Following an extensive evaluation and Alpha testing phase, the FCA has selected UK data firm Aiimi’s Insight Engine to improve the regulator’s data analytics.
The Insight Engine will interconnect the FCA’s datasets currently spread across its different systems, allowing the body’s employees to conduct rich context search across data formats in various internal and external locations. The Engine also provides for easy visualisation of search results by data and non-data specialists for improved collaboration across teams.
Artificial intelligence and machine learning capabilities offered by the Engine, will identify and alert the FCA to risks before recording and learning from the findings via data training models.
Aiimi's software will be incorporated into the FCA Cloud, integrating the authority’s entreprise data platform and configured to meet FCA requirements.
On the announcement, Aiimi CEO, Steve Salvin stated: “Organisations are looking for new, better ways to become data driven and take control of their information. Insight engines offer a powerful solution to the challenge of discovering relevant, interconnected data and getting instant actionable insights precisely at the moment you need them. There’s huge potential in every organisation’s information, and an insight engine unlocks this.”
In 2018, the insight engine market was valued at $757.2 million, and is predicted to reach $4.14 billion by 2026, as organisations more effectively leverage the potential of AI, discovery and insight applications.