Fintech
YourStake to provide AI-powered APIs to Apex Fintech solutions
AI firm YourStake has agreed to provide API integrations to custodian Apex Fintech Solutions.
The first of these APIs will be YourStake’s Document-to-Portfolio, which aims to allow users to upload images or PDF files of account statements from brokerages and banks. After being scanned using artificial intelligence, YourStake will digitize this information.
As a result, users should be able to import files or take photos of these documents with their smartphones, upload them and receive real-time financial analysis.
Additionally, once YourStake imports this information, your account transfer details can be filled in automatically.
Gabe Rissman, co-founder and president of YourStake (and a member of WealthManagement.com Ten to watch in 2022), said one of the biggest problems they hope to solve for advisors and clients with their AI technology is the manual entry usually required to extract information from these types of documents. He said companies can then reduce the turnaround time for entering statements, building portfolios, performing analysis and comparing current and proposed portfolios.
Connor Coughlin, chief commercial officer at Apex, said the average consultant spends a significant amount of time “on minutiae and manual tasks.”
“With this API … you get the best of both worlds, both in the front office to help the customer, and in the back office,” he said.
Rissman said the process of scanning documents with YourStake begins with OCR (Optical Character Recognition) technology, which “turns everything into one big mass of text.” The software then uses traditional algorithms and several artificial intelligence engines to classify the document type. YourStake then offers validation checks using proprietary tools to ensure accuracy. He said they currently have a first-attempt success rate of between 97% and 98%.
“What we do well is extract information when possible and provide error handling to still be able to return useful data and indicate what to do about it if there is something wrong with the document itself,” 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 on the Apex marketplace and will add to the pricing of custodial services.
Your bet was launched in November 2019 as an ESG platform for advisors by Rissman and Patrick Reed, both Yale alumni active in the school’s fossil fuel divestment efforts. More recently, YourStake has begun providing AI statement transcription services to advisors, including applications such as Councilor’s team.