You’re probably thinking, how can a startup have 15 years of experience? Well, let us explain! We are proud to be part of Fidelity Labs.
What is Fidelity Labs?
Saifr was born in Fidelity Labs, Fidelity Investments’ in-house software incubator and digital studio. Fidelity Labs was founded in 2005 to accelerate the development of new tools and capabilities for Fidelity.com. Over the years, though Labs’ work and mission have evolved, it has always played a critical role in driving growth and innovation for Fidelity. Since 2019, Labs has focused on pursuing new business opportunities to help shape the future for Fidelity, its customers, and the industry. Some ideas are internal solutions, while others, like Saifr, are industry-leading startups focused externally. A sampling of the current Labs portfolio includes:
- Catchlight℠, an AI-powered software to help financial advisors grow their business
- FidSafe®, secure storage for life’s most important documents
- ESG Pro®, an end-to-end ESG investing solution for financial advisors
White paper download → Considering AI solutions for your business? Ask the right questions.
Labs is constantly prototyping concepts for Fidelity’s next new fintech ventures and seeking to attract the best talent from all around the globe. Labs is now a premier fintech and software startup incubator. To learn more about Labs and where Saifr comes from, check out the website: https://labs.fidelity.com/.
Why was Saifr started in Labs?
Financial regulations are essential because they protect investors and are integral to the health of financial markets. Yet, compliance can be very manual, time consuming, and expensive. And, if you get it wrong, your organization can suffer reputational risk as well as substantial economic losses. Because Fidelity’s various lines of business are regulated, the firm developed an internal tool over 15 years ago to help manage the compliance approval of marketing materials. The Labs team looked at all the data that tool had collected and saw an opportunity.
And just like that, Saifr was born. Saifr’s mission is to make regulatory compliance faster, less expensive, and more accurate via human augmentation. We began with the documents from Fidelity’s internal tool: 15+ years of compliance-reviewed data across retail, institutional, broker dealer, insurance, workplace, funds, international, and charitable. Externally, we collected, and continue to collect, enforcement action data from regulators and scan for third-party data from BDs, RIAs, and banks. These data are validated by former regulatory staff attorneys and feed our natural language processing (NLP) models. Our data make Saifr uniquely able to create robust AI models that go far beyond just keyword detection. Saifr’s models “read” content to help detect compliance and brand risks in text, images, and videos, providing a first pass review. This data advantage is what sets us apart in the industry, as the sheer volume and quality of our data is unparalleled.
A unique partnership
Labs provides Saifr with the best of both worlds: startup agility with support from an industry leader. So now you can see why we call ourselves a startup with 15 years of experience.
Are you considering AI solutions for your business? Make sure to ask the right questions.
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