A major regional bank uses Aicadium’s NLP-powered document processing to achieve efficiency
Bank guarantee documents undergo 100% manual processing by the wholesale banking arm of a major regional bank. The bank wanted to harness AI to automate this process.
The bank uses Aicadium’s solution, applying NLP (Natural Language Processing) methods on text extracted from the bank guarantee documents, making sense of whether they are beneficiary names, dollar amounts, currencies etc. then auto populating a template.
Moving from a manual process to a largely automated process allows the team to save a significant amount of time (160 min per document), resulting in labour efficiency – freeing their time up for higher-order activities – and being more responsive to clients.