Technology innovation, fintech challenges, and industry leadership were some of the highlights of the annual NICSA General Member Meeting in Boston last week.
SS&C spoke on a panel about fintech disruptors and whether the cutting-edge technologies making the headlines are gaining mindshare and receiving budgets at top asset management firms. Organizations are still struggling to scale technology to create value within their organizations. Meanwhile the combination of macro-economic conditions and the labor shortage has put further pressure on trying to meet client needs in a timely manner.
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The use of Artificial Intelligence (AI) and robotics in businesses is increasing rapidly and it’s transforming operations in modern business processes. These technologies have already proved themselves with the advancement in self-driving cars, virtual assistants, machine learning concepts and more.
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So many industries are seeing a revolution brought on by intelligent automation, artificial intelligence (AI) and robotic process automation (RPA). These technologies can automate manual processes, like sending customer emails, performing compliance checks, or digitally inputting data. By identifying opportunities for intelligent automation, businesses can increase efficiency, improve the member experience, and reduce the risk of human error.
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AI is not a new technology—it’s been gaining momentum for decades. But now, AI technologies are transforming business processes, with even the Australian Government set to invest $53.8 million to establish a National AI Centre within the CSIRO.
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The transformative impact of artificial intelligence has been touted by asset management industry experts for several years now, and use-cases are starting to roll in. While not a sudden revolution, AI is being applied successfully across a variety of functions, with the front office being the most deeply embedded in asset management. While starting with customer-facing functions is a natural choice when implementing AI, middle and back-office are starting to catch up.
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The CMS 1500 Form, also known as the HCFA form, is an industry-standard form used for medical claims. It is federally regulated and required by Medicare. The general assumption for the CMS 1500 form is that it’s standardized—one form is used by everyone. But in reality, there’s no strict mandate to eliminate the use of older versions. Because of this, many providers continue to utilize older versions of the forms for convenience, each of which has 250+ data fields.
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While automation has gained more and more speed in recent years, many asset management firms continue to rely on spreadsheets for at least some of their operations. This spreadsheet dependence is often born through workarounds that are created when the normal IT channels aren’t able to meet needed deadlines. Spreadsheets can be perfectly functional tools, but their integration into daily processes can quickly become a problem by moving data away from core systems and introducing manual steps. These manual steps slow down the process and reduce efficiency, in addition to introducing greater potential for errors.
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Over the last two years, we’ve seen many businesses quickly adapting to a Work-from-Home (WFH) approach for their teams, lifting and shifting their current processes from a centralized office into a decentralized world.
While this was achieved for most businesses to varying degrees of success, it begs the question: are their current processes still the best way to go?
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