How WealthArc Helps Eliminate Manual Errors in Data Handling

Manual data entry errors are the bane of wealth management. A small mistake might lead to the wrong decision, costing you or your client thousands of dollars, if not worse. Therefore, it’s vital that you eliminate them from the process.

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Automation is one of the best ways to cut out manual data entry errors from the equation. But is it possible to remove the risk from all the processes? What tools do you need? Are there specialized technologies that can help you? We answer all these questions in this article, so read on to learn more!

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How to Eliminate Manual Errors in Data Handling?

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So, how do you decrease the risk of manual data entry errors in data handling to an absolute minimum? This is a multi-step process that requires you to:

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1. Digitize your processes. This will make the adoption of automation significantly simpler.
2. Automate your data-entry processes. You can do this for:
   
   • data integration from multiple sources,
   • data input from unstructured documents (this requires a mix of AI, ML, and OCR),
   • reporting,
   • data accuracy checks.
3. Monitor your systems and watch out for alerts—actions requiring you to verify your automated systems' input.

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While you cannot eliminate manual data entry errors completely—human touch will always be crucial—you can reduce the number of interactions people have with the data and use machines instead. Yet, you also need to watch out for system errors. This is why it’s as important to introduce a monitoring system as to automate the processes in the first place.

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How WealthArc Can Help You Eliminate Manual Data Entry Errors?

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Our WealthArc platform is designed for wealth managers, high-net-worth individuals, family investors, and private banks. It encompasses numerous features for portfolio management, reporting, asset allocation, risk management, private equity, and investment fee analysis. Many of its modules include automation that will help you minimize manual data entry errors.

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How exactly can WealthArc help you drive data accuracy? Here is an overview of the most important features:

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Automated Portfolio Consolidation

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Firstly, WealthArc enables you to access data from over 130 custodians, standardize it, and consolidate it into a single overview—the process is carried out automatically, with a manual quality assurance process carried out by us to ensure almost 100% data accuracy. Thanks to this, you will make decisions based on complete and error-free information.

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ROI Calculators

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Secondly, WealthArc comes with complex tools that you can use to calculate the rate of return on an investment. Since financial data is also data, this enables you to quickly calculate ROIs based on the chosen method without the risk of pasting the wrong numbers—you’re always 100% sure your calculations are on the spot.

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AI-Powered Reporting

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Thirdly, WealthArc enables you to create detailed reports for your clients quickly. This is possible with our conversational AI, which creates reports based on your prompts. As a result, the data in the reports is always accurate as it is automatically taken from your system without any manual copying and pasting.

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AI-Powered Analytics

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Fourthly, our platform comes with modules for risk management and What If analysis that operates directly on your data. With this feature, you can not only eliminate errors from the manual data entry process into your systems, but also when using said data for planning your strategies.

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This is especially vital if you work with multiple clients that have different levels of risk tolerance. A small mistake in your data can impact not only your investments but, most notably: client trust. 

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Automated Invoicing

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Finally, WealthArc comes with an automated client invoicing module, ensuring that you won’t make any mistakes when inputting the data to your finance team and that you’ll always charge as much as you should: no more, no less.

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Embrace the Power of Data with WealthArc

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Wealth management is undergoing the Great Data Consolidation. You need to integrate your data sources and eliminate manual data entry errors if you want to maximize your effectiveness and efficiency. With WealthArc, this process becomes much easier—you gain access to all the tools you need in a single wealth management platform. So, don’t wait! Book a FREE demo and discover how you can scale your business with our IT solutions!

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Did you like this article? If you did, consider exploring our wealth management reports—a list with free materials that will help you grow your firm or bank!

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