Bank notices
for commercial loan processing

96%

improved accuracy of data entry

50%

reduction in manual labor

$4M+

annual COST-savings

CHALlENGE Overview

In this use case, a top loan service bank needed to process bank notices to approve commercial loans. However, data entry and tedious quality control efforts were required  in order to comply with US regulations established by the Sarbanes-Oxley Act (SOX).

Despite outsourcing the task to a Business Process Outsourcing (BPO) company for an annual service fee of $5 million, processing times were prolonged, causing them to frequently fall behind schedule during peak business hours.

Client

A major commercial bank offering loan services to business customers, digitizing tens of millions of documents, including bank notices

Goal

Streamline the bank notice data extraction process, using less time and resources while achieving higher levels of accuracy.

WHAT WE DID

  • Using SingularityAI, the AYR team was able to construct a data extraction model with exceptionally high accuracy (96% prior to validation) within a mere two days.

 

  • In a benchmark performance test, the AYR team demonstrated the ability to handle a peak business hour volume of 25,000 bank notices with minimal queuing delay, utilizing only 6 GPU cards.

 

  • As a result of this transformation, the process accuracy was elevated, the handling time per loan was reduced, and the bank was equipped with greater customer service capabilities.

IMPACT

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