Companies in the Financial Services industry are facing serious demands to deliver exceptional customer experiences while adhering to increasingly rigid regulatory requirements. GDPR, Recovery and Resolution Plans (RRP), Anti Money Laundering (AML) and other regulations are forcing companies – particularly those that pre-date the digital era – to turn huge quantities of unstructured customer documents into high-quality, structured data that can be leveraged for analytics and to meet compliance standards.
The typical challenge is that dealing with unstructured documents is difficult. Working with structured data in databases is easy, but documents are inherently unstructured in the way they are created and managed. This makes identifying value and risk within a set of documents a difficult and costly exercise. Companies are forced to either address the issue through manual intervention or end up doing nothing at all. This is the scenario that one of the UK’s leading Consumer & Retail Banking companies found themselves in - looking for a way to efficiently transform 3.6 million inaccessible client documents into high-quality, useable data to allow them to satisfy regulatory requirements while continuing to provide
excellent client services.
Original customer mortgage letters were created and stored using a soon-to-be decommissioned legacy system and had been generated using AmiPro software, which dated back to the 1990s. However, the newly implemented mortgage processing platform was developed using modern technologies, that were unable to process or even access the legacy documents.
This meant that the bank was unable to leverage 3.6 million business critical documents required to manage customer records, service clients and meet regulatory compliance requirements – all due to an inability to access the information and data in the documents.
The most prevalent problems they faced included:
Though they were working with some of the largest technology companies in the world, the bank quickly learned that none were able to meet their needs. None were able to deliver the technology or expertise necessary to provide them with the access, quality and efficiency that was required to solve the problem.
After thorough evaluations of multiple solutions, the bank selected Adlib as their vendor of choice based on its unique ability to deliver the files in the format and timeframe the customer needed.
The bank was able to convert the old AmiPro (.SAM) documents and deliver them as searchable, high-fidelity PDF documents – enabling staff and regulators to instantly access the content now and in the future without concern for the underlying technology.
Adlib will enable the bank to discover, cleanse and enrich data from multiple lines of business allowing them to leverage high quality information from enterprise documents. This will drive automation and intelligence for Contract Analytics, Customer Onboarding, Regulatory Compliance, RPA Expansion… any process that demands Better Data.