Given the current frenzy surrounding artificial intelligence, it’s tempting to think we’ve never encountered a technological phenomenon quite as transformational. After all, it has sparked a massive run-up in the equity markets and, according to most experts, will disrupt all walks of life, including everything from law to health care to financial services.
“We’ve seen dynamic changes like this play out before,”says Kim Crawford Goodman, CEO of Smarsh, a global technology company that touts 19 of the 20 largest banks as its customers.
“Throughout my career, I’ve had the pleasure of leading a variety of businesses that have thrived in the face of huge technological evolutions,”she said.“Make no mistake, artificial intelligence is a big step, but, to me, it’s just the next step. The personal computer was disruptive, and so was the internet and the cell phone. AI is just the latest technology to bring about huge, revolutionary shifts in our daily lives.”
Goodman’s perspective is the culmination of a more than 30- year career as a technologist. It began with a master’s in industrial engineering from Stanford and an MBA from Harvard Business School and then included leadership stints at global companies such as Dell Technologies, American Express and Fiserv.
In June 2022, she took the reins at Smarsh. The company provides AI-powered compliance and data intelligence solutions for highly regulated businesses. Gartner, a third-party research organization, has consistently recognized Smarsh as a leader in the enterprise information archiving industry, applauding its vision and ability to execute.
Smarsh’s customers are required to preserve their business records, including all firm communications. The recent shift to remote work, along with the increased adoption of collaboration platforms like Teams and Zoom, has made this task exponentially more difficult.
The upside is that these companies now have access to more data, giving them the opportunity to analyze it to improve their own processes and create new efficiencies.
According to Crawford Goodman, this is where Smarsh has a huge advantage over its competitors.
“Smarsh is by far the leading company in the communications data and intelligence space,”she said.“We’ve worked hard to gain the trust of our customers, which run the gamut from some of the largest financial institutions in the world to small and medium- sized wealth management firms. We’ve done that by proving that we collect and manage their data responsibly, helping them protect their clients and reputations.”
This is where AI plays a huge role in Smarsh’s business. Crawford Goodman says it anticipated the current AI boom years ago, when the firm first began investing heavily in this area and building large language models. That foresight is now paying dividends as she continues to position it as a leading AI company.
For instance, it’s possible that past public scandals, including misdeeds surrounding illicit trading activity or other forms of financial fraud, could happen less frequently with the use of AI. Also, it could save companies billions in fines. The SEC and other regulatory agencies have sanctioned banks and other financial firms more than $2.8 billion since December 2021 for failing to monitor apps like WhatsApp.
“Our customers understand they can no longer afford to confront bad behavior retroactively,”she said.“Banks need to be able to spot the signals of malfeasance in real time, enabling them to get ahead of bad actors. That requires well-trained AI.”
Naturally, many have voiced concerns about AI. Critics say that some models driving the technology can be biased, inaccurate and drift easily, all of which would cause them to spit out bad and potentially harmful information. Of course, others worry about the privacy implications.
Smarsh’s customers have the same concerns, Crawford Goodman acknowledged. She said she understands why people have apprehensions but believes the benefits of AI will eventually far outweigh any negatives, adding that Smarsh can play a role in ensuring that happens.
“I’m confident artificial intelligence will be marshaled for the good of society,”she said.“Smarsh can be a part of that story. We preserve and protect the truth, people, institutions and the entire financialsystem.Andwe’reonlygettingstarted.”
