SEI Launches Generative AI Framework to Enhance Operational Excellence

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Oct 29, 2024, 09:00 ET

SEIGPT Boosts Productivity and Efficiency for SEI and Clients

OAKS, Pa., Oct. 29, 2024 /PRNewswire/ -- SEI^® (NASDAQ:SEIC) today announced the launch of SEIGPT, a new generative artificial intelligence (AI) framework that enables the rapid experimentation and implementation of generative AI applications. The company is currently leveraging SEIGPT-powered applications internally to enhance productivity, increase efficiency, and reduce costs in certain areas, such as client service, process automation, human resources, contract analysis, and code development.

Zach Womack, SEI's Chief Technology Officer, said:

"As a leading provider of technology, operations, and asset management solutions, operational excellence is a cornerstone of delivering for our clients. SEIGPT has improved our operational processes by streamlining tasks, enhancing communication, and ultimately transforming the way we work—empowering employees to be more efficient and productive.

"The optimization benefit extends beyond SEI to our clients. While our clients may not see that benefit, they can feel it. The faster we can deliver information or address a concern, the more time our employees and clients have to focus on what they do best: serving customers. We're excited to explore opportunities to offer SEIGPT to our clients and further drive mutual productivity, efficiency, and growth."

In 2023, SEI launched its AI Center of Excellence, led by Director of AI Vlad Coric, to prepare for AI's impact on the company's workforce and accelerate AI adoption across the organization. The team designed SEIGPT based on retrieval augmented generation (RAG) architecture, which provides transparency into the data utilized to generate responses. By leveraging advanced natural language processing capabilities on disparate data sources within SEI, SEIGPT aims to enhance client satisfaction, streamline workflows, and support content creation across various operational functions.

SEIGPT provides advanced AI capabilities, including:

Efficiently searching across disparate data sources
Answering user inquiries and summarizing information
Generating personalized content
Integrating with various applications and platforms

Deepak Bhardwaj, SEI's Chief Data Officer, added:

"Early positive adoption rates indicate the SEIGPT-powered applications have effectively supported our employees and complemented their skillsets by helping respond to more than 7,000 client service inquiries and analyze tens of thousands of legal contract pages. The RAG framework offers transparency into the data, reinforcing user confidence in the information's accuracy and ultimately enhancing our client experience.

"Today, we have seven applications in production and anticipate that more than a dozen will be available by the end of 2024—reflecting SEI's dedication to innovation that can drive scalability and growth in an increasingly digital landscape."

About SEI^®SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of Sept. 30, 2024, SEI manages, advises, or administers approximately $1.6 trillion in assets. For more information, visit seic.com.

This release contains forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as "anticipate," "will," "can," and "continue" or "further." Our forward-looking statements include our current expectations as to:

the number of SEIGPT applications that will be available in the future;
whether SEIGPT will drive client or SEI productivity, efficiency, or growth; and
the degree to which SEI will pursue further initiatives in the area of artificial intelligence.

You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the Securities and Exchange Commission.