Digital technologies are disrupting many industries, but it isn’t a simple matter to leverage digital technology in alternative investments funds. This industry requires deep, nuanced domain expertise to coordinate disparate systems and technologies, resolve data quality challenges, identify critical use cases, and support complex products and strategies. Viteos Innovation Lab has a mission to innovate and re-imagine every business process to bring real benefits to clients.
In the words of Chitra Baskar, Viteos Chief Operating Officer, “Performance pressures on hedge funds, digital technologies just entering the alternative investments industry and our sheer curiosity to do better drive us at Viteos to explore and experiment with multiple initiatives. The sole aim of these initiatives is to make our customers’ lives simpler, and to help their business move faster and smarter. Dedicated teams work toward these ideals, and we are gratified that our efforts bring real business benefits and outcomes rather than buzzwords and hype to our clients. We continue to invest in process and technology innovations. At Viteos, we’re pioneers in shadow accounting for hedge funds and alternative investments, and we consider innovation to be our duty to our clients.”
Robotic Process Automation:
Our teams continuously review our operating procedures to look for areas that would benefit from automation by reducing human effort and decreasing errors. As a result, more than 20 Bots are in operation at Viteos in middle- and back- operations, bringing the benefits of robotic process automation to our clients.
Some of these BOTS are helping to reduce breaks, increase automatic matching rates and reduce fluctuations in month end NAV. Other BOTS are helping to increase STP rates and infrastructure reliability.
Viteos Innovation Lab is creating Blockchain-based platforms create an enhanced business model that can replace current methodologies. We are working on two business areas where consortium-based platforms will bring the benefits of transparency, trust, disintermediation and self service to our client community. These platforms will be launched very soon.
Machine Learning and Artificial intelligence:
Viteos has implemented machine learning in operations such as reconciliation, where the algorithms learn from past experiences and predict future actions and behaviors to make the operation more efficient with fewer faults.
Our innovation labs collaborate with data scientists and academic institutions to ensure we use the latest thinking and learnings in this area.
Viteos is also expanding machine learning into multiple areas of middle- and back-office operations to help our clients extract the most value and efficiency from their data stores.
Most user dashboards in the industry simply reproduce the Excel spreadsheets, data dumps or chart overloads the data is derived from. They frequently do not provide perceptive and actionable insights into the current state of operations.
Working with top executives at our fund clients, Viteos Innovation Lab has created dashboards that reduce the effort of deciphering data and charts by prioritizing areas that require attention. The actionable insight in these dashboards is a first for the industry and will change the way people use data for making decisions.
Chatbots and Natural Language Processing:
Viteos is studying many areas of fund operations to identify where cognitive learning and natural language processing simplify the process and reduce the human effort involved. Viteos Innovation labs will announce our progress soon.
Viteos Next is a platform for the community of innovators to come together to share innovation and explore the use of new technology innovation across the industry.
The community meets monthly to share the benefits and learnings from newly implemented technical improvements. We use this knowledge to strengthen our smart technology platforms to industrialize these innovations for our clients.
In our decade of existence, we have created more than 100 best practices and embedded these learnings in our smart technology platforms.