AI used to extract financial data from multi-language financial reports

Annual and other financial reports usually are voluminous documents with text, tables, columns, etc… that do not follow any standard format. Extraction of key financial information is typically a manual process which is costly, lengthy and error prone. Infrrd IDP (Intelligent Data capture) Platform uses Optical Character Recognition (OCR), Computer Vision and Artificial Intelligence to … Read more

15 Examples of how Banks and Financial Services Companies are using RPA

Banking & Financial Services companies have been busy automating some of their repetitive front and back office functions using bots. Here is a rundown of few examples of how bots are being used and the results achieved so far. Covid PPP loan processing: Rapid River Bank used bots built in 36 hours to automate the … Read more

A regional Credit Union cuts Invoice processing cost by 50% with automation

A regional Credit Union cuts Invoice processing cost by 50% while reducing processing time from a month to few days using BerkOne platform.  A regional Credit Union cuts Invoice processing cost by 50% while reducing processing time from a month to few days.  A manual paper based flow of receiving, filing, routing, copying and approval … Read more

Bank of Montreal Uses WalkMe To Improve Customer Adoption

Bank of Montreal Financial Group uses Walkme to improve customer adoption of new features of their on-line customer facing application while reducing the number of support requests by 50%.   In an effort to make their on-line customer facing application more readily accepted by customers, Bank of Montreal wanted to make the adoption easy for customers … Read more

Bank deployed 150 RPA bots to automate customer facing processes

Santander Consumer Bank deployed 150 Automation Anywhere bots to automate 4 customer facing processes:  Car loan applications, bank account management, customer service requests and loan payment management were automated. “Before RPA, processing car loans was a manual task. After automation, customers could see the updated balance right away. Customers, wanting to sell their car, could … Read more

Credit Union automated calculation of variable interest rates using RPA

PSCU – Credit Union Services Company automated the calculation of Index Rates for Variable Interest Credit Cards.  PSCU provides services for credit unions that include traditional and digital payments, risk management, analytics, loyalty programs, etc… Every time the Federal Reserve changes interest rates new credit card rates must be calculated for customers using variable rates. … Read more

Credit card fraud investigators use RPA

Credit card fraud investigators at a bank use RPA (Robotic Process Automation) to reduce the average customer handling time by 82%.  The system uses NICE bots and desktop assistants to guide customer service agents with pop-ups on their screens during their conversation with a customer, suggesting the next best action and documenting the process so … Read more

How Ginne Mae is using RPA

ARM (Adjustable Rate Mortgage) calculated and posted to a General Ledger daily by bots created at Ginni Mae. Ginnie Mae (Government National Mortgage Association) is using UiPath Robotic Process Automation (RPA) to calculate daily ARM (Adjustable Rate Mortgage) rates, to perform daily updates of the Ginnie Mae General Ledger and to assist with commitment authority … Read more

Mortgage loan processing automated

Mortgage loan processing automated by KeyBank using intelligent bots from Automation Anywhere. Mortgage loan application processing requires a complex process of data collection and verification. Applicant information along with third party documents such as appraisals and flood certifications, various look-ups and comparisons must be processed. This work is traditionally performed by trained employees. KeyBank with … Read more

Mortgage loan pre-qualification automated using Nividous AI based bots.

Loan pre-qualification involved manual validation of documents submitted by an applicant. Applications were received by email requiring staff to open emails, download attachments and examine forms submitted by a customer. This was a time consuming and error prone process. The Nividous bot monitors incoming emails, opens them, extracts information provided by a loan applicant and … Read more