Snorkel AI a annoncé un accord stratégique avec BNY Mellon (NYSE : BK) pour fournir des logiciels, une expertise et des insights visant à transformer des données non structurées en solutions exploitables. Cette collaboration vise à accélérer les initiatives IA de BNY Mellon, en se concentrant sur l'efficacité, la productivité et la connaissance des clients. L'approche de Snorkel AI s'éloigne de la curation manuelle des données pour adopter une méthode plus programmatique, rendant la création de modèles IA plus abordable, évolutive et sécurisée.
Sarthak Pattanaik, responsable de l'AI Hub de BNY Mellon, a souligné l'importance de l'innovation technologique dans leur axe stratégique. Le partenariat avec Snorkel AI devrait tirer parti de l'expertise en données non structurées pour offrir des solutions innovantes, sûres et résilientes pour les clients et le marché. Alex Ratner, PDG de Snorkel AI, a souligné que leur technologie a été adoptée par la majorité des plus grandes banques américaines, simplifiant des tâches telles que la curation des données, le tagging et le labeling.
Snorkel AI hat eine strategische Vereinbarung mit BNY Mellon (NYSE: BK) bekannt gegeben, um Software, Fachwissen und Erkenntnisse bereitzustellen, die zur Umwandlung unstrukturierter Daten in umsetzbare Lösungen beitragen. Diese Zusammenarbeit zielt darauf ab, die AI-Initiativen von BNY Mellon zu beschleunigen, mit einem Fokus auf Effizienz, Produktivität und Kundenverständnis. Der Ansatz von Snorkel AI weicht von der manuellen Datenkuration zu einer programmatischeren Methode ab, was die Erstellung von AI-Modellen erschwinglicher, skalierbarer und sicherer macht.
Sarthak Pattanaik, Leiter des AI Hub bei BNY Mellon, betonte die Bedeutung von technologischer Innovation im strategischen Fokus. Die Partnerschaft mit Snorkel AI soll das Fachwissen zu unstrukturierten Daten nutzen, um innovative, sichere und resiliente Lösungen für Kunden und den Markt bereitzustellen. Alex Ratner, CEO von Snorkel AI, hob hervor, dass ihre Technologie von den meisten der größten US-Banken übernommen wurde, wodurch Aufgaben wie Datenkuration, Tagging und Labeling vereinfacht werden.
- Strategic agreement with BNY Mellon to provide AI solutions
- Potential to accelerate BNY Mellon's AI initiatives for improved efficiency and productivity
- Snorkel AI's technology adopted by majority of largest US banks
- None.
The partnership between Snorkel AI and BNY marks a significant step in the financial sector's AI adoption. This collaboration could potentially enhance BNY's operational efficiency and client services through advanced AI model development.
Snorkel AI's expertise in handling unstructured data is particularly valuable in finance, where vast amounts of complex data need processing. This could lead to improved risk assessment, fraud detection and personalized financial services for BNY's clients.
However, investors should note that while promising, the actual financial impact remains to be seen. The success will depend on effective implementation and the ability to translate AI capabilities into tangible business outcomes. Keep an eye on BNY's future financial reports for indicators of improved efficiency or new AI-driven revenue streams.
Snorkel AI's programmatic approach to AI data development represents a significant advancement over traditional manual methods. This could potentially accelerate BNY's AI initiatives by orders of magnitude, allowing for faster model iteration and deployment.
The focus on unstructured data is crucial, as it forms the majority of data in most organizations but is traditionally difficult to leverage. Snorkel's technology could help BNY unlock valuable insights from previously untapped data sources, such as customer communications, financial reports and market news.
However, it's important to note that AI model development is just one part of the AI lifecycle. BNY will need to ensure robust infrastructure for model deployment, monitoring and governance to fully capitalize on this partnership. The true test will be in the quality and reliability of the AI models produced.
Snorkel AI has been at the forefront of the transformation of AI data development – helping companies move from legacy manual efforts to a programmatic approach for more affordable, scalable and secure AI model creation.
“Tech innovation is an important driver of BNY’s strategic focus in doing more for clients, running our company better and powering our culture,” said Sarthak Pattanaik, Head of AI Hub, BNY. “We look forward to working together with Snorkel AI and leveraging their deep expertise with unstructured data to deliver innovative solutions that are safe, secure, fast, and resilient for our clients and the market.”
“Snorkel has been adopted by the majority of the largest US banks because we can simplify manual tasks like data curation, tagging, annotation and labeling through a streamlined approach that prepares AI-ready data,” said Alex Ratner, CEO of Snorkel AI. “Through this collaboration with BNY, we will help the firm accelerate AI initiatives that aim to bolster efficiency, productivity and insights.”
For more information, please visit snorkel.ai.
Resources
- Join Snorkel’s weekly demo
- Get a free custom model evaluation by Snorkel experts
- See how to improve RAG with Snorkel Flow
- Contact Snorkel
About Snorkel AI
Snorkel AI has been pioneering programmatic AI data development since 2015 when its founders launched the Snorkel research project out of the Stanford AI Lab. Working in partnership with teams from Apple and other industry and government sponsors, the team quickly delivered results that accelerated AI application development by 10 100x or more. This transformative approach served as the design point for Snorkel Flow, an enterprise AI data development platform. The team has published more than 100 peer-reviewed research papers and is used in production by Fortune 500 companies including BNY, Wayfair, Chubb, as well as across the federal government. Snorkel AI operates out of
About BNY
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808121104/en/
Media:
snorkel@inkhouse.com
Media:
Ryan Wells
ryanw@bny.com
Source: Snorkel AI
FAQ
What is the purpose of Snorkel AI's agreement with BNY Mellon (BK)?
How does Snorkel AI's approach differ from traditional AI data development methods?
What benefits does BNY Mellon (BK) expect from this collaboration with Snorkel AI?
