Financial institutions face significant risks, including fines and reputational damage, if they fail to combat financial crimes effectively. Silent Eight, utilizing generative AI, offers a solution to streamline the investigation and prevention of these activities while saving resources. CEO Martin Markiewicz envisions AI playing a pivotal role in this domain, surpassing human limitations.
Silent Eight's AI software relies on generative AI, similar to ChatGPT, but with a distinct training approach. Instead of a single large language model (LLM), Silent Eight employs several smaller models tailored to specific tasks. For example, one model focuses on name translation across languages, helping identify individuals using varied name spellings globally. Combining these smaller models creates a comprehensive tool adopted by major banks worldwide.
The company's AI models draw inspiration from processes performed by human investigators within financial institutions. The company's strategy initially required the support of significant financial institutions, such as Standard Chartered, to gain access to risk management data. This approach allowed Silent Eight to build advanced AI solutions tailored to the industry's needs.
Financial institutions find Silent Eight's AI software significantly more cost-effective than employing a large human workforce for the same tasks. The software offers efficiency and precision in combating financial crime, making it a valuable resource for major banks.
Silent Eight, headquartered in Singapore, operates in key financial hubs, including New York, London, and Warsaw, Poland. With strong revenue growth and profitability on the horizon, the company aims to go public in the United States, reflecting its ambition to lead the fight against financial crime with AI-driven solutions.
The company's journey to revolutionize financial crime prevention through AI demonstrates the transformative potential of technology in maintaining regulatory compliance and safeguarding the financial sector's integrity.