Figure 2: The agentic AI layer across existing infrastructure
Rather than replacing existing systems, an agentic AI layer sits across them, drawing from legacy platforms, data warehouses, documents, and external sources. Specialized agents extract, check, compare, and route within a shared structure that maintains workflow orchestration, decision support, and human control points throughout. Expand image
The next section applies this model to three functional areas: client and investor KYC, investment management onboarding, and depositary oversight. Each area involves multiple steps and handoffs, often with limited shared context across the process.
Multi-agent systems applied to operational processes
1. Client and investor KYC
In asset servicing, client and investor KYC involves several distinct steps: teams gather documentation, extract relevant data, identify missing information, check alignment with policy and regulatory requirements, and coordinate follow-up. In most operating models, different people or systems handle these steps separately, which limits visibility across the full case. A multi-agent approach can add value by allowing agents to pass context forward, from document intake to case resolution, so that each stage builds on the previous one rather than starting fresh at every handoff.
This approach accelerates onboarding, promotes more consistent treatment across cases, and strengthens process control. Reviewers continue to validate exceptions, approve risk-sensitive decisions, and handle complex cases, while the workflow systematically coordinates the steps leading to those decisions.
When transfer agents, management companies, and depositaries perform the same tasks across several services within one financial institution, a coordinated workflow can consolidate duplicate processes into a single run while preserving each entity’s regulatory responsibilities.
The broader direction is consistent with developments across the industry. In its 2026 partnership announcement with Mistral AI, BNP Paribas identified KYC in retail banking as a priority area for generative AI1, specifically targeting the automation of lower-value tasks and improved workflow orchestration, while preserving specialist validation within strict security and compliance boundaries. While the example comes from retail banking, the underlying logic is relevant to asset servicing: automate routine steps, improve coordination, and keep specialist review where risk is highest.
2. Investment management onboarding
Fund onboarding ranks among the most document-intensive processes in asset servicing. Teams collect fund documentation, extract key information, validate disclosures, assess regulatory alignment, and prepare materials for downstream use. These activities typically span multiple teams and systems, which conduct manual reviews, reconcile information across sources, and coordinate follow-up in parallel but not always in sync. Delays often stem not from any single task but from the effort required to keep information consistent throughout the process.
Agents can share context across the workflow instead of running each activity independently. One agent extracts key fields and disclosures from source documents. Another compares information across prospectuses, KIIDs, KIDs, marketing documents, and translated versions. A third assesses regulatory and internal alignment. A fourth consolidates findings into a structured output that supports remediation and approval decisions. The workflow still proceeds in stages, but each stage uses the context created by the previous one.
Fenergo Fen-AI for Client Lifecycle Management2 shows how firms can apply AI agents to complex institutional onboarding. The solution uses document intelligence and automated AML screening to support client lifecycle management while maintaining regulatory controls. It can accelerate onboarding timelines and improve consistency across documentation. Human judgment remains central, but teams no longer need to coordinate and compare the documents that support those decisions entirely by hand.
3. Depositary oversight
Depositary teams perform one of asset servicing’s most control-intensive functions. They reconcile data across funds and counterparties, monitor investment compliance and cash flows, review NAVs and transactions, conduct due diligence, and identify and document irregularities. In many operating models, teams draw on multiple data sources, spreadsheets, and separate control processes to investigate exceptions manually and maintain evidence of completed controls. As fund activity grows in volume and complexity, teams need more time to perform oversight and face greater difficulty scaling while maintaining consistent controls and traceability.
Integrated oversight platforms already create value in this area. Platforms such as Depowise bring multiple oversight activities together and use automated data collection, reconciliation, compliance monitoring, exception management, and workflow capabilities to identify discrepancies and direct teams to cases that require attention. These platforms do not change the depositary’s regulatory role. Instead, they bring supporting data, exceptions, and evidence together so teams can focus their review on the cases that matter most.
ING Luxembourg recently deployed the Depowise platform across3 its UCITS and AIF activities, demonstrating how these capabilities can support a more integrated, technology-enabled oversight model.
These capabilities can automate and standardize oversight, identify discrepancies and exceptions faster, strengthen auditability, and reduce manual effort for depositary teams.
Across all three examples, the same pattern emerges: AI capabilities already support many individual steps. A multi-agent approach changes how those steps connect and enables firms to manage more of the coordination systematically rather than manually.