FF.SP.08 - Perry Rotella_1.mp4

Back

Or filter by your interest

Browse all our content

Finovate

Unlock all the content with only {{price}}

FF.SP.08 - Perry Rotella_1.vtt

English

{{00:00:04}}
Hey, Greg Palmer here at Finovate
Fall 2024, and I'm chatting with

{{00:00:08}}
Perry Rotella, Managing Director
for Financial Services at Box.

{{00:00:11}}
Perry, thanks for taking the
time to sit down with us today.

{{00:00:13}}
Yeah, no, thanks for inviting me.

{{00:00:15}}
Looking forward to it.

{{00:00:16}}
Excellent.

{{00:00:17}}
So we're going to be talking about
how financial institutions can use

{{00:00:19}}
AI around the data that they have.

{{00:00:21}}
Let's start by talking about the
actual insights that they can gain

{{00:00:25}}
from some of that unstructured data.

{{00:00:26}}
What are you seeing in terms of what
they're able to do when they're able

{{00:00:29}}
to get some information out of that?

{{00:00:31}}
Well, unstructured data really
represents the vast majority

{{00:00:33}}
of data in organizations.

{{00:00:35}}
IDC did a study last year that
found that 90 percent of an

{{00:00:39}}
organization's data unstructured.

{{00:00:41}}
And it's been really
challenging to extract insights

{{00:00:43}}
out of that data at scale.

{{00:00:45}}
Okay.

{{00:00:46}}
And so what we're finding working
with customers is we can supercharge

{{00:00:50}}
pulling insights out of that content
driving workflows for downstream

{{00:00:54}}
processing, and really looking across
many documents to summarize and

{{00:01:00}}
personalize communications with clients.

{{00:01:03}}
Excellent.

{{00:01:03}}
I mean, there's obviously a
lot of opportunities here.

{{00:01:05}}
I think before we get into the
opportunities, though, We need to

{{00:01:07}}
talk about some of the potential
pitfalls and the pain that comes

{{00:01:10}}
from managing unstructured data.

{{00:01:12}}
Can you talk a little bit about what
some of those challenges are managing

{{00:01:15}}
unstructured data in the financial world?

{{00:01:17}}
Yeah, what we're finding in talking to
customers is over the last 30 years,

{{00:01:22}}
we've evolved in how we manage that
content from on prem file servers

{{00:01:27}}
to ECM solutions that have helped
administrators lock down that data.

{{00:01:32}}
Okay.

{{00:01:33}}
Then we moved on to Enterprise
File Sync and Share, and then we

{{00:01:37}}
proliferated content around tools today.

{{00:01:41}}
Signature tools, sales tools, every
tool kind of has their own repository.

{{00:01:46}}
And what's that created is silos
of content, it's fragmented,

{{00:01:51}}
and so it's unproductive.

{{00:01:52}}
Content exists in multiple places,
so I don't know what the most

{{00:01:56}}
current version of the content
is, and that's a real problem.

{{00:02:01}}
Especially when you try to
pull value out at scale.

{{00:02:04}}
Yeah, no, absolutely.

{{00:02:05}}
And this is something we've seen
a lot of companies over the past

{{00:02:07}}
couple of days talking about, looking
at some of the opportunities here.

{{00:02:10}}
I'll ask a relatively straightforward one.

{{00:02:12}}
How does AI improve the personalization
and speed of content creation when

{{00:02:17}}
it comes to financial services?

{{00:02:18}}
Right.

{{00:02:19}}
In terms of personalization, what
AI can do is I'll give an example.

{{00:02:24}}
Your wealth advisor
onboarding a new client.

{{00:02:27}}
Right, so that, that client has
particular financial goals in mind.

{{00:02:31}}
They've got a, certain background.

{{00:02:33}}
They've got a 401k, a bank statements
maybe a house that they own.

{{00:02:39}}
And so what AI can do is summarize
all of that information from documents

{{00:02:46}}
and help the advisor personalize
a strategy, for that client.

{{00:02:51}}
So that, and that, that really saves
time on the advisor side, rather than

{{00:02:55}}
having to go through, analyze, home sale,
bank statements, we can really summarize

{{00:03:01}}
all that, and then personalize the
offering to that customer, and use, and

{{00:03:06}}
do it in a securely and compliant way.

{{00:03:09}}
Yeah, and you're talking about compliance,
this is another area where we're seeing

{{00:03:12}}
a lot of people appointing AI tools.

{{00:03:14}}
Again, we saw quite a few demos Talking
about that over the last couple of days.

{{00:03:18}}
What role would you say that AI plays in
enhancing security and compliance when

{{00:03:23}}
you're dealing with unstructured data?

{{00:03:25}}
Yeah Box's business is managing
that unstructured content.

{{00:03:28}}
And one of the things we do is as content
is ingested into the Box environment, we

{{00:03:35}}
can identify PII, we can identify metadata
that can help classify those documents.

{{00:03:41}}
And then we can help manage the
retention and destruction of

{{00:03:44}}
those documents according to
company policy and regulation.

{{00:03:48}}
Alright, so AI can enhance that process
because we can extract additional

{{00:03:52}}
types of data from that document.

{{00:03:55}}
A person doesn't have
to enter the metadata.

{{00:03:57}}
We can identify the type of document.

{{00:03:59}}
Is that document subject to
certain types of regulation?

{{00:04:01}}
So all of that process can
be not only streamlined.

{{00:04:06}}
But we could take out the error prone
capability that humans bring to it, right?

{{00:04:11}}
We streamline and and reduce risk.

{{00:04:13}}
I mean, humans are fairly error prone.

{{00:04:16}}
It's a valid concern, right?

{{00:04:17}}
I'd like to end by kind of taking
this out of the theoretical world,

{{00:04:19}}
bringing it more into the real world.

{{00:04:21}}
Can you share a real world example of
how AI has transformed unstructured

{{00:04:25}}
data management in one of your clients?

{{00:04:27}}
Yes, we have a client that
we're working closely with it's

{{00:04:30}}
Fundwell by Riverpoint Capital.

{{00:04:32}}
And what Fundwell does is they provide
short term financing for businesses.

{{00:04:38}}
And they do their onboarding and
loan originations within Salesforce.

{{00:04:44}}
So they use Box as the centralized
storage for Salesforce for Teams,

{{00:04:49}}
for their portals downstream.

{{00:04:51}}
But on the onboarding side,
they have certain requirements.

{{00:04:54}}
for a loan.

{{00:04:56}}
And BoxAI is aware of those requirements.

{{00:04:59}}
So as documents are uploaded, BoxAI
is interpreting the documents.

{{00:05:04}}
So one example is they require three,
the last three months of bank statements.

{{00:05:08}}
So as FunWell receives those documents,
BoxAI is saying, Okay, I've got August,

{{00:05:13}}
I've got July, I've got June, I've got the
other requirements fully taken care of.

{{00:05:18}}
It notifies Salesforce that
the loan file is complete.

{{00:05:21}}
So you didn't need a person to
go through and look at those

{{00:05:24}}
documents and make a decision.

{{00:05:26}}
FoxAI could do that.

{{00:05:28}}
Notify Salesforce who then assigns
the loan to an underwriter.

{{00:05:32}}
Completely straight line the process.

{{00:05:34}}
Yeah, no, I love that.

{{00:05:35}}
I think it's terrific.

{{00:05:36}}
Well, this has been a great conversation.

{{00:05:37}}
Perry, thank you for joining me.

{{00:05:38}}
Thanks for being at Finovate Fall
and for being here in front of us.

{{00:05:41}}
Great.

{{00:05:41}}
Thank you very much.

Hey, Greg Palmer here at Finovate
Fall 2024, and I'm chatting with

Perry Rotella, Managing Director
for Financial Services at Box.

Perry, thanks for taking the
time to sit down with us today.

So we're going to be talking about
how financial institutions can use

Let's start by talking about the
actual insights that they can gain

What are you seeing in terms of what
they're able to do when they're able

Well, unstructured data really
represents the vast majority

IDC did a study last year that
found that 90 percent of an

And it's been really
challenging to extract insights

And so what we're finding working
with customers is we can supercharge

pulling insights out of that content
driving workflows for downstream

processing, and really looking across
many documents to summarize and

I mean, there's obviously a
lot of opportunities here.

I think before we get into the
opportunities, though, We need to

talk about some of the potential
pitfalls and the pain that comes

Can you talk a little bit about what
some of those challenges are managing

unstructured data in the financial world?

Yeah, what we're finding in talking to
customers is over the last 30 years,

we've evolved in how we manage that
content from on prem file servers

to ECM solutions that have helped
administrators lock down that data.

Then we moved on to Enterprise
File Sync and Share, and then we

Signature tools, sales tools, every
tool kind of has their own repository.

And what's that created is silos
of content, it's fragmented,

Content exists in multiple places,
so I don't know what the most

current version of the content
is, and that's a real problem.

Especially when you try to
pull value out at scale.

And this is something we've seen
a lot of companies over the past

couple of days talking about, looking
at some of the opportunities here.

I'll ask a relatively straightforward one.

How does AI improve the personalization
and speed of content creation when

In terms of personalization, what
AI can do is I'll give an example.

Your wealth advisor
onboarding a new client.

Right, so that, that client has
particular financial goals in mind.

They've got a 401k, a bank statements
maybe a house that they own.

And so what AI can do is summarize
all of that information from documents

and help the advisor personalize
a strategy, for that client.

So that, and that, that really saves
time on the advisor side, rather than

having to go through, analyze, home sale,
bank statements, we can really summarize

all that, and then personalize the
offering to that customer, and use, and

Yeah, and you're talking about compliance,
this is another area where we're seeing

Again, we saw quite a few demos Talking
about that over the last couple of days.

What role would you say that AI plays in
enhancing security and compliance when

Yeah Box's business is managing
that unstructured content.

And one of the things we do is as content
is ingested into the Box environment, we

can identify PII, we can identify metadata
that can help classify those documents.

And then we can help manage the
retention and destruction of

those documents according to
company policy and regulation.

Alright, so AI can enhance that process
because we can extract additional

A person doesn't have
to enter the metadata.

Is that document subject to
certain types of regulation?

So all of that process can
be not only streamlined.

But we could take out the error prone
capability that humans bring to it, right?

I'd like to end by kind of taking
this out of the theoretical world,

Can you share a real world example of
how AI has transformed unstructured

Yes, we have a client that
we're working closely with it's

And what Fundwell does is they provide
short term financing for businesses.

And they do their onboarding and
loan originations within Salesforce.

So they use Box as the centralized
storage for Salesforce for Teams,

But on the onboarding side,
they have certain requirements.

And BoxAI is aware of those requirements.

So as documents are uploaded, BoxAI
is interpreting the documents.

So one example is they require three,
the last three months of bank statements.

So as FunWell receives those documents,
BoxAI is saying, Okay, I've got August,

I've got July, I've got June, I've got the
other requirements fully taken care of.

It notifies Salesforce that
the loan file is complete.

So you didn't need a person to
go through and look at those

Perry Rotella, Managing Director for Financial Services at Box, talks about the predominance of unstructured data among financial institutions, and the challenges these companies face in managing such data. He explores how AI can be leveraged to sift through, analyze and summarize unstructured data, improving personalization, compliance and data security all at once.  