Success Story Roundup: Digital Transformation in Financial Services

A group of retail banking executives surveyed by Deloitte estimated that, by 2019, banks will need to make half of all sales using digital capability. However, “Only 46 percent of the executives agree or strongly agree that their firms are adequately preparing for digital disruption,” Forbes contributor Gil Press cautions.

So, what’s keeping financial services companies from reaching the “digital promised land?” In our opinion, adopting a quasi-digital approach—some paper-intensive processes and some digital processes—leaves many enterprises struggling to maintain the transparency and agility needed to achieve market leadership and digital transformation in financial services.

To truly transform their operations and catch the tailwind into a brighter, all-digital future, financial services organizations must bring all-digital processes to every facet of document management.

Keep reading to learn how leading financial services companies are achieving their digital transformation goals by enriching their critical data and documents.

Addressing PII Risk & Identifying the Real Data Challenges Behind It

For one of America's largest mortgage-related financial services organizations, critical and sensitive customer information was trapped in vast volumes of paper-based content. In an attempt to standardize this documentation, the organization completed a full-scale digitization initiative.

While digitizing its paper-based documents was a logical first step, the company still possessed an overwhelming amount of digital documentation that wasn't searchable or secure. It was crucial for the organization to identify, standardize, classify and protect their critical data and documents, so they turned to Adlib.

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Reducing Customer Turnover & Accelerating Report Generation Through Automation

When financial services companies rely on manual and paper-based document-management processes, knowledge workers are often pulled away from more critical tasks. For one of Adlib’s leading financial services customers, it took 13 different systems, 10 people, and approximately 20 days to compile reports on money manager products.

Additionally, these reports (and the source data) lacked the searchability required to satisfy strict compliance requirements. After adopting Adlib, the organization drastically reduced customer turnover, and now generates ISO-friendly reports in three days versus 20.

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Global Investment Bank Manages $3.3 Trillion of Credit Risk with Adlib’s OCR & Extraction Software

To meet Dodd-Frank compliance regulations and successfully manage $3.3 trillion in credit risk, an international investment bank needed to gain greater insight into the key data points within its international derivative swap (ISDA) contracts.

However, the company’s manual processes prevented them from confidently identifying and managing these risks. Additionally, the associated manual workflows were slow, expensive, and full of human error—costing the company millions in outsourcing costs. In search of a more comprehensive solution, the company turned to Adlib.

Adlib helped this organization manage risk and recoup $750,000 in outsourcing costs by leveraging Enterprise Optical Character Recognition (OCR) and intelligent, rules-based processes.

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Banking Institution Wins Back Customers by Automating Document Conversion Processes

In the banking business, many enterprises struggle to keep up with the vast volume of incoming and outgoing documentation that flows through their organization on a day-to-day basis. For one such organization, the inability to quickly and accurately process new client documents led to declining customer confidence.