Eliminating 95% of manual steps in archiving 20k daily trade documentation

A national bank eliminates 95% of manual steps in archiving 20k daily trade documentation

Company background

A leading financial institution, serving millions of customers, including individuals, small businesses, and large corporations, offers a wide range of banking, investing, asset management, and other financial and risk management products and services. As a financial giant, this bank operates in a highly regulated environment, necessitating stringent compliance with various regulations such as the Sarbanes-Oxley Act (SOX) and Securities and Exchange Commission (SEC) rules.

Challenges and risks

The bank faced significant operational challenges and risks due to its reliance on manual document processing. Key issues included:

• Process Inefficiencies: Manual handling of documents led to time-consuming and error-prone processes. Complex tasks like document compilation were performed manually, creating bottlenecks and slowing down operations.
• Cost Inefficiencies: The inefficiencies in document processing translated to higher operational costs. The growing backlog of documents necessitated increased staffing and IT resources, driving up the overhead budget.
• Compliance Risks: The inability to timely render all trade transaction documentation meant failing to meet service level agreements (SLAs), putting the bank at risk of non-compliance with regulatory requirements. Inconsistent archival practices and an increasing archival backlog exposed the organization to potential violations of SOX and SEC regulations.
• Volume Limitations: The bank needed to process 20,000 documents per day, but volume limitations hindered this capability. The manual processes were simply not scalable to meet this demand.

The Adlib solution

The bank implemented Adlib's advanced document transformation and workflow automation solution to eliminate manual steps required to convert and archive 20k of daily trade and transaction-related documents. This solution was designed to streamline document processing, enhance compliance, and reduce operational costs.

Key features and benefits

1. Elimination of Manual Steps: Adlib's solution automated the majority of the manual tasks involved in document processing. This led to a 95% reduction in manual steps, significantly speeding up the archiving process and reducing the likelihood of human error.
2. Compliance Assurance: The automated system ensured that all trade transaction documentation was rendered in a timely manner, helping the bank meet its SLAs. The solution also provided consistent archival practices, reducing the risk of non-compliance with SOX and SEC regulations.
3. Cost Reduction: By automating document processing, the bank was able to lower operational costs. The need for additional staff to handle the document backlog was eliminated, and IT expenses for server infrastructure were reduced due to a decreased storage and server footprint.
4. Enhanced Efficiency for Knowledge Workers: Employees benefited from spending less time on low-value tasks such as document handling. This allowed them to focus on higher-value activities, improving overall productivity and job satisfaction.
5. Seamless Integration: Adlib's solution integrated easily with the bank's existing document input and content management systems, ensuring a smooth transition and minimal disruption to ongoing operations.