ING wins Financial Times Intelligent Business Award

20 November 2020 ... min read Listen

ING and London-based Eigen Technologies have won the Financial Services Award at the Financial Times Intelligent Business Forum 2020. The award recognises the work done by both companies in ING’s LIBOR transition, which reduced the time and costs ING spent on the programme by 75 percent and 60 percent respectively.

FT Intelligent Business 2020 award winner

LIBOR, which stands for London Interbank Offer Rate, is a globally accepted benchmark interest rate that indicates borrowing costs between banks. Regulatory officials are planning for LIBOR to be replaced in a transition to ‘alternative benchmarks’ by the end of 2021. The transition entails massive and costly transition programmes for banks.

ING used Eigen’s natural language processing (NLP) technology to automate manual tasks and human-error prone processes across the business.

“We’re honored to receive this award,” said Beno?t Legrand, chief innovation officer at ING.

“We’ll continue to work together on implementing use cases through data and process analysis to accelerate Eigen’s advantage in NLP as well as ING’s digital transformation. This is what innovation is for: creating tangible value for customers and employees.”

Eigen Technologies CEO Dr Lewis Z. Liu added “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.”

ING partnered Eigen Technologies this year, when the bank’s venture capital arm ING Ventures invested €4.5 million in Eigen, part of an overall series B investment of US$42 million.

Related stories

Back to top
(★^O^★)MG跳跳猫猫app 国标麻将字牌怎么用 江苏虚拟e球彩怎么买 伯乐彩票平台官网 排列3综合走势图带连线 广东快乐10分购买技巧 吉林11选5大小分析走势图 体彩辽宁11选5 格上理财官网 怎么制作中国福利彩票网站 9号彩票平台登录网址 七乐彩号码预测田野 双色球杀号 188比分澳门指数 体坛8波足球即时比分 捕鱼大富翁红包版 南京麻将算钱