The FTF Exchange Podcast

Most firms have already automated much of the routine, rules-based work across securities Operations. The real operational cost and complexity often live in what’s left —that stubborn last 5% of exceptions that still require human intervention. In this episode of the FTF Exchange Podcast, Maureen Lowe sits down with Smartstream CEO Akber Jaffer to talk about what happens when AI begins tackling those harder-to-resolve exceptions and moves from assisting humans to acting autonomously across operational workflows. They get into how that shift raises a whole new set of questions about what Smart Agents can do within an operational environment, and how firms determine which decisions and actions they are prepared to hand over to AI. This isn’t AI running wild. Firms still determine the parameters, authority levels and points at which a human steps back in. Jaffer also shares his early days as CEO of a nearly 40-year-old financial technology provider and why his first priority wasn’t to come in and do the typical CEO overhaul. He started by getting closer to clients, understanding where their operational needs were changing and identifying where Smartstream itself needed to move faster. What did he learn from those conversations — and where does he think the human fits as AI takes on more of the work? Listen to the episode to find out. About our guest: Akber Jaffer is CEO of Smartstream whose Smart Agents were voted Best A.I. Solution via the 2026 FTF News Technology Innovation Awards. Topics covered include: Agentic AI vs. autonomous AI and where Smart Agents fit Determining how much authority to give an AI agent Tackling the stubborn last 5% of reconciliation exceptions Measuring AI ROI beyond headcount reduction Capturing institutional knowledge embedded within Operations teams Governance, guardrails and the role of humans in increasingly autonomous operations Watch more from FTF at Sibos Miami: FTF YouTube: https://www.youtube.com/watch?v=939GzvgSLvA&list=PLPmgAoK7AwM4&index=12 FTF Sibos Miami 2026 coverage: https://www.ftfnews.com/category/sibos-2026/ More FTF Exchange Podcast: FTFNews.com: https://www.ftfnews.com/category/ftf-media-content-channels/podcast/ Apple Podcasts: https://podcasts.apple.com/us/podcast/the-ftf-exchange-podcast/id1562730473 Spotify: https://open.spotify.com/show/0IOk2kkNMLsgbpMrCftapF?si=4abaf9a7077c409f Follow FTF: LinkedIn: https://www.linkedin.com/company/financial-technologies-forum YouTube: https://www.youtube.com/@FTFNews06 Instagram: https://www.instagram.com/ftf_news/ Facebook: https://www.facebook.com/FinancialTechnologiesForum

More than a third of firms that already invested in reconciliation automation still must call IT managers to change a rule. That's not automation. That's a slower way to ask permission. Murray Campbell, Principal Product Manager at AutoRek, joins Maureen Lowe to talk about why firms that automated a decade ago can be just as stuck as the ones still in spreadsheets. Most firms have never considered that they should calculate the true cost of manual work. They also need to investigate what really happens when they point AI at data nobody cleaned up. For ops leaders heading into budget season, this conversation will make your 2027 case easier to approve: how to tell whether your automation is actually working, what your manual processes are really costing you, whether your data is ready for AI, and where it makes sense to invest next. Highlights from the podcast include: The “manual process tax” and how much of your operational spend is going toward correcting errors and redoing work How to know when yesterday’s automation has become today’s operational bottleneck Why using AI is the easy part — and putting it to work inside your operations is much harder Why AI is only as useful as the data you’re feeding it Why digital assets are exposing the limits of infrastructure built for a different era, right down to 18 decimal places How to put a price on manual work and build a stronger case for your 2027 budget NOTES FROM THIS EPISODE: The stats in this episode come from The Infrastructure Gap: Capital Markets Operations in 2026, AutoRek's study of 250 senior ops, finance, and technology leaders across the US and UK. Get the full report here. Subscribe to FTF Premier for middle and back-office ops coverage — AI, data quality, reconciliation, and more. Includes the FTF Newsletter, every Wednesday.

More than a third of firms that already invested in reconciliation automation still must call IT managers to change a rule. That's not automation. That's a slower way to ask permission. Murray Campbell, Principal Product Manager at AutoRek, joins Maureen Lowe to talk about why firms that automated a decade ago can be just as stuck as the ones still in spreadsheets. Most firms have never considered that they should calculate the true cost of manual work. They also need to investigate what really happens when they point AI at data nobody cleaned up. For ops leaders heading into budget season, this conversation will make your 2027 case easier to approve: how to tell whether your automation is actually working, what your manual processes are really costing you, whether your data is ready for AI, and where it makes sense to invest next. Highlights from the podcast include: The “manual process tax” and how much of your operational spend is going toward correcting errors and redoing work How to know when yesterday’s automation has become today’s operational bottleneck Why using AI is the easy part — and putting it to work inside your operations is much harder Why AI is only as useful as the data you’re feeding it Why digital assets are exposing the limits of infrastructure built for a different era, right down to 18 decimal places How to put a price on manual work and build a stronger case for your 2027 budget NOTES FROM THIS EPISODE: The stats in this episode come from The Infrastructure Gap: Capital Markets Operations in 2026, AutoRek's study of 250 senior ops, finance, and technology leaders across the US and UK. Get the full report here. Subscribe to FTF Premier for middle and back-office ops coverage — AI, data quality, reconciliation, and more. Includes the FTF Newsletter, every Wednesday.

Most financial firms have been told the same thing: clean up your data before you layer AI on top, or automation will only magnify the mess. But Steve Shillingford, CEO and founder of DeepSee, doesn't quite agree. With settlement cycles getting shorter and operational pressure mounting, he makes a case that runs against much of what the industry has been saying, and it's the kind of thing that makes you stop and go "wait, what?" In this episode, Steve joins David Kirby of Broadridge Consulting to discuss their recent partnership, why orchestration matters more than simply deploying another AI agent, and where the real settlement pain points are hiding — from overflowing shared inboxes to SSI errors that go undetected until it’s too late. With T+1 already live in the US and Europe's transition deadline approaching in October 2027, the pressure to solve these challenges isn't going away anytime soon. Topics covered: Why "clean your data first" may be the slower, costlier path to AI Orchestration vs. deploying a single AI agent Email inboxes and reconciliation as hidden settlement risk SSI errors and where they do real damage T+1 in the US and what's coming for Europe and the UK What AI means for jobs in capital markets Guests: Steve Shillingford (CEO, DeepSee.ai) and David Kirby (Broadridge Consulting) Host: Maureen Lowe, FTF

What’s the bigger risk in 2026: adopting AI… or waiting too long? In this episode of the FTF Exchange Podcast, Maureen Lowe sits down with Toby Glacier, Chairman of Finbourne Technology (and a 2025 FTF News Award winner for Best Data Management Solution), to flip the usual AI conversation on its head. Instead of debating whether AI is “too risky,” Toby makes the case that the real risk is falling behind, operationally, financially, and competitively. Drawing on decades of experience leading massive global operations teams (including overseeing thousands of staff at Northern Trust), Toby shares what firms often get wrong about AI adoption, why data preparedness is the true starting line, and how AI agents can actually reduce risk when implemented with the right guardrails. They also get real about what happens when firms “try AI” and feel underwhelmed, what private markets are teaching the industry about automation gaps, and how jobs will change—not vanish—over time. If your team is still stuck in “why we shouldn’t adopt AI,” this one is your push off the dock.

Most firms can generate strong performance data internally. Fewer can deliver it to clients efficiently, at scale, and without adding more manual work. In Part 2 of our podcast series with FactSet, Maureen Lowe is joined by McKay Marschalk and David Mellars to open up the modern “reporting toolbox” and break down what actually belongs inside. We talk about automation gaps, building a reliable data pipeline, and using AI-generated commentary with human oversight. We also dig into managed services versus outsourcing, the move beyond emailing PDFs, how firms define golden data sources, and how reporting teams measure ROI through lower costs, faster cycles, and fewer manual steps. Clean data is just the start. This episode explains how the right tools, working together, are changing how firms deliver results to clients. NOTES FROM THIS EPISODE: New eBook: A Buy-Side Playbook for Reporting Success Download the latest eBook from the FTF Research Institute and FactSet, featuring insights from 325+ reporting leaders. Access the Flipbook PMCR 2026 Registration — February 24–26, NYC Join us live in New York City for the industry’s premier event on performance measurement and client reporting. Register Here Use code: FactSetAI for 15% off Explore the Full Agenda Plan your sessions and see what’s in store for 2026. View Agenda Follow FTF on LinkedIn to stay connected!

Most firms know they should be using AI for performance measurement. Fewer know how to actually do it without breaking something—or losing their team's trust in the process. In this episode, Sean Murray and David Mellars from FactSet get into the real implementation challenges. We talk about what it takes to build trust in AI-generated narratives, how to create a "golden source" of data, and navigating the shift into private markets and alternative assets. Plus, the question everyone's thinking about—what AI means for performance teams and the people on them. Some firms are already seeing wins. Others can't get out of the pilot phase. This episode breaks down why. NOTES FROM THIS EPISODE New eBook: A Buy-Side Playbook for Reporting Success Download the latest eBook from the FTF Research Institute and FactSet, featuring insights from 325+ reporting leaders. Access the Flipbook - https://www.ftfnews.com/FTF-Research-Institute/at-the-end-of-it-a-buy-side-playbook-for-reporting-success/ PMCR 2026 Registration — February 24–26, NYC Join us live in New York City for the industry’s premier event on performance measurement and client reporting. Register Here - https://pages.ftfnews.com/event-registration-2026 Use code: FactSetAI for 15% off Explore the Full Agenda Plan your sessions and see what’s in store for 2026. View Agenda - https://pages.ftfnews.com/performance-measurement-and-client-reporting-agenda

From Sticky Notes to Success Stories: What It Really Means to Mentor the Next Generation of Capital Markets Professionals by FTF News

In this episode, FTF’s Maureen Lowe explores how artificial intelligence is transforming asset management. She’s joined by Madhu Rojukhirdu, Head of Fixed Income Performance Attribution and Global Benchmark Data at AllianceBernstein, and Che Guan, Principal Data Scientist, who leads the implementation of AI models that are redefining how AllianceBernstein delivers insights to clients. Together, they discuss how AI is reshaping investment strategies, improving operational efficiency, and tackling data management challenges. In this enlightening (and occasionally jargon-filled) conversation about AI, Madhu and Che demystify how machines are now drafting client commentaries without causing compliance panic attacks. You'll learn why "garbage in, garbage out" also applies to fancy AI, discover the strange world of "robots training robots," and hear why your job is probably safe—though your tedious tasks may not be. Wondering if AI will be your new assistant or even your new boss, then this episode's for you (spoiler: it's the former...for now).

In this episode of the FTF Exchange Podcast, host Maureen Lowe sits down with Dawn Pischetola, Director of Investment Operations at Olmstead Associates, for her perspectives on why reconciliation processes—often overlooked but crucial to operational success—are now at a turning point in asset management. With transaction volumes surging and legacy systems struggling to keep pace, what does the future hold for firms still clinging to spreadsheets and manual processes? Dawn brings 25 years of front-to-back office expertise to address the pressing question: How can asset managers transform their reconciliation operations without disrupting their business? What you'll discover: • Why there a staggering number of asset managers still rely on Excel-based reconciliation processes—and the hidden risks (and costs) this creates • Insights on why firms might hesitate to modernize their legacy systems despite growing operational pressures • How AI is emerging as an "operations companion" rather than a replacement for skilled professionals • The unexpected challenges that arise when untangling years of customization during system implementations • Practical insights on building a successful business case for reconciliation transformation • Critical advice for firms facing the "reconciliation reset" as they navigate increasing data complexity and regulatory demands Whether you're considering a reconciliation system upgrade, curious about AI's potential impact on your reconciliations processes, or simply interested in how back-office transformation is evolving, this conversation offers valuable perspectives from someone who has guided numerous firms through these transitions. Show Notes: Download the survey referenced in this episode, The Tipping Point for Asset Management Operations: https://www.ftfnews.com/FTF-Research-Institute/the-tipping-point-for-asset-management-operations-the-rising-costs-of-operational-complacency/ Register for the webinar Dawn is moderating, Reconciliation Reset: The Shift from Liability to Operational Excellence: https://event.on24.com/wcc/r/4882217/F1A1671736DF17D411B4D33B678F252A?partnerref=Dawn_Podcast