AI firm YourStake has agreed to provide API integrations for custodian Apex Fintech Solutions.
The first such API will be YourStake's Document in Wallet, which aims to allow users to upload images or PDF files of account statements from brokerages and banks. Once scanned using AI, YourStake will then digitize this information.
As a result, users should be able to import files or take pictures of these documents with their smartphones, upload them and receive real-time financial analysis.
Additionally, once YourStake imports this information, account transfer details can be automatically populated.
Gabe Rissman, co-founder and president of YourStake (and one of WealthManagement.com Ten to watch in 2022), said that one of the important problems they hope to solve for advisors and clients with their AI technology is the manual input typically required to extract information from these types of documents. He said firms can then reduce the turnaround time for entering statements, building portfolios, running analytics and comparing current and proposed portfolios.
Connor Coughlin, chief commercial officer at Apex, said the average adviser spends a significant amount of time “on small, manual tasks”.
“With this API … you're getting the best of both worlds, both in the front office to help that customer and in the back office,” he said.
Rissman said the process for scanning documents with YourStake starts with Optical Character Recognition (OCR) technology, which “turns everything into a big chunk of text.” The software then uses traditional algorithms and several AI engines to classify the type of document. YourStake then provides validation checks using proprietary tools to ensure accuracy. He said they are currently at a first-trial success rate of 97% to 98%.
“What we do well is extract information when possible and provide error handling to still be able to return useful data and return what to do about it if there's something wrong with itself. the document,” he said.
Rissman said that when it comes to cybersecurity, YourStake and all the vendors it uses are Service Organization Control Type 2 (SOC 2) certified.
Coughlin said this API will be available in the Apex marketplace and will add to the price of custodial services.
YourStake was launched in November 2019 as an ESG platform for advisors by Rissman and Patrick Reed, who were both Yale alumni active in the school's efforts to divest from fossil fuels. Recently, YourStake has begun offering AI statement transcription services for advisors, including applications such as Core Advisor.