Alkymi was one of 10 companies to present at the FinTech Innovation Lab New York Demo Day. Watch the Alkymi pitch with an introduction from Raja Doddala, Vice President at TIAA above, speaking about the Alkymi partnership and collaboration.
New York’s FinTech Innovation Lab is an annual program run by the Partnership Fund for New York City and Accenture. The annual 12-week program offers early and growth-stage companies the opportunity to refine and test financial technology products—like Alkymi Data Inbox—in collaboration with 43 of New York’s leading financial services and insurance companies including Goldman Sachs, CapitalOne, Bank of America, New York Life Insurance, Morgan Stanley, and many others. More than 250 startups competed for one of the coveted 10 finalists spots in 2020. You can watch the full event replay here including an interview with Fred Wilson of Union Square Ventures.
The first mile that business data needs to cross is email
Most work still gets done inside emails and documents. In working with leading financial services companies like TIAA, Ameriprise, and AQR, we know that the first mile that business data needs to cross is the email inbox. Take the example of an investment operations analyst working to account for investments in an asset portfolio. Reviewing exposure and performance data requires poring over hundreds of PDFs and spreadsheets. Or consider a compliance analyst who needs to input lists of restricted securities into trading systems—using multiple data sources in different systems.
There are thousands of such workflows in enterprises. Each is dependent upon identifying and standardizing data from documents and emails. While essential to do correctly, manual data extraction is repetitive and time-consuming, for a human… but not for software.
Human comprehension meets machine learning
Data Inbox automatically scans emails, attachments, and documents to identify data and organize it into a queue for review. A subject-matter expert or business analyst can confirm its accuracy, and make adjustments to the data to make corrections from which the system learns, train the system to recognize new information, all in a single workflow. We call this partnership “human in the loop.”
By eliminating the bottleneck of manual extraction, firms can dramatically streamline the process of data entry into trading systems, automation workflows, and enterprise platforms by a factor of 100x. The efficiency and improved performance were aptly described by Raja Doddala, Managing Director at TIAA: “It’s as if you have access to a thousand interns.”
We’re just getting started
Today’s event offered a chance for investors and financial services professionals to learn about Data Inbox alongside other AI-related offerings from the Innovation Lab’s nine other company finalists. Demo Day is not a graduation, though, it’s more of a kickoff.
The coming years’ innovations in AI/ML will massively transform the financial services industry. (Firms have said they expect cost savings of up to 30%.) And according to 451 Research, process automation is seen as one of the most important use cases of AI.
Watch the demos… and watch this space. Request a demo of Alkymi Data Inbox today to take the first step.