NEW YORK, July 18, 2016 /PRNewswire/ -- Arria NLG (LSE: NLG) Arria NLG plc (AIM: NLG), a technology leader in the development and deployment of Natural Language Generation ("NLG"), is pleased to announce that it has recently secured two paid pilot programs from within the financial service industry for its NLG software technology.
One program concerns automating internal reporting for a large North American bank, and the other is providing summarized portfolio performance reports for the clients of a US brokerage and banking corporation. Both pilot programs are expected to transition into recurring revenue licensing agreements upon successful completion of the pilot.
The directors of Arria NLG believe the demand for NLG applications continues to increase as the need for businesses to implement an AI strategy becomes apparent.
Stuart Rogers, Chairman and Chief Executive of Arria NLG, commented: "Arria NLG's engagement with global organizations to assess incorporating our NLG technologies into their business applications continues to accelerate and we are delighted to have secured these two new clients."
"There are enormous and ever-growing data sets about finance, as well as many other critical business segments, creating vast analytical challenges to businesses. These data sets can be mined for insights that have the potential to radically change and improve the value and timeliness of a company's core information. These new client engagements illustrate the growing potential of using NLG in business. In addition, as Arria NLG continues to gain new clients to its platform technologies, our company is nearing release of two new offerings, one in the Software as a Service (SaaS) space involving providing CFO-level financial narrative insights to third-party accounting packages, and the other in the form of a software developer's toolkit (SDK)."
Arria NLG's core product is known as the Arria NLG Platform, a form of artificial intelligence software specialized in extracting information from complex data sources and communicating that information in natural language (i.e. as if written by a human). The scientific foundation for the Arria NLG Platform is based on more than 30 years of research and development by the founders of Arria Data2Text Limited at the University of Aberdeen.