A new capability in automated document capture is presented as a key step towards digital transformation built on artificial intelligence.

“Northern Trust has launched a machine learning-powered document capture capability as the foundation of a multi-year investment to digitize alternative asset servicing and enhance the experience for asset owner clients that invest in complex private market and unlisted assets,” the custodian summarised in a press release a few summer weeks ago.

As the document capture is automated, the alternative asset servicing teams should have work time freed to focus on more strategic aspects, is the idea.

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“Since alternative assets are often valued on only a monthly or quarterly basis, asset owners can also benefit from faster servicing of their assets and deeper data insight provided through artificial intelligence,” Northern Trust writes.