Tuesday January 31, 2023

Amplifying the Docupace Platform with Automation, AI, and Machine Learning with Jiffy.ai

Day two of the Vision 2021 Virtual Showcase for, Docupace President and Founder Michael Pinsker talked with Babu Sivadasan, CEO of JIFFY.ai, about automation, artificial intelligence, and machine learning, and how we’re bringing them to the Docupace platform.By partnering with JIFFY.ai, Docupace is “seeking to take transformational technology, and cutting-edge technologies which can be found to the biggest firms on the planet typically, and bring them to everybody in the wealth management industry,” says Pinsker. Of developing an in-house AI solution instead, Docupace selected JIFFY.ai to provide machine learning technology. JIFFY.ai CEO Babu Sivadasan previously worked in wealth management as a co-founder of Envestnet and is particularly proficient in the challenges facing RIAs and broker-dealers.
JIFFY.ai Partnership shall Augment Docupace with AI
As Sivadasan explains, automation is vital to running a competent organization, one which depends on extensive paperwork particularly. When he worked in wealth management, the down sides were seen by him around managing documents “being an possibility to solve.”
He also highlights that the wealth management industry is likely to invest $24 billion in technology by 2023, demonstrating an obvious appetite for better answers to current problems. Since it sometimes appears by him, the future is based on hybrid advisor experiences, digital onboarding, enhanced cybersecurity, robotic process automation (RPA), biometric authentication, chatbots, and cloud-based tech stacks.
At JIFFY.ai, the core intellectual property is “bridging the gap between human and machine,” Sivadasan says. End-to-end stack automation technology can transform the working job profile of the investment advisor, freeing up more bandwidth for the tasks that want human attention, such as for example relationship management. Administrative tasks, like the forms necessary for account and onboarding servicing, could be handled by way of a autonomous middle and back-office enterprise truly.
Additionally, JIFFY.ai is focused on upscaling workers to the opportunities presented by emerging technologies. Its nonprofit organization, the Paanini Foundation, works to navigate the journey of disruptive technology with a deep sense of social compassion and responsibility.
Docupace Set to Launch Intelligent Mailroom
Traditionally, large-scale automation solutions have only been open to giant firms with in-house development dollars. But Docupace President and Founder Michael Pinsker wants the JIFFY.ai partnership to work with an enterprise of any size also to “leverage these leading edge capabilities to create specific solutions for the wealth management industry.” One particular solutions may be the intelligent mailroom, an autonomous document-processing system which will integrate digital and non-digital paperwork into one coherent system seamlessly.
Previously, Docupace relied on barcodes put on physical paperwork, that could then be scanned in to the system and paired with the barcode so the data and image would remain linked together. But with the intelligent mailroom, handwritten or typed documents undergo optical character recognition (OCR), which categorizes data and documents types. The accuracy of OCR is usually high, with over 90% of documents properly identified and managed within the platform. Of manually poring over each document instead, advisors pays special focus on limited exceptions and invite the intelligent mailroom to take care of the rest.
The intelligent mailroom will “allow us to unleash the energy of automation to seriously make sure the info is consistent and it’s handled very much the same, of how it arrived to the machine regardless,” says Pinsker. “It transforms the true way we consider indexing. It transforms the true way we consider workflow … This is actually the MVP.”
JIFFY.ai and Docupace are putting the finishing touches on the intelligent mailroom through the finish of the entire year and can open a pilot program to choose firms in January and February 2022. After more testing in a live environment, intelligent mailroom is slated for general release in March 2022. Interested firms should get in touch with their relationship managers and create more time to explore the precise applications because of their business.
Click to view all of the presentations from our Virtual Showcase here.

Back to Top
%d bloggers like this: