Snorkel AI Signs Agreement with BNY to Accelerate the Development of Predictive AI Models
Snorkel AI announced today a new strategic agreement with BNY (NYSE:BK) to provide the global financial services company with software, expertise and insights that help turn unstructured data into actionable insights and solutions for clients.
Snorkel AI has been at the forefront of the transformation of AI data development – helping companies move from legacy manual efforts to a programmatic approach for more affordable, scalable and secure AI model creation.
"Tech innovation is an important driver of BNY's strategic focus in doing more for clients, running our company better and powering our culture," said Sarthak Pattanaik, Head of AI Hub, BNY. "We look forward to working together with Snorkel AI and leveraging their deep expertise with unstructured data to deliver innovative solutions that are safe, secure, fast, and resilient for our clients and the market."
"Snorkel has been adopted by the majority of the largest US banks because we can simplify manual tasks like data curation, tagging, annotation and labeling through a streamlined approach that prepares AI-ready data," said Alex Ratner, CEO of Snorkel AI. "Through this collaboration with BNY, we will help the firm accelerate AI initiatives that aim to bolster efficiency, productivity and insights."
For more information, please visit snorkel.ai.
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About Snorkel AI
Snorkel AI has been pioneering programmatic AI data development since 2015 when its founders launched the Snorkel research project out of the Stanford AI Lab. Working in partnership with teams from Apple and other industry and government sponsors, the team quickly delivered results that accelerated AI application development by 10 100x or more. This transformative approach served as the design point for Snorkel Flow, an enterprise AI data development platform. The team has published more than 100 peer-reviewed research papers and is used in production by Fortune 500 companies including BNY, Wayfair, Chubb, as well as across the federal government. Snorkel AI operates out of San Francisco, New York, and London.
About BNY
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. We support governments in funding local projects and work with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2024, we oversee $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE:BK). We are headquartered in New York City, employ over 50,000 people globally and have been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.
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