Summary: Broadridge Financial Solutions Inc. unveils OpsGPT, an innovative AI-powered chat-bot that analyzes and resolves operational issues in the trade settlement process. As the financial industry moves towards faster settlement times, OpsGPT offers valuable insights into failed trades and suggests strategies to rectify and prevent such issues. The tool is set to aid banks and broker-dealers in meeting the upcoming T+1 requirement, reducing costs, and improving operational efficiencies.
Broadridge Financial Solutions Inc. has introduced OpsGPT, an advanced chat-bot integrated with generative AI and large language model technology, to address and resolve operational challenges that arise during the trade settlement process. As the financial industry adapts to shorter settlement times, OpsGPT aims to provide a comprehensive analysis of failed trades, determine the root cause of the issue, and offer proactive suggestions for resolving it and preventing future occurrences.
Vijay Mayadas, President of Capital Markets at Broadridge, emphasizes the importance of operational efficiencies in the changing landscape, stating, “The need for operational efficiencies in areas like real-time fails resolution is amplified in a T+1 world.” OpsGPT supports this transition by enabling users to gain a deeper understanding of trade failures and take preemptive measures to mitigate risks.
OpsGPT, currently in a trial phase with select Broadridge clients, boasts the ability to operate in multiple languages, including Japanese, harnessing the power of large language models. The technology is seamlessly integrated into Broadridge’s existing post-trade system, which processes approximately $10 trillion in trades daily. OpsGPT utilizes Broadridge’s vast database across asset classes and geographies to identify trades and establish linkages between positions, ultimately proposing effective solutions to prevent recurring errors.
Mayadas highlights the potential impact of OpsGPT, stating, “Some banks could have billions of outstanding, failed trades on a daily basis. If you can reduce that amount by even 10% to 15%, you can save millions of dollars.” OpsGPT presents a significant opportunity for financial institutions to cut costs, boost operational efficiency, and enhance their overall trade settlement process.
OpsGPT complements Broadridge’s existing AI offering for the fixed-income market, BondGPT, which provides intelligent insights and answers bond-related queries for investors. OpsGPT is expected to be fully operational within the next two to three months, bringing transformative capabilities to the trade settlement process.
Read More: About the ‘T+1’ Rule Making US Stocks Settle in a Day.
The source of the article is from the blog anexartiti.gr