Interactive Brokers enhances client onboarding with Alkymi

Rick Steves

IBKR has been taking measures to address the needs and wants of retail traders. A quality client onboarding experience is critical for a broker’s long-term growth.

Interactive Brokers Group has selected Alkymi to enhance the digital client onboarding experience for its customers and to efficiently support its rapidly growing customer base.

The US-based online brokerage firm deployed two solutions, Alkymi Data Inbox and Alkymi Patterns, as the securities firm looks to eliminate manual collection, extraction and transformation of data and focus on client service while improving costs.

IBKR says its adoption of Alkymi is a strategic collaboration in the client experience for its broker/dealer business, which will translate into more satisfied brokerage customers.

Harald Collet, Chief Executive Officer and co-founder at Alkymi, commented: “Transforming the client onboarding process is top of mind for leading enterprises worldwide. With Alkymi, Interactive Brokers will be able to set a new standard in client experience, onboarding speed, and operational excellence leveraging AI-powered automation technology for global address verification.”

Yochai Korn, Global Head of Market Data and Research at Interactive Brokers, said: “The need to meet high customer expectations while adhering to regulatory and business requirements is a challenge for any financial institution. Alkymi’s deep understanding of financial workflows and how to efficiently automate them gives us the ability to transform the client experience and offer entirely new data products. Our customers will be pleased.”

Alkymi Patterns leverages machine learning (ML), natural language processing (NLP) and computer vision to extract and structure targeted data (including handwriting) from over 27 file formats while surfacing “not in good order” (NIGO) data for accelerated exception handling.

Alkymi Data Inbox offers seamless workflow and enterprise integrations to speed onboarding processes. The combined solution enables employees to complete the necessary work faster for better customer service and an improved bottom line.

Interactive Brokers winks at retail traders

The broker has been taking measures to address the needs and wants of retail traders, having recently launched a new tool for investors to compare the relative valuations and financial metrics of stocks globally.

Going by the name of GlobalAnalyst, the tool helps investors improve their international portfolio diversification by discovering undervalued companies with greater growth potential.

IBKR also entered the crypto game by introducing cryptocurrency trading for Registered Investment Advisors (RIAs) in the United States via Paxos Trust Company on behalf of clients.

Investment advisors will be able to trade and custody Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) with commissions as low as 0.12% – 0.18% of trade value, depending on monthly volume with a USD 1.75 minimum per order.

Last but not least was the launch of the ESG mobile trading platform, IMPACT, designed to help socially conscious traders and investors to align their investments according to their principles and values.

This would give them a sense of satisfaction for contributing to the cause of a green environment. The way it works is that the users are given a choice of 13 impact values which are basically investment criteria that are in categories like environmental sustainability, LGBTQ inclusion, etc.

The users would also have a choice of not having specific categories of investments to be listed. Once the investor has chosen the same, then the IMPACT app would produce a list of matching portfolios and also give reference scores of companies as against the above criteria and the user would then have a choice of choosing specific companies with very good scores and customize their portfolio based on their values.

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