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- Automate with AI
- Confluence
AI-powered financial data reconciliation
Confluence — a global leader in data-driven investment management solutions — wanted to reduce the time and cost for asset managers to reconcile their financial documents with the new Tailored Shareholder Reports (TSR) mandated by the SEC. This created a new opportunity to automate and improve data reconciliation with a proprietary Large Language Model-based solution — Confluence Unity Rex.
At-a-Glance
Financial data reconciliation is a manual, repetitive, time-consuming process. New SEC regulations increase the frequency and demand for data reconciliation — a steep challenge for asset managers. Truefit collaborated closely with Confluence to apply their proprietary AI to an automated reconciliation system capable of identifying inconsistencies across multiple documents of various types — significantly reducing shareholder report review and reconciliation overhead.
React web application development
Large Language Model integration
User experience design and research
Integration with Auth0
Data extraction and transformation
Multi-tenant architecture
Delivering customer value that creates business impact
Desired business impact- Increase market share within the financial investment sector
- Reduce effort to onboard new customers/users into the system, including time to implement and user training time
- Reduce number of customer support calls
- Decreased time to review and reconcile reports
- Confidence that data across many reports is consistent
- Comprehensive report of the reconciliation results (that can be shared with interested parties)
Headline
Attracted new clients
Increased search volume
Reduced time to discover relevant patents
Attracted follow on funding?
"Testimonial to go here" — Chris Evans, CTO
Product Details
How we did it
Kickoff
We learned about our client’s product vision, business strategy, and technical requirements.
Discovery Workshop
We met to understand the client's desired outcomes, their users' current processes and behaviors, and the opportunities to explore.
Understand user needs
We interviewed individuals in relevant roles in fund/asset management organizations to understand current behaviors and opportunities to add value to the document review and reconciliation experience.
Product trend analysis
We explored analogous products to better understand feature-level solutions for document management, document writing, and document comparison software.
Software architecture and strategy
Our team provided recommendations and aligned with our client regarding requirements for data, interaction, workflows, storage, and security in the new system.
Product strategy
We prioritized opportunities and identified critical risks and assumptions to test. We collaborated on the technical approach for keeping the front and back end development efforts aligned.
Design foundations
The team defined information architecture, conceptual models, and key user workflows. As design patterns started to emerge we explored visual UI style options that reinforced the primary workflows.
Release planning
With the insights from our user interviews and technical strategy, we identified a plan for executing the software.
Build! Build! Build!
We designed, coded, and tested on a weekly basis until we were feature complete for the first release.
Usability Testing
We confirmed the functionality and content was easy-to-use and navigate intuitively by observing future users working with the app as it neared completion. Several quick wins were identified for pre-launch refinements.
Go live!
Once all the systems were tested, Truefit assisted the client’s in-house team with efficiently getting the system up and running for private beta testing ahead of a broader commercial release.