At EdgeVerve, we help banks transform at scale while putting the customer first, with the power of AI and Automation. We simplify processes and enable our customers to stay ahead in their business by bringing transformation across operations, data, and applications.
Based on our research and expertise, we have identified a few AI and Automation game-changers to help transform Financial Services organisations with speed and agility:
We have everything you need to help you navigate the future with our AI platform, AI-enabled business applications, and our leading Automation platform, AssistEdge.
68% of Financial Institutions are struggling to derive insights from their documents
It’s no surprise that banks generate massive amounts of data – 90% of data is unstructured and locked in documents. Maintaining customer information is of the utmost importance. Capturing, extracting, classifying, and verifying information in unstructured documents like invoices, documents involved in letter of credit (to facilitate payment between an importer and exporter) and processing, is time-consuming and daunting.
Banks and financial institutions are deploying Intelligent Document Processing solutions that leverage OCR and Machine Learning capabilities to make sense of the voluminous data across varied document formats, enhancing productivity, speed, and precision. From the management of contracts to processing customer information, utilizing AI technologies helps banks gain a competitive advantage.
The Nia DocAI platform automates the end-to-end document processing lifecycle from ingestion to consumption, using AI capabilities such as OCR, Computer Vision, NLP, and Cognitive Search. It provides ease of use, scalability, and out-of-the-box integration features that allow banks to get faster access to actionable data.
Streamline your bank’s back-office operations and reduce turnaround time
Accelerate document processing by digitizing paper-based documents, validating data, and automating document workflows
Make better decisions
Provide insights from data, competitive intelligence, and risk analysis
Improve customer experience
Meet regulatory compliance
Provide contextual search across the enterprise and from externally available data for the right answers
Automated Claims Processing from claims requests of varying complexity, image quality, templates and structures for over 2000+ claims per day
More than 90% accuracy.
Expedited loan processing by digitizing 100K+ documents across a vast loan application database of 25K+ folders in 12 days
Contracts contain crucial information related to a business, including the relationship between organizations, pricing, quality, liability, and compliance. Financial institutions have a mammoth task of unlocking unstructured data from thousands of contracts and documents. Manually performing contract analysis and analyzing historical data from myriad sources in disparate formats is time-consuming, error-prone, and can lead to operational risks.
How can enterprises extract valuable insights from untapped data? How can organizations leverage these insights to transform operations?
This is where a cognitive, AI and ML-based solutions come in. AI-enabled solutions automate the process of reviewing contracts, extracting key contractual obligations, and performing surgical abstraction of key terms and conditions, to protect enterprises from operational risks, revenue leakages, and regulatory compliance.
AI-infused technologies such as NLP and ML can parse through the vast data, extract relevant key terms and clauses, uncovering hidden insights, and identifying issues in contracts to improve compliance and unlock business value. As contracts go digital, financial institutions can bring in smarter contract management by analyzing thousands of contracts with complex patterns, identifying opportunities, and driving value for the organization.
Nia Contracts Analysis is an Enterprise grade AI offering that leverages advanced Machine Learning techniques including Computer Vision, NLP and Deep Learning that enable contextual semantic learning to help customers across industries to derive insights from their contracts and legal documents.
90% Accuracy in clause extraction
10X Productivity Increase in contracts processing
60% Contract cycle time reduction
One of the important objectives for any bank is to improve customer experience and enhance overall operational efficiency. It is easy for any organization to overspend on offering a great customer experience if operational efficiencies are not continuously improved. Customer service helpdesks typically see a significant number of requests being made for repetitive queries. Answering these queries take up a lot of agent time. Freeing up agent time by improving operational efficiencies can lead to more opportunities for improving customer experience and satisfaction. When a service call is received by the support helpdesk team, they must juggle between a number of applications & knowledge sources to get the right information. This leads to inefficiencies, high call handling time, low problem resolution rates and overall dissatisfaction for the customers. To top this all, when SMEs and Team leads working in a bank’s customer service helpdesks leave the organization, it leads to a huge risk of knowledge/information loss.
The need is to deploy tools that will significantly ease the pressure of the helpdesk team and make them ‘super-efficient individuals’ to handle customers’ queries. It should enhance the teams’ productivity and reduce the learning curve to handle the ever changing IT landscapes and processes of banks.
Enable Customer Service and help desk representatives with AssistEdge Engage to make them more productive. AssistEdge Engage combines the rich capabilities of AI and automation to help organizations improve their customer service and individual’s productivity by automating repetitive tasks with a single click when they handle calls or tickets. The platform empowers individuals by offering rich customer context and a 360⁰ customer view in a unified dashboard. AssistEdge Engage easily integrates with a soft phone through CTI integration. As soon as a call is received an auto search is performed and it aggregates data from multiple systems on a unified dashboard. Agents comply with ever changing SOPs using guided help.
Improved agent morale, enhanced customer experience and reduced operational costs
Reduced call volumes and hold times and increased first-call resolution
Provides actionable insights to center managers
Benefit via cross/up sell and ROI in less than three months
Up to 70% reduction in query handling time
20-50% reduction in Avg. handling time
Up to 8% increase in NPS (Net promoter score)
Up to 15% improvement in first-call resolution
Up to 30% reduction in repeat call
As part of HR processes, banking organizations collect new employee details on joining like education, identification, family details and banking information etc. They manually scan and email the details to a centralized repository and a dedicated FTE manually routes emails to HR teams based on different criteria and keys in relevant employee details in the HR system to create employee record. Once that is done, access/authentication needs to be created for the new employee in multiple disparate systems based on the profile. Similarly, when an employee is leaving an organization, whole processes need to be undertaken where a dedicated team manually checks for accuracy of data entered in resignation forms, update reporting change, update relevant checklists and trackers etc. During performance appraisals, managers need to gather information from multiple systems manually along with updating the data in these systems.
The need is to automate manual HR processes like onboarding, leave delegation, staff movements, resignation process and performance appraisals to enhance employee experience through improving employee journeys (joining, moving, leaving), increasing use of self-service and improving learning capability & content with the aim of delivering significant cost reduction in HR operations/services through automation.
AssistEdge RPA’s rich set of technology adapters and strong automation capabilities help in doing an end to end automation of repetitive tasks in processes like extraction, validating and massaging the data, applying business rules, login to applications with specific roles, feeding data into ERP and multiple other systems and performing further tasks in the business process.
Using AssistEdge RPA, automation of repetitive tasks in HR processes like employee onboarding and resignation can be achieved. This helps in significantly improving the process efficiency with automation and making them as touchless as possible.
Reduced manual processing effort
Automation of 100% of the steps involved in creating employee access in the system
Reduction in time spent on performance evaluation
Image quality of employee details improved with pre-processing resulting in higher OCR accuracy
Reduction in effort in employee resignation process from 50+ mins to ~12 mins creating HR time for employee engagement
Increased data consistency across systems
1,000,000+ Person hours saved
$40M+ Savings delivered through automation
300+ FTE Reassigned to more important activities