As part of our “Meet the Team” series, we sat down with Calvin Holmquist, Peter Johnston and Dan Kramer for a roundtable discussion to hear their thoughts about the industry. In this second of three parts, the team talks about working with artificial intelligence and collaborating with fintechs. Some excerpts of our conversation are below.
On working with artificial intelligence
Dan Kramer, Executive Vice President: We need to get to the point where we can use artificial intelligence to anticipate issues before they occur rather to explain issues after they’ve occurred. We know that there are some times when a particular counterparty will send us a transaction in a particular format and we can predict that that type of transaction will cause an issue downstream. If we have technology that can predict that, we can prevent the issue that will occur downstream and then we can identify those issues back to the original counterparty as well. As we get more automated and we get more straight-through as an organization, the work our associates will do will be much more around exception processing and data management rather than reconciling or processing. The reconciling and the processing will be done through artificial intelligence or technology, and our associates will really be about resolving exceptions and we’ll need their domain expertise, to ensure that exceptions are properly resolved.
Calvin Holmquist, Executive Vice President and Global Head of Transfer Agency and Middle Office: As we free up our people and take some of these rote processes away from them, they have an opportunity to work with our clients more, understand our clients’ business better, and help us come up with higher-level solutions, that really help push our clients’ businesses forward.
On collaborating with fintech companies
Peter Johnston, Executive Vice President of Operations: Collaborating with FinTech companies is enabling us to utilize the latest technology probably in a faster way, and that is allowing us then to get the level of service necessary out to the clients even faster than we historically had done or if we had to develop it internally. I would say that the FinTech, they are out there thinking about how do they process things differently, how do they utilize the latest and greatest technology and if we adopt that, there is just a faster way of getting that out to our customers.