The Financial Conduct Authority (FCA) regulatory body has selected the Aiimi Insight Engine to deliver its new enterprise search and discovery solution.
Milton-Keynes based data and AI specialist Aiimi won the three-year, £1.3m contract for its proprietary Aiimi Insight Engine following an extensive evaluation process and eight-week Alpha testing phase.
How will the Aiimi Insight Engine help the FCA?
The new platform will help the FCA workforce gain even greater insights from its diverse datasets. By interconnecting valuable information spread across different systems, FCA users will now be able to conduct powerful rich context searches across assorted data formats held in diverse locations, both internally and externally.
User-friendly search results can then be easily visualised by data and non-data specialists alike to support collaboration among colleagues and teams within the FCA. This will make clear the true value of all the information and data readily available to the FCA.
Looking to the future, in addition to delivering new insights to users through cognitive search, the Aiimi Insight Engine has the capacity to bring enhanced intelligence and control to operations at the FCA. The platform’s advanced AI and machine learning capabilities enable organisations like the FCA to easily find and be alerted to risks – such as UK firms showing concerning indicators – before recording and learning from these findings using data training models.
Crucially for the FCA, the Aiimi Insight Engine also offers a secure solution to support the authority’s own information security access controls. This will ensure that FCA users see only what they are authorised to see – and that all search results inherit the security profile of their respective source systems. Likewise, the platform’s ability to track provenance and facilitate evidence-based decision making will help the FCA to prove diligence in the face of external audits.
During the three-year contract, the Aiimi Insight Engine software will be incorporated into the FCA Cloud, so it can integrate with the authority’s enterprise data platform and be fully configured to meet stringent FCA requirements.
Aiimi will also transition to offering platform support and services to the FCA. This move will help the FCA to fully develop its information capabilities and management strategy to become a more data driven organisation.
What is the future for insight engines?
Globally, the insight engine market is predicted to reach a staggering value of $4.14bn by 2026, as more organisations realise the true potential of AI-powered search, discovery, and insight applications.
Aiimi CEO Steve Salvin explains: “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.
According to global research and advisory company Gartner, insight engine technology “combines search capabilities with artificial intelligence to deliver actionable insights derived from the full spectrum of content and data sourced within and external to an enterprise”.
About the FCA
The Financial Conduct Authority is the conduct regulator for around 60,000 financial services firms and financial markets in the UK, and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
Aiimi is a creative tech company specialising in data and information. Its AI and machine learning technologies and expert services deliver data and digital outcomes for real business impact.
The Aiimi Insight Engine discovers, enriches, classifies, and interconnects information, giving organisations an overview of their data universe to reveal new relationships and unlock valuable insights. Built for business, the platform brings integrated solutions to organisational challenges, like compliance, privacy, and data migration. Empowered to easily find and connect what they know and do not yet know, organisations can now better operationalise their data, improving insight, productivity, and compliance.
Aiimi’s data experts advocate three key principles to help businesses to rapidly realise data-driven value: treat information and data as equal partners, automate information governance wherever possible, and focus on user experience design. By bringing data expertise and software together, Aiimi offers a fast, flexible, and refreshing alternative to big consultancies.
A member of the UK Water Partnership and a patron of the Institute of Asset Management, Aiimi works with some of the largest and most trusted organisations in the UK, from manufacturing and
engineering firms to financial services and utilities.