Narrative Science, the leader in advanced natural language generation for the enterprise, today announced availability of its new wealth management solution, Quill Portfolio Review. Wealth Managers are experiencing increasing pressure to offer better performance for more clients at a much faster rate and under significantly tighter compliance regulations than ever before. This new solution, powered by artificial intelligence, enables wealth management firms to bridge the gap between the millions of people who need customized financial reporting and the overwhelming amount of data analysis, interpretation and communication skills required to deliver it.
Nobody wants to confront the idea of their own obsolescence. Still, sitting across a desk from Kris Hammond, in his office overlooking the lake shore in Chicago, it is hard not to at least have a sense of the inevitable. Hammond is the co-founder and chief scientist of a company called Narrative Science, which, among other things, has worked out a way of teaching machines how to write journalism.
With the advent of big data, banks now are able to analyze data in minutes instead of hours, reducing operational costs and empowering analysts. Now, companies such as MasterCard, U.S. Auto Association (USAA) and American Century Investments are using artificial intelligence such as Narrative Science's Natural Language Generation (NLG) to take things a step further, automating everything from investment performance reviews to suspicious activity reports to wealth advisory communications on an unprecedented scale and with very little human capital.
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Automated financial reporting software maker Narrative Science has released a new wealth management solution, called Quill Portfolio Review, officials say.
The new solution aims to “bridge the gap between the millions of people who need customized financial reporting and the overwhelming amount of data analysis, interpretation and communication skills required to deliver it,” according to a company statement.
Narrative Science has launched a new wealth management solution, Quill Portfolio Review, aims to bridge the gap between customized financial reporting and the amount of data analysis, interpretation and communication skills required to deliver it.
According to Narrative Science, wealth managers today are challenged to provide better results for their clients, at a faster rate, and under tighter regulatory scrutiny than ever before.
Fortunately, help is on the way in the form of Quill Portfolio Review, a new solution from Narrative Science made available this week. Quill Portfolio Review leverages the company’s core technology to make it easier for wealth managers to engage with their customers in a far more personalized, efficient way.
A more realistic, but in its way more interesting, version of the future is being written in the downtown Chicago offices of Narrative Science. Its software, called Quill, is able to take data—say, the box score of a baseball game or a company’s annual report—and not only summarize the content but extract a “narrative” from it.
Stuart Frankel, Narrative Science co-founder and CEO, commented, “This finding stands in sharp contrast to sensational headlines reporting that AI is a force that could lead to a doomsday scenario… The survey shows that people understand that AI doesn’t harm people or steal jobs, it turns technology into a true partner; empowering employees to be more productive, creative and better at what they do.” The article notes, “The report also uncovered additional insights as to how organizations are using AI and Big Data together.”