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.
“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.