Monthly Archives

October 2020

BGL named Australia’s 9th most innovative technology company in AFR awards

By BGL Update, Homepage, TechnologyNo Comments

On Thursday afternoon, BGL was named Australia’s 9th most innovative technology company in the AFR BOSS Most Innovative Companies awards.

This is a sensational achievement by the BGL Team, and I could not be prouder of each and every one of you.

BGL’s submission to the AFR awards was BGL Smartdocs. This was developed by the BGL Big Data Team led by James Luo.

So, what is BGL Smartdocs? Well, I described it in our submission to the AFR in the following paragraph:

BGL has built a solution to convert PDFs or images files into transaction data files. Then using our award winning (2019 AFR Most Innovative Technology Company) Artificial Intelligence and Machine Learning, we automatically process this data in our SMSF administration software. The documents can be clean or contain notations. We use AWS Textract as our OCR provider and then apply Natural Language Processing, Probability and Statistics on lots of linguistic data to help us extract and categorise the data. We then automatically link the data and the document through a system of tags. Our deep learning model runs in the “Edge”, so clients can scan and optimise documents via their mobile phone. BGL SmartDocs will even verify the client has the right data in the right place if they upload a different source document. And BGL SmartDocs also automatically indexes the documents and images making the documents full text searchable.

The BGL Big Data Team have done some amazing work over the past few years. Apart from BGL Smartdocs, they have also developed BGL Smartpost III, our AI based transaction posting solution as well as the big data views in Simple Fund 360 and now Simple Invest 360.

I am especially proud because this is the second year in a row BGL has made the top 10 list. Last year we were recognised as Australia’s 5th most innovative technology company with BGL Smartpost III.

It is unusual and incredible that a 30+ year business can continue to be innovative. This is a reflection of the BGL Culture.

Innovation should be part of the DNA of every business. It is at BGL. But you do not achieve awards like this without a high level of team engagement. At BGL, this is close to 90%. When I hear statistics that only 17% of people are engaged at work, I can understand why the world is in the mess it is today. And why so many of companies have forgotten why they are in business. Hey, let me remind you – it is to serve your customers – not cover the arses of your directors!

When I look at the new board composition laws in California, I wonder what the world has come to. When did we stop selecting the best people for the job rather than the best politically correct candidate? When did quotas ever work? The Victorian government optimizes this stupidity and is one of the reasons my state is in the COVID-19 mess it is in today. Our state public service is employed on the basis of diversity and political views rather than competence.

I am glad to say we have a widely diverse teams of sensational people at BGL. We did not go out to employ a diverse team – we simply employed the best people who came through our doors no matter who they were or where they were from. As Martin Luther King Jnr said I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. Boy have many of us forgotten this.

Congratulations again to the BGL Team. You are incredible!

 

Simple Fund 360 Software Update Release October 2020

By BGL Update, Homepage, Product Updates, Simple Fund 360, Simple Invest 360No Comments

The Simple Fund 360 and Simple Invest 360 teams have delivered their first release for October 2020 with some exciting new features and client wish list items ticked off! Check out the full release notes on the BGL Community >>>

Learn what’s new direct from our product team by attending our New Features Webinar on 13 October at 11:30 AEDT. Register Now >>>

Digital End to End

The team continues its focus on removing paper and improving the digital experience for clients. This October, we have added a new Upload Authority Form feature to make the bank feed authority setup process faster and more secure for clients. We have also made it simpler for clients to upload any CSV files they may have received from clients and keep track of these in our Feed Management screen.

We have simplified the 2020 tax reporting season by providing you with digital distribution tax statement data for over 530 commonly held investments. This update supports:

  • All Vanguard ETFs and popular Vanguard managed investments
  • All BetaShare ETFs
  • All ETFSecurity ETFs

Continuing the digital theme, we have added a Compilation Report and Engagement Letter to the growing list of documents that can now be digitally signed using both Adobe Sign and DocuSign.

For Financial Planning focused firms, we are excited to announce a new Time Weighted Performance page that has been modified from our mobile interface to take advantage of the larger screen real estate. This MOBILE first approach allows both you and your clients to VIEW the same performance data, without the need to switch to a separate Client View application. This is available for both our Simple Fund 360 and Simple Invest 360 Beta Clients.

Client Wish lists

We have managed to tick off several clients wish lists. Users can now view a contact’s mobile and email address directly from the Fund Relationships screen. Plus, the CGT Register Detailed Report when exported to excel now includes the description of CGT transaction.

Order Documents

The Smarter SMSF Order Document page has a fresh new look! In addition, 3 new documents can now be completed, including;

  • Add or Remove a Fund Member
  • Lost Trust Deed
  • Lost Pension Deed (Affirmation and Confirmation)

Simple Invest 360 (Closed Beta)

We have added several new features to Simple Invest 360:

  • Added support for individual investors. Simple Invest 360 now supports all investor types – Individuals, Trusts and Companies.
  • A new Appropriation Statement report now available for Trusts and Companies.
  • A new Tax Reconciliation report now available for Trusts.

Plus, digital signing solutions Adobe Sign and DocuSign are now available for the following documents in Simple Invest 360:

  • Compilation Report Company
  • Compilation Report Trust
  • Trustee Minute – Family Trust
  • Trustee Minute – Unit Trust
  • Trustee Resolution – Family Trust
  • Trustee Resolution – Unit trust
  • Trustee Declaration
  • Directors Declaration

If you are interested in shaping the Early Release of Simple Invest 360, click here to register your interest for closed beta >>>

Don’t forget to register for BGL REGTECH 2020 to see get a sneak peek at Stage 2 of our AI-Powered BGL Smart Docs feature and a look at Simple Invest 360 – the next evolution in automating your Investments for Trusts, Companies and Individuals.

What’s new in your BGL Data Services?

By BGL Update, Homepage, Product Updates, Simple Fund 360No Comments

The BGL Data Services Team have recently released some exciting new features and enhancements in Simple Fund 360 and we would love to share these with you.

New Features and Feeds

What’s in the Pipeline?

The Product Team are currently working on a new signed authority forms upload. This feature will streamline the authority form process and enhance security for you and your clients. Keep an eye out on the BGL Community for further announcements! In the meantime, please continue to email your authority forms to [email protected].

The BGL Client Experience Team are working closely with the BGL Data Services Team to improve your experience with us. If you have any feedback, please email us at [email protected].

ANZ Authority Forms

We have been experiencing delays in processing ANZ authority forms. The BGL Data Services Team are actively working with ANZ to rectify these problems. To help clients in dealing with these processing delays, we are working with ANZ to provide clients with up to TWO YEARS HISTORICAL DATA!

We sincerely apologise for these delays and appreciate your patience with us.

Bankwest Managed Investments

The Bankwest Cash Management Account product was closed on 31 August 2020. BGL is working to update our systems to reflect this change. For further information, please refer to the BWAMI website.

Please Note: If you have any BWAMI accounts registered with BGL’s Bank Data Service, these accounts will be updated to ‘Account Closed’.

We look forward to sharing more with you soon!