The client was a global investment bank. It had different types of contracts along with a high volume of transactions. The company’s objective was to mainly reduce the process time per contract, achieve cost savings, and eliminate inefficiencies in the system.
The bank had over 50,000 different types of contracts in different formats. With over 3 million contracts to be remediated, the process was highly people-dependent and effort-intensive. What’s more, the average process time per contract varied between 179 and 250 minutes.
Using NextAngles™, we structured the following solution that addressed the customer’s requirements:
• Used artificial intelligence (AI) and natural language processing (NLP) to automate the know your customer (KYC) process
• Retrieved, indexed, and annotated legal agreements and documents
• Automated extraction of key meta fields from legal agreements/documents
Our solution enabled the bank to experience the following benefits:
• Reduced process time by up to 60 percent
• Achieved cost savings of 40–50 percent
• Eliminated errors and inefficiencies
• Built a scalable model