AI Operationalized: solution example from Fund Administration processes
Managing fund administration documents is a daunting and time-consuming task for financial institutions. Traditional methods of handling client onboarding, implementation, and document management are fraught with inefficiencies and manual labor requirements that have defied automation even as the volume of activity has grown. Yet, in an era where AI is seemingly abundant, it’s operational value is often untapped. By integrating our deep understanding of these pain points with advanced AI capabilities, we developed an innovative solution to streamline these processes, demonstrating the practical application of AI in fund administration.
Knowing the Core Issues
One of the most significant challenges in fund administration is dealing with the myriad of documents required during client onboarding and implementation. Fund documents need to be meticulously reviewed to identify unique and common text elements. Historically, this has been a labor-intensive process, comparable to solving a complex puzzle with numerous pieces. Manual processing can stretch over several months and with a high-risk of errors. Our team has decades of experience that enables us to understand not just the macro challenge, but also the specifics of each customer’s unique workflows.
“One client likened their previous document management process to a conspiracy theorist’s kitchen table, scattered with papers and chaotic workflows”
Unstructured Data Processing (UDP) for Document Management
At CTFSI, we have revolutionized this process by integrating AI into clients’ document management workflows . Our UDP platform can automate the extraction and categorization of information from fund documents. This not only accelerates the process but also significantly reduces the potential for human error. UDP solutions are very adept at scanning through documents, identifying relevant text, and creating templates that simplify future onboarding processes.
Systematizing Processes for Efficiency
The transition from a manual to a more automated process began with a thorough examination of existing workflows to identify where AI could provide the most value. Our AI Operationalized approach involves first pinpointing areas needing improvement. For example, we identified that manual document review was a significant bottleneck. After identifying these areas, we employed AI clustering techniques to compare and analyze documents more efficiently, highlighting differences in wording and context. This structured methodology exemplifies AI as a Service (AIaaS) and has transformed a process that once took months into one that can be completed in a matter of days. This approach serves as a blueprint for future AI implementations in fund administration and beyond.
Adapting to Technological Advances
The advancements in low-code and no-code platforms have further enabled us to build robust solutions without the need for extensive custom application development. These tools allow us to focus on solving specific business problems quickly and efficiently. By leveraging standardized tools, we avoid the overhead costs associated with traditional software development, enabling us to deliver solutions on time and within budget.
Delivering Measurable Results
Our clients have experienced firsthand the benefits of our solutions. One client likened their previous document management process to a conspiracy theorist’s kitchen table, scattered with papers and chaotic workflows. With CTFSI’s AI-driven solutions, they now enjoy a streamlined, efficient process that saves time and resources. Our ability to deliver on time and within budget has consistently exceeded client expectations, showcasing our expertise and commitment to excellence.
Demonstrating AI Operationalized
At CTFSI, we believe in showcasing the transformative potential of AI operationalized through our UDP platform. Our success in streamlining fund administration processes exemplifies how AI can be seamlessly integrated into financial services to enhance efficiency and precision. This approach demonstrates our commitment to sophisticated, reliable innovation. By leveraging advanced AI solutions, we help our customers navigate an evolving financial landscape with confidence and trust.