Our industry is no stranger to acronyms, and these two, AI (Artificial intelligence) and NLP (natural language processing), are the future.
Natural Language Processing
NLP is a rapidly developing branch of AI that is bridging the gap between human communication and computer understanding. Human language can now be analyzed, interpreted, and understood by a computer in real-time, making human-computer interactions far more natural (hence the name). While it is not a new science, NLP has progressed very rapidly in recent years due to the advancement of computer power and machine learning techniques and also through the development of more effective algorithms, helped to a large degree by the increase in open-source technology and the availability of freely available training data.
In response to an industry seeking innovative ways to manage and share data, at MUFG Investor Services we have employed NLP to streamline our data capture capabilities and offer far more efficient data processing to our partners.
Documents which, in the past, would have needed to be fed into the computer manually by someone at a keyboard, are now effortlessly analyzed and the pertinent data captured by our systems in the blink of an eye. Not only is it incredibly fast, but it also minimizes the risk of human error and frees up our people from having to carry out mundane and repetitive tasks.
This has helped us significantly expedite some of the processing around capital statements, capital calls and distribution notices. We are also applying the technology to other areas where we need to process long documents or unstructured information. Forging ahead, our Data Engineering and Strategy team is preparing to use NLP to enrich feature datasets with sentiment analysis scores and document summarization statistics!
At MUFG Investor Services we are constantly looking for ways to increase automation, eliminate ‘fat-finger’ errors, allow our people to collaborate, focus on enacting change, and provide better service to our partners – NLP is only a small part of the story, but a crucial one.
Find out more about partnering with MUFG Investor Services by emailing email@example.com.