Rimilia Partners With Aston University to Boost AI Expertise and Develop an Innovative Intelligent Financial Management Solution
- Artificial Intelligence , Payments , SaaS , Data
- 29.09.2020 05:26 pm
Rimilia, the leading SaaS-based fintech company, today announced the results of its two year partnership with Aston University to boost artificial intelligence (AI) expertise among Rimilia’s employees and enhance its intelligent financial management solution.
The collaborative project was a part of the Knowledge Transfer Partnership (KTP), a Government funded initiative that allows companies to access the expertise of a university’s academic community. The KTP links the industry with specialised academic researchers to provide businesses with expertise that reside at universities and apply the theoretical knowledge to real-life issues, creating a two-way relationship between both parties.
The initial project between Aston University and Rimilia involved building and testing a payments forecast engine, however the impressive results encouraged both teams to go further in-depth into the AI possibilities.
Since starting the project in October 2017, Aston University’s researchers and Rimilia’s team have engaged in developing and designing new products at Rimilia. The first outcome led the introduction of Insight – Rimilia’s cutting-edge solution which uses AI-powered customer behavioural analysis and customer segmentation to link the customer front office to business’ finance back office.
The KTP initiative also allowed for upskilling and re-educating companies such as Rimilia in different aspects related to data science and machine learning. Employees at Rimilia had the opportunity to improve their expertise in how and in which areas AI can help boost the company’s solutions, enhancing performance and increasing the market share. In addition, the project helped established the special requirements and the infrastructure Rimilia needs to meet to benefit from AI expertise.
The collaboration also brought positive results across the company at Rimilia and enabled it to increase brand exposure and drive product sales. The ground-breaking research uncovered how AI could be used to track debtor behaviour, and was shared at a number of national and international conferences, seminars, webinars, and during both prospect and customers visits. The research provided a boost of £220,00 in additional sales for Rimilia, with the team expecting this number to increase to £1.8m in over the next three years.
The project was run by lead Data Scientist and KTP Associate, Dr. Ali Rezaei Yazdi who commented: ‘‘Companies often overlook academic research, however I believe theoretical knowledge and technical skills must be blended with awareness of business requirements and business expertise to achieve great results. I'm proud to say that Rimilia, in comparison to many companies in the same market, has a much better understanding of the data and the importance of data cleaning and processing. The project has been an engrossing challenge which inspired me to join Rimilia and help the company continue to innovate.’’
“In addition, the Knowledge Transfer Partnerships are a great opportunity for academics to get a reality check and re-focus on issues directly of interest to a sector from industry.’’
Steve Dunn-Massey, CFO at Rimilia, added: “The project has been a huge benefit to Rimilia in helping develop its next generation of innovative products. As a company, we are committed to enhancing the variety and quality of our offering to meet the growing demands of today’s industry challenges.”