Cloud “gives us a lot more power”

VIDEO | Against the backdrop of today’s highly digitalised financial services industry, Martina Wallenberg believes that the cloud plays a key role in accelerating business development. The Head of R&D and Transformation at SEB shared the stage at PostTrade 360° Helsinki 2023 with her colleague and Head of Institutional Global Custody, Niklas Nyberg, to discuss the possibilities opened up by cloud computing in finance.

This session was sponsored by SEB

In Martina Wallenberg’s view, cloud is not just a technology, and more than a business enabler. “It gives a lot more than just enablement,” she said. “There are many tools that cloud provides us – Ai, automation, intelligent document reading – so that things that felt really faraway a couple of years ago are now very reachable. The cloud environment gives us a lot more power.”

To illustrate, she brought up the example of a group at SEB that works with alternative investments, which is traditionally a document-heavy activity. Using intelligent document reading, the group was able to automate the handling of both physical and digital documents that are relevant to alternative investments. They were then able to structure the data and use it to offer additional advisory services to their clients.

Using AI and the right algorithms, the document reading solution can be further “trained” to widen the scope of documents it accepts. “Done the traditional way, it might have taken anywhere between a year and two years, but this was done in 90 days,” Martina Wallenberg revealed.