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Docupace, JIFFY.ai Partner To Bring Next Generation Automation To The Back Office

Product Partnership Brings JIFFY.ai’s Integrated Intelligent Automation to the Docupace Platform

Docupace, the leader in cloud-based fintech digital operations software for the wealth management industry, and JIFFY.ai, the innovative provider of true end-to-end intelligent automation applications, announce the companies are jointly developing the wealth management industry’s most powerful suite of automation solutions; deploying leading-edge capabilities such as intelligent document processing, artificial intelligence (AI), robotic process automation (RPA), as well as machine learning and advanced analytics to deliver benefits at scale across enterprise operations.

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“We believe automation, AI and machine learning (ML) technologies have reached the tipping point of being more than just a theory and are now a reality in many businesses,” said Michael Pinsker, Founder and President at Docupace. “Docupace and JIFFY.ai are leveraging our collective wisdom to take the most advanced technologies and pointing them directly at our clients and the wealth management industry’s biggest pain points and most common issues of operational inefficiencies.”

Co-founded by Babu Sivadasan, a former Envestnet executive, JIFFY.ai uses intelligent automation to improve processes at Fortune 50 companies across multiple industries. Connecting these innovative technologies with the power of the Docupace Platform delivers capabilities previously only available to the world’s largest corporations to Docupace customers.

The opportunity for intelligent automation in the financial services sector is significant. According to Gartner, global enterprise IT spending in the banking and securities market will reach $570 billion in 2021 alone. That’s the just the beginning – forecasts see that climbing to $715 billion by 2025. At the same time, many enterprises that have already made investments in early-stage automations are confronted with mounting technical debt and have struggled to realize true ROI on task-based robotic process automation.

“The financial services sector is poised to take advantage of a platform approach to intelligent automation. As the gap between the front, middle and back-office shrinks, the next frontier in the digital transformation journey is for firms to invest in technology that natively integrates the many technologies required to fully automate complex processes across the value chain. This approach will allow firms to take advantage of market-leading capabilities without the expense of stitching those technologies together on their own,” said Babu Sivadasan, Co-founder and Chief Executive Officer at JIFFY.ai. “JIFFY.ai is excited to be at the forefront of bringing this type of innovation to life and our work with Docupace will accelerate our ability to continue making meaningful change in the wealth management market.”

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Today’s announcement follows a transformative year for Docupace. The company announced the acquisition of compliance and advisor compensation system jaccomo in May 2021 and followed that up in September with the acquisition of award-winning client onboarding platform PreciseFP. The company also launched new partnerships/integrations with FA Match and AdvicePay; was named to the 2021 Inc. 5000 list of America’s fastest-growing companies; and won the 2021 Gold Globee® Award for “Hot Technology of the Year.”

Introducing the Intelligent Mailroom
To launch this innovative suite of back office automation applications, JIFFY.ai and Docupace are delivering the Intelligent Mailroom – a point of entry for the majority of all documents processed and data coming into an organization. This technologically advanced solution, the first of its kind, replaces manual-based indexing and processing with intelligent, comprehensive automation increasing productivity, improving accurate document processing, and reducing operational burden and costs on the overall organization. It also empowers growth-minded firms to refocus valuable resources to more impactful activities.

Docupace has traditionally focused on digitizing operations through digital-first automation. The new back office automation applications, developed and delivered in partnership with JIFFY.ai, will transform the thousands of manual documents that wealth management firms process each year can be fully digitally processed – unlocking embedded potential and unleashing valuable talent burdened by manual processes.

New and current clients of Docupace will be able to access the Intelligent Mailroom in early Q2, which will be followed by additional tools tackling surveillance, investors communications, account maintenance and orphaned accounts, among others, on the near-term roadmap.

“The time for wealth management firms to embrace automation is now. AI and ML for business processes is no longer a question of if but when. To meet customer expectations for always-on reporting, omnichannel interaction, and continued regulation requirements, firms and RIAs can no longer rely solely on paper processes or even BPO offerings,” says Pinsker.

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[To share your insights with us, please write to sghosh@martechseries.com]

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