Eigen’s LIBOR transition work with ING wins FT Intelligent Business Award for Financial Services
London, UK – Eigen Technologies (“Eigen”), the global Document AI provider, has won the Financial Services Award at the Financial Times Intelligent Business Forum 2020 in a joint submission with client and investor ING Bank. The award recognizes the extraordinary work done by both companies in using Eigen’s natural language processing (NLP) technology to bring about digital transformation within ING.
The first application of Eigen’s NLP technology within ING was in the IBOR Transition Program within Wholesale Banking. With the imminent retirement of the LIBOR reference rate many financial services firms are undertaking a massive and costly manual repapering program. At ING, Eigen’s technology automated this process, delivering time and cost savings of 75% and 60% respectively. Eigen’s technology has been rolled out across other functions and use cases, delivering further automation of repetitive, costly and human-error prone data extraction work.
Dr Lewis Z. Liu, Co-founder & CEO of Eigen Technologies said:
“I am really proud that we have won this year’s FT Intelligent Business Award for Financial Services with our client and investor ING. This is the second year in succession we have won an award from the FT and it is a big endorsement of our technology and how it is transforming financial services. Our NLP technology now sits at the heart of ING’s broader digital transformation, delivering huge savings in both time and cost as manual work is automated across areas such as LIBOR transition and loan operations. This award also recognizes the critical role that NLP has to play in delivering LIBOR transition on time in December 2021. With time fast running out, it is more important than ever for financial services firms to save time and money by using technology. We have clients who are making savings of 95% on external spend by using Eigen, which just shows the opportunity that is there for those organizations that are ready to invest in digital transformation.”
Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures said:
“We’re very honored with winning this Award. Eigen offers a strategic capability in the intelligent operations domain, deployed in use cases across retail as well as wholesale banking. We’ll continue to work together on implementing use cases through data and process analysis, so as to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation And that was Innovation is for: creating tangible value for our customers and employees.”
Frank Domburg, Initiative Lead at ING added: "ING sees this implementation of Eigen for Data Extraction as a stepping stone to providing an easy-to-use, compliant platform to serve many use cases that revolve around data lineage, data quality and fulfilment."