Wealth managers, oh what a wonder, manage wealth. The scope of their services ranges from managing wealthy individual clients to complex matters such as those at family offices. In both cases, banking and stock market transactions are part of the asset manager’s daily business. In order to facilitate the permanent document input of highly varying documents or their processing, automation around general transactions, large transfers, stock purchases and sales using intelligent, AI-based OCR (Optical Character Recognition) is more than desirable for bank and stock exchange transactions.

Particularly interesting in the area of wealth management for individual clients or family offices.

Most people manage their private assets themselves. At least with manageable assets. In the illustrious circles, however, independent management quickly becomes too time-consuming. And time is and remains precious. Asset managers take over this task, manage their clients’ assets and invest them for them, within a framework set by the client. This management is already a lot of work for individual clients. Documents are constantly coming in from the client’s banks, need to be checked and assigned to the right customer. Wealth managers have to check whether the transactions may be approved as they are or whether additional intervention by the client is needed, whether a stock purchase here or there is worthwhile, and so on and so forth.

Loyalty and integrity: two values that fit like a glove in asset management.

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The more money, the more effort for asset management

The more assets and the larger the family, the more obvious it becomes to have the management handled externally. A family office is usually the preferred choice here. In contrast to conventional asset management, family offices are specifically designed to be able to satisfactorily cover any needs, even in large families with sometimes several hundred family members (if great-grandpa was able to rake in a lot of money back then…). More complex for family offices yes, but similar to individual clients are the banking and stock exchange transactions: They remain numerous and ultimately want to be managed by all clients in their interest, cleanly and efficiently.

Wealth management and intelligent, AI-based OCR – they go hand in hand.

Reduce administrative overhead with automation

Automation in this area, in terms of allocation and verification of bank transactions or in stock exchange transactions such as share purchases would already be a huge relief, wouldn’t it? Good thing it exists. Intelligent, AI-based OCR can help asset managers and make administrative tasks much easier.

Intelligent OCR helps with bank transactions…

These bank transactions, or rather the associated documents, often arrive in paper form or as PDFs and tend to differ enormously. Even at the same bank, which is internationally active and therefore has different documents and layouts to show. Especially there, the manual processing of bank transactions is unnecessarily time-consuming and outdated, which will change abruptly with the integration of intelligent OCR. Regardless of whether the document arrives in paper form or as a PDF, the software can handle even unstructured documents without any problems. The OCR improves the quality, classifies and finally extracts all relevant data from the bank transactions, i.e. type of transaction and amount, completely automatically. The result is structured data, ready for further automatic processing, which in this case means: automated assignment, verification and – if correct – automatic posting of the bank transaction.

Without further manual intervention on the part of asset management – thanks to intelligent, AI-based OCR, bank transactions can be booked automatically.

…and the OCR software is also a welcome help with stock exchange transactions.

What works for bank transactions also works for stock market transactions. For example, prior to planned stock purchases of a specific company, OCR software can quickly provide valuable insights from automatically extracted document data and act as a decision support tool:

Finally, the time resources gained with intelligent, AI-based OCR in the processing of bank and stock market transactions can, in turn, be invested by asset managers in the future to offer their clients an even better customer experience, to respond even more specifically to individual wishes.