Ownership and Legal Formation / Structure Document Processing

Darryl video preview


It’s useful to understand what the status quo is like for teams right now, right? So this is PEGA. It’s a case management tool that Darryl is integrated with out the box, but we’re going to look at it pre-Darryl.

Your team will come in here, they’ll have an onboarding case, or they’ll have a periodic review case or something like that, where that will be assigned to them. You can see here that it’s assigned to Ellie Olsen and she must enrich data for due diligence. There’s all these different tasks that are in progress that she needs to work through, needs to gather information from, gather information from documents. Then re-key here into this case management tool. All of these different fields information needs to be gotten from somewhere, extracted from that somewhere. So whether it be a document structured or unstructured or semi-structured, and then re-keyed here into the case management tool.

I’m just going to fast forward and imagine that all of that is done and they need to go through each of these and really move forward the case. That was done really quickly, but in reality, this can take days, it can take weeks. What it looks like with Darryl is you’ll come in and instead of it being assigned to Ellie Olsen, it’s assigned to WorkFusion, it’s assigned to Darryl.

You remember the last one, there were lots of in-progress tasks, but now Darryl has been working in the background 24/7, very consistent, and has done the work for your team, so that all of these tasks are complete. And we want to see what Darryl has done. You can go into any of these tasks and click update, and you’ll see that all of that information has already been keyed into the system. The benefit for your team being that they don’t need to do any of that re-keying of information, but they can come into your case management tool and experience the benefit of working with Darryl, because he’s done that work for your team. You know, each of these fields, Darryl has taken the information from a document, digitized that document and sent it to PEGA.

This is the end. We’re at the end of the process where that information has been integrated with your case management tool, but to get here, it’s really useful to see actually how Darryl does it. Let’s show you how he does that. Just to level set, this is a WorkFusion graphical user interface that, depending on how you want to do it, you can have Darryl work here or you can have him work in the case management tool like PEGA, so that your team doesn’t ever need to come here. You can see Darryl has extracted information from your trust agreement, your beneficial ownership doc, and compared it against your system of record, so your team doesn’t have to do it. He’s showing you what information he’s taken out and he’s actually giving you a narrative, an explanation about what’s going on.

You can see here, he’s found the match for the legal entity name in all of the documents. He’s found a match in the beneficial ownership of the legal entity address. He’s able to understand that MT is code for Montana in the US. At the same time, he’s not a hundred percent sure, or at least he’s knocked it back to your team to understand what’s going on with the beneficial owner, Timothy Binder. That the information in your system of record, in PEGA, isn’t the exact same as the information he’s extracted from the document. So you can see Timothy A. Binder in the trust agreement, Timothy Aaron Binder in this document here. And he’s not saying that this is incorrect, but rather, he’s just highlighting the risk to your team so that they can come in here and review it.

With the real benefit being they don’t need to do a lot of the really … amalgamation of the work, but they’re only coming in and getting to review those risky activities. Then your team can say, “Okay, I need to look at the trust agreement. I need to look at the official ownership form to understand that this is the same beneficial owner as we have in the case management tool.”

This is the trust agreement and the benefit, the real benefit that Darryl brings is that he can digitize these really unstructured documents, like a trust agreement, that can run to anywhere from one page, two pages to a hundred pages. He annotates on the document where he’s pulled information from. The trust title, living trust agreement, you can see that it then highlights it on the page. The same with the execution date, highlights it on the page. Or the grantor, Timothy A. Binder, highlighted on the page. And that’s who we’re concerned about here.

Your team can come in, click on where the field has been extracted, the data has been extracted, and it will then be highlighted on the page. Similarly, we want to look at the beneficial ownership form to understand Timothy A. Binder and again, on the right hand side, we can see all the information that Darryl has extracted. So again, your team is just coming in and they’re only reviewing the information that’s been extracted and all of these fields are what the bank wants to extract. Legal entity name again, up here, but we’re concerned about Timothy A. Binder, so we can see the information on him. We have his ID, we have his address, et cetera, et cetera. We can then compare that information against the system of record to understand if they’re the same people. I’ve reviewed Timothy A. Binder. I can now go back to the summary page, look at all of the information, and I’m comfortable with that Timothy Binder is the same as Timothy A. Binder. I click on “done” here and it’ll bring me back to the case management tool.

The real benefit here is that you get to the completion of a customer onboarding task a lot faster. Your team is coming in and they’re reviewing the work that’s been done by Darryl and you’re really doing those risk-led activities or making decisions on those risk-led activities, rather than having to make decisions and extract data for loads of different documents. They’re coming in and they can just review it and get this stage a lot faster. This is one case, and this is how you progress through one case, but what’s really important for WorkFusion and what’s really important for Darryl and all of the customers that Darryl works with is that you have full insight into what he does on a day to day basis.

How we provide comfort, how WorkFusion provides comfort to its customers, how Darryl provides comfort to the teams that he’s working with, is that there’s a pre-built analytics dashboard that you can review the work that’s being done day to day by Darryl. You can really see a breakdown of where he’s performing well and where he’s not performing that well. You can see statistics like this STP. How many documents are going straight through without a human in the loop being brought in? How many documents are being processed? The document types that are being processed and they’re broken down and showing you the differentiation from day to day. You can see here, trust agreements, UBO, that type of thing, the precision that Darryl is doing, the recall. Probably, what’s most important is the average time that Darryl is taking to ingest a document, digitize it, extract all the key data points that the bank wants, and send it to the case management tool at the end is taking 55 seconds.

Whereas if you’ll remember from the case study we had at the start, on average, that was taking seven minutes. That’s seven minutes down to average of 55 seconds, about a 75%–80% reduction. I can’t put into words how transformational effect that can have on a business, on a customer, on your employees.

This is what Darryl shows to your workers or shows your operation leader, so that they can understand what’s going on. On top of that, if there are areas that Darryl isn’t performing that well, it gives actionable intelligence so that your team can help Darryl learn and really go in and show him where he’s not performing that well.

That’s Darryl, start to finish. He’s really transparent. He’s really open. And the effect he can have in the business can be quite transformational.

Learn more about Darryl