Case Study
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Financial Services
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Bank avoids costly non-compliance fines and mitigates client churn
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Companies in the Financial Services industry are facing serious demands to deliver exceptional customer experiences while adhering to increasingly rigid regulatory requirements. GDPR, Recovery and Resolution Plans (RRP), Anti Money Laundering (AML) and other regulations are forcing companies – particularly those that pre-date the digital era – to turn huge quantities of unstructured customer documents into high-quality, structured data that can be leveraged for analytics and to meet compliance standards.
The typical challenge is that dealing with unstructured documents is difficult. Working with structured data in databases is easy, but documents are inherently unstructured in the way they are created and managed. This makes identifying value and risk within a set of documents a difficult and costly exercise. Companies are forced to either address the issue through manual intervention or end up doing nothing at all. This is the scenario that one of the UK’s leading Consumer & Retail Banking companies found themselves in - looking for a way to efficiently transform 3.6 million inaccessible client documents into high-quality, useable data to allow them to satisfy regulatory requirements while continuing to provide
excellent client services.
Original customer mortgage letters were created and stored using a soon-to-be decommissioned legacy system and had been generated using AmiPro software, which dated back to the 1990s. However, the newly implemented mortgage processing platform was developed using modern technologies, that were unable to process or even access the legacy documents.
This meant that the bank was unable to leverage 3.6 million business critical documents required to manage customer records, service clients and meet regulatory compliance requirements – all due to an inability to access the information and data in the documents.
The most prevalent problems they faced included:
Though they were working with some of the largest technology companies in the world, the bank quickly learned that none were able to meet their needs. None were able to deliver the technology or expertise necessary to provide them with the access, quality and efficiency that was required to solve the problem.
After thorough evaluations of multiple solutions, the bank selected Adlib as their vendor of choice based on its unique ability to deliver the files in the format and timeframe the customer needed.
The bank was able to convert the old AmiPro (.SAM) documents and deliver them as searchable, high-fidelity PDF documents – enabling staff and regulators to instantly access the content now and in the future without concern for the underlying technology.
Adlib will enable the bank to discover, cleanse and enrich data from multiple lines of business allowing them to leverage high quality information from enterprise documents. This will drive automation and intelligence for Contract Analytics, Customer Onboarding, Regulatory Compliance, RPA Expansion… any process that demands Better Data.
Thousands of the world’s largest companies trust Adlib to automate their end-to-end processes when precision, quality, scale, and speed are essential.
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Our engineering teams are constantly creating new schematics and blueprints within AutoCAD or MicroStation which need to be managed and archived. These CAD files would have far too many layers if they were not rendered so they need to be processed through Adlib first. Adlib delivers excellently converted AutoCAD renditions, which is highly important to us. These can be complex images so accurately transferring the detail is critical.
I do view Adlib as being a stronger solution than others.
Adlib is likely the best option on the market today. Adlib does a great job processing huge volumes with strong quality. Adlib is constantly online and processing files nightly 24/7. Our organization can’t really function without Adlib being operational, it is heavily embedded in the work we do.
Many people drop documents in a folder which is monitored by Adlib. Anything that is placed in our vault must first go through Adlib, so they eventually get their hands on basically any document we receive or create.
All the documents we are rendering are signed certificates ensuring that ships have been appropriately inspected. Our documents are relatively large and contain charts, graphs, and drawings. We want these rendered correctly and concisely so each certificate is accurate and professional looking. Adlib helps to add our logos, a watermark, and make the entire certificate look that much more professional. The fact that the renderings are really clean and well-formatted is a key benefit of Adlib.
When we made the decision to change rendering solutions back in 2016, we looked towards 3 separate vendors. Overall, Adlib seemed more mature as a software option.
We process all digital insurance claims through Adlib. The documents for claims can be quite robust, and commonly need to be files from many parties like police reports, fire and safety documents, and images.
I like that Adlib has designed a fairly niche product within the PDF rendering space. It is very good at what it does while remaining accurate and fast.
We initially looked at OpenText, but it didn’t meet our upfront requirements. I would happily give Adlib a positive referral. They deserve a 10 out of 10, as I view them as the strongest option available.
Adlib is integrated with Enovia, our active quality management tool. Every file type is rendered through Adlib as all materials are required to be stored as PDFs. The files we are processing can be a mixture of different things such as product specifications, ingredients, formulas, raw materials used in products, or specifics of packaging.
The majority of the documents we are rendering through Adlib are preclinical study reports, new drug developments, and general clinical documents. Due to how heavily regulated life sciences is, 100% of our documents are required to be transferred to and stored as a PDF. Working with the likes of Adlib keeps us complaint.
Adlib is fully embedded within M-Files. They have paired very well with each other which has kept us happy. When we were selecting Adlib, a key reason we did so was due to Adlib telling us how easily their software partners with other systems.