For day two of the Vision 2021 Virtual Showcase, Docupace Founder and President 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 “looking to take transformational technology, and cutting-edge technologies which are typically available to the largest firms in the world, and bring them to everybody in the wealth management industry,” says Pinsker. Instead of developing an in-house AI solution, Docupace selected JIFFY.ai to deliver machine learning technology. JIFFY.ai CEO Babu Sivadasan previously worked in wealth management as a co-founder of Envestnet and is especially knowledgeable about the challenges facing RIAs and broker-dealers.
JIFFY.ai Partnership Will Augment Docupace with AI
As Sivadasan explains, automation is essential to running an efficient organization, particularly one that relies on extensive paperwork. When he worked in wealth management, he saw the difficulties around managing documents “as an opportunity to solve.”
He also points out that the wealth management industry is expected to invest $24 billion in technology by 2023, demonstrating a clear appetite for better solutions to current problems. As he sees it, the future lies in 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 job profile of the investment advisor, freeing up more bandwidth for the tasks that require human attention, such as relationship management. Administrative tasks, such as the forms needed for onboarding and account servicing, can be handled by a truly autonomous middle and back-office enterprise.
Additionally, JIFFY.ai is committed to 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 responsibility and compassion.
Docupace Set to Launch Intelligent Mailroom
Traditionally, large-scale automation solutions have only been available to giant firms with in-house development dollars. But Docupace Founder and President Michael Pinsker wants the JIFFY.ai partnership to work for an enterprise of any size and to “leverage these cutting edge capabilities to build specific solutions for the wealth management industry.” One of those solutions is the intelligent mailroom, an autonomous document-processing system that will seamlessly integrate digital and non-digital paperwork into one coherent system.
Previously, Docupace relied on barcodes applied to physical paperwork, which could then be scanned into the system and paired with the barcode so that the data and image would remain linked together. But with the intelligent mailroom, handwritten or typed documents go through optical character recognition (OCR), which categorizes documents and data types. The accuracy of OCR is high, with over 90% of documents properly recognized and handled within the platform. Instead of manually poring over each document, advisors can pay special attention to limited exceptions and allow the intelligent mailroom to handle the rest.
The intelligent mailroom will “allow us to unleash the power of automation to truly make sure the data is consistent and it’s handled in the same manner, regardless of how it came into the system,” says Pinsker. “It transforms the way we think about indexing. It transforms the way we think about workflow … This is the MVP.”
JIFFY.ai and Docupace are putting the finishing touches on the intelligent mailroom through the end of the year and will open a pilot program to select 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 are encouraged to reach out to their relationship managers and set up additional time to explore the specific applications for their business.
About Docupace
Docupace is a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. Financial services firms use the Docupace Platform (a cloud-based, integrated software suite) to reduce back-office expenses, improve efficiency, strengthen recruiting, and enhance the experience of advisors and investors. With headquarters in Los Angeles, California, Docupace is proud to serve some of the largest independent broker-dealers and registered investment advisers (RIAs) in the financial services industry. For more information, please visit www.docupace.com.
