Revolutionizing Financial Data Aggregation with AI

By leveraging the power of AI and customized software development, we were able to streamline the task of converting diverse data aggregation feeds into the format required by the portfolio management system. This resulted in improved accuracy, efficiency and agile adaptability of the reconciliation system. Not only has this optimized the workflow of data processing but it also serves as a benchmark, for technology-driven digital transformation in the financial industry. It showcased the potential for innovation within the evolving financial ecosystem.

The Background

Financial institutions such as family offices and wealth managers face a pressing need to gather and reconcile data from custodian banks in order to maintain accurate insights into their clients’ financial positions. However, these bank data often arrive in non-standardized formats with inconsistent schemas that are primarily designed for machine processes rather than human consumption.

The Challenge

The complexity arises from the lack of uniformity in data feeds received from banks. These feeds do not adhere to formats making the process of transforming data an arduous task. Furthermore, the absence of guides or manuals exacerbates this challenge. Navigating through multiple conditions and varied representations demands plenty of human effort when consuming and interpreting these feeds. As a result, inefficiencies occur along with errors and delays in responding to changes in data structures.

Our Solution

To tackle the challenges associated with data transformation, A-XIOM Solutions, a known consultancy firm focused on empowering financial organizations, collaborated with PetakSys. Together we introduced an AI-powered solution. Of relying on rule-based methods we developed an AI system that could adapt to the various data formats received from custodian banks. By leveraging machine learning capabilities this AI system learned how to interpret and translate the received data into a format for SS&C Advent APX portfolio management system.

The Outcome

Implementing our AI-driven solution revolutionized the landscape of financial data transformation;

  • Increased Efficiency and Resource Optimization: By automating the transformation process this solution has freed up resources from monotonous tasks enabling them to concentrate on more valuable activities and strategic decision-making.
  • One of the advantages of this solution is its agility in implementation. The process of onboarding new bank data aggregation feeds became streamlined and more efficient, significantly reducing the time and effort required for implementation.
  • Another benefit is adaptability and ease of updates. Making changes or modifications to banking data feeds has become less burdensome. The AI system only needs to be re-taught to accommodate alterations making it a versatile and easily updatable system.
  • Furthermore, this solution offers customization and flexibility. It provides a framework that allows for the inclusion of custom transformation rules catering specifically to the needs and structures of custodian banks.

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