Artificial intelligence (AI) has become a must-have in the finance sector due to its enhanced ability to reduce fraud, improve marketing and decision-making, enhance underwriting, and perfect customer servicing. Modern technologies have indeed impacted the way we conduct business these days. Several big monetary institutions are performing monotonous tasks with AI and machine learning applications and have progressed tremendously. Our client is one of the most successful MNC investing banking and financial services companies in the US, with over 100k employees, serving N number of customers. HData Systems created automated solutions using AI and ML in their document review process to reduce the billable hours and save their customers lots of money.
Our client’s MNC company has a firm commitment to increasing operational efficiency, reducing costs, and enhancing customer experience. To keep their commitment intact, they approached HData Systems to create a system to eliminate mundane, time-taking, and erroneous tasks by implementing advanced technologies such as machine learning. Adopting machine learning to incorporate ease in the document review process would indeed increase the firm’s efficiency and deliver cost-effective services and a seamless experience to the client.
Using machine learning technology, we successfully managed to provide our client ease in handling mundane tasks that include interpreting loan agreements.
Our team used the Contract intelligence (COiN) platform to reduce human involvement post-deployment as required by our client.
The bank uses a COiN program run on unsupervised machine learning tech to automate the document review process, powered by a new private cloud network.
With the help of image recognition techniques, the software can compare and differentiate between different agreements.
Moreover, it should be noted that COiN saves tons of human hours due to the world-class technology it’s built with.
Determining which type of machine learning would work the best for our client’s requirements to create automotive document review process solutions.
Our experts did a lot of brainstorming and profound research to conclude that the COiN platform, an unsupervised machine learning type, would solve all their problems.
After implementing the solutions, we observed and drew some conclusions based on the outcomes. And we can finally say that the firm made massive progress after incorporating COiN to automate its document review process.
Our client’s company succeeded in cutting down costs by 10% in only 6 months, enhancing their operational efficiency, and delivering a phenomenal customer experience.
They were able to reduce the costs significantly by reducing labor hours and making fewer human errors.