Docupace with Ryan Geroge | E278
Connecting front and back office systems seamlessly.
On today's episode of Fintech Impact, Jason is going to talk to Ryan George, CMO of Docupace. It is a platform for paperless tools basically designed to automate your back office or the financial advisors back office that, eliminate a lot of the heavy lifting and pain that we go through daily.
Episode Highlights:
00:44: Docupace is a platform that helps make business easier. Anything we need to do to service the clients, whether it's a regulatory document account application or whatever you have, we want to make it more digital and easier and make it more connected to the different systems that you would have within the firm.
02:04: Docupace is a 21-year-old startup. Ryan started this as document management, document storage, and not even wealth management. In 2008-09, Ryan started to focus and got a finer approval for following all the thinner guidelines in terms of security and storage and dived into that business.
03:07: Ryan is working with and working for people who are sometimes in the background of the business, whether it's connecting to the CRM and having a wireframe into that business or another level of deep integration.
05:56: As per Ryan, in the early 2000s, they sort of had the mainframe systems where everything was a locked technology ecosystem, and in terms of what it was able to do and what happened, that led to this explosion of innovation.
08:11: Over the last 12 months, Docupace has been used by RBC and RBC clients to fill over 286,000 transactions and processed almost a million documents, and that is all in a system that has been relatively brand new and really built, customized, and configured to overseas business.
11:01: As per Ryan industry average is around between 25 to 27% of the NIGO rate for large enterprises, which sounds extremely high because it is on Docupace, it's below 3% for their clients.
12:00: As per Ryan, APIs are a big part of their integrations and a big part of their systems.
13:36: The sales assistant or operations assistant who is outside of the RA and what players good firm has been doing it for 15 years, they need to get that next person who is going to be taking over that role to some degree, whenever they are ready to be easily to do the same thing.
15:43: People who understand the frontline experience, the consumer, and the advisor people understand the enterprise needs in terms of processing.
16:06: Every business is an end-to-end integration play, but if you don't understand the needs on both ends and how to make this all work while creating a superb client and using your experience, you will get resistance.
18:26 Ryan discusses how the pandemic drove growth in digital data gathering.
21:42: There are two things that Ryan thinks are important for doctors, one is continuing to find ways to open up APIs so that outside developers can connect with their system easier so that they won't have to list everything themselves.
22:42: The entire empowering of everybody else to spend their development cycles on building what they want and their custom configuration into your system is incredibly valuable because the alternative is you, have to almost bespoke modify your system for every vendor you deal with, and that's just non scale.
24:37: Sometimes, your clients will lead you down the path to destruction. It's a matter of knowing where to draw the line and saying this is what's good for us.
25:36: Large companies like to implement SAP. Jason knows many friends at many large-scale enterprises and consultants, and it's the same story every time. You either modify your process as the fit SAP, or it's a disaster every time.
28:01: As per Ryan, there is a need to pivot, and we need to change things in order to get to where we are trying to do what we are trying to move, move faster, be more agile, be more innovative, serve customers in a different way.
29:55: The number of positions Jason saw in a study, and he was serving less looking for jobs that were remote or hybrid. It was 4X the number of postings, so even though people are happy and are still where they were, they will get to stay because they want that flexibility.
30:42: As per Ryan, they are not at the level of creativity to where people are coming up with creative solutions to solve because they don't know what the problem is yet.
3 Key Points:
Ryan shares a case study of someone he has dealt with who didn't have the interconnectivity, what kind of experience change they see within their company, and what type of productivity gains they get from this.
Docupace provides tracking in the dashboards where if paperwork gets submitted, somebody must call and say, hey, where's Joe and sell his application.
Ryan shares what are the new features of Docupace that they are going to implement in the coming years.
Tweetable Quotes:
"We want to be a cohesive glue that helps connect your financial planning software, custodian, and systems together as you integrate throughout the technology stack that you have at your firm." – Ryan
"Often, it's not the technology, it's the humans that become the inefficiency in the system, and we are trying to find that." - Ryan
"Do you have the people in management or middle management with the vision for how this all comes together, which is a is and it's a very difficult thing to fill because it's a Venn diagram." - Jason
"People who understand the digital realm as to what's possible and being able to tie that all together. Those are the single most valuable people in our enterprises these days." - Jason
"There are so many uses for being able for one person to get data from another person, and that is never going to go away in this business." - Ryan
"Every day, we are not unlike any other business, but I think it is something that was never going to be done with it because you have got to continue to have to push people and engage them and excite them about what we are where we are headed." - Jason
Resources Mentioned: