Hearsay Launches AI-Powered Compliance Platform: Tech Roundup

March 24, 2017 at 10:49 AM
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Hearsay data has found that 10% of compliance risks identified by monitoring language on social and digital platforms are actually risky. The firm's Risk Meter uses machine learning to prioritize risks it identifies based on almost 100 million annual interactions processed on the Hearsay platform, according to a statement.

"Today, supervision teams are tasked to do more than ever before," Mark Gilbert, chief technology officer at Hearsay, said in the statement. "Hearsay's powerful combination of machine learning, auto-sampling and auto-remediation allows them to act on the riskiest advisor behavior quickly, while knowing they have broad coverage across their field's activities. Teams become more productive, with deeper control and expanded coverage over advisor-client communications."

The Intelligent Alert system can flag prohibited language, and compare it to earlier incidents that were considered violations. The platform can automatically delete posts that violate an advisor's company policies.

The enhanced platform also features more flexible sampling tools. Users can look at a sample of content pushed out on the platform based on the type of content and whether it includes photos or links.

Also on Thursday, SS&C announced its client communications platform, Vision FI. The new platform builds on SS&C's Varden eReportal platform to help users design, produce and distribute client communications online and in print.

SS&C introduced the platform at the Summit for Asset Management in London earlier in March.

"Investment management firms are now looking for client communication tools that offer flexibility, customization, and differentiation," Christy Bremner, senior vice president for institutional and investment management at SS&C, said in a statement. "Vision FI is responding to this need by offering dynamic content options for client presentations. Firms can deliver this information to their clients through print, email or online via a customizable portal."

Trust Company of America announced on Wednesday that it is integrating with MoneyGuidePro to link client account information between the two platforms.

"TCA's integration with MoneyGuidePro emphasizes our commitment to advisors by ensuring they have the best tools available to grow their businesses," Joshua Pace, president and CEO of Trust Company of America, said in a statement. "Our goal is to help advisors deliver superior client service by empowering them with a best-in-class financial planning resource. With this integration, advisors will have better data for planning and will save time managing accounts."

"State-of-the-art financial planning software is imperative for RIAs, and will empower TCA advisors to provide a unique and personalized planning experience for each client," Kevin Knull, president of MoneyGuidePro, added.

ClickIPO Securities has entered into an agreement with StockTwits, the company announced on Wednesday, to give retail investors access to IPO and secondary offering information on a mobile platform.

StockTwits is a social network with an investment focus.

ClickIPO works with an existing brokerage firm's API to offer users access to IPOs and secondary offerings. It uses a proprietary scoring system to rank investors likely to be "IPO flippers," buying shares and selling them within 30 days.

"Currently, non-institutional IPO allocations represent approximately 20% of most offerings," Scott Coyle, CEO of ClickIPO Securities, said in a statement. "We believe our technology offers the transparency and scale required to make retail distribution as easy as dealing with institutions."

StockTwits CEO Ian Rosen added, "Collaborating with ClickIPO is a great fit because it brings something new to the market as the first retail distribution utility for all IPO stakeholders – from the issuers to underwriters to broker-dealers and, ultimately, individual investors."

The ClickIPO app is in private testing, and is expected to open to beta testing in the second quarter. 

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