How automation helped a top U.S. bank cut handling time in half and increase accuracy by 80%.
For years, the bank’s commercial loan booking team had failed to comply with SOX regulations. The loan booking process was highly manual, requiring analysts to key 80+ data fields into a booking system, which made it slow and prone to error, despite rigorous quality controls.
The bank implemented WorkFusion’s Smart Process Automation. Machine learning bots were trained to automatically extract key data fields from several types of unstructured loan documents. A visual audit trail makes the process transparent, enabling checkers to trace back how the bots interpreted the data.
A digital workforce is born. Bots take on the bulk of work upfront by automatically extracting a majority of key data fields. The analyst's role shifts to focus more on the complex loans that couldn't be automated (i.e., exceptions) and performing quality assurance. This transformation enabled the bank to commit fewer errors while also reducing manual handling time per loan document.