This top 10 US bank is a Fortune 500 company with more than 300B in managed assets. Their retail banking operation issues credit to more than 12M customers and SMBs while their list of corporate banking clients spans two thirds of the Fortune 500.
We cut bait fairly quickly on the legacy document automation approach and spent several years looking at a variety of technologies as the technical capability continued to mature.
-VP of AI and Automation
In 2017 the bank formed a centralized team to lead AI and automation efforts across the company but it quickly became apparent that no single technology could address all of their requirements. One solution might work for invoices, and another might for lease agreements. However, there was no single solution that could handle all their unstructured use cases.
This bank needed something that could meet strict regulatory requirements and worked across use cases, without making their AI and Analytics teams a bottleneck. After evaluating a dozen vendors and experimenting with RPA, virtual assistants, intelligent document processing, and more, they settled on the Indico Unstructured Data Platform as their de facto standard for unstructured use cases.
This bank now applies Indico’s platform across business units to process lockboxes, invoices, mortgages, lease agreements, and commercial debt. This bank’s automation journey is just beginning and they’re already seeing process accelerations of 85%.