This project has significantly improved data quality and eliminated repetitive tasks, which weren’t enjoyable for the employees.
Nordic Trustee is the leading provider of bond services in the Scandinavia. Based on more than 25 years of experience and proprietary IT solutions, the company provides an efficient platform for seamless access to the Nordic financial markets. Their services include corporate actions, reference and market data services along with the most complete bond database in the Nordics.
One of Nordic Trustee’s challenges was the accuracy of data, which was very high, but human mistakes couldn’t be avoided, especially with high data volumes being processed. The quality of information provided on Nordic Trustee’s portals is all the more crucial as they are the most reliable source of financial information in the Nordics.
It wasn’t possible to avoid such mistakes until recently, when Jit Team experts released an AI-based solution tailor-made for Nordic Trustee’s Stamdata portal. It’s a core system, which contains corporate actions, legal documents, fundamental data, reporting data and analytical tools.
Before the solution was launched, employees have been looking for particular information in contracts consisting of 50+ pages and entering them into the system. It took them about 30 minutes per contract and each month they had to do it several dozen times. The solution implemented by Jit Team is processing natural text into data in form of tables ready to be uploaded to the system. Now it takes less than a minute per contract and the error rate has significantly decreased.
Jit Team experts built the prototype in just 3 months and within the next month it was up and running. Jit Team experts have expanded the existing system, taught the client’s employees how to use it and develop it further on their own. – The most satisfying part is that the Client uses the solution on daily basis and sees value added in it. We continue to monitor the error margin, which has dropped to a minimum, and further optimize the solution through a feedback loop – says Oskar Maksymiuk, Architect at Jit Team leading the Nordic Trustee’s project.
– We value Jit Team experts because they understand our business very well and can quickly adapt to our needs. This particular project was Jit’s initiative, and they delivered it end-to-end. They saw a potential to streamline our operations and quality in terms of data processing, so how could we say no to that? – says Aleksandrer Nervik, an EVP of Digital Products & Development at Nordic Trustee.
Summary
Jit Team has been supporting Nordic Trustee in various technology-related projects since 2019. – It’s been a great cooperation since the beginning. Nordic Trustee has a strong focus on innovation and digitalization. They want to make the most of what technology has to offer and AI is not new to them. They want to work smarter, not harder, and Jit Team has been supporting them in this quest – says Łukasz Drzewiecki, Chief Delivery Officer in Jit Team.
