Case Study: Automating Loan Document Management for a Regional Bank

clerk giving cash money to customer at bank office

Summary:

Many of our clients already have Enterprise Content Management (ECM) systems and other technologies in place. Initially set up and utilized, these systems often require updates due to organizational changes or suboptimal initial configurations. This was precisely the situation for one of our clients. Leveraging our decades of experience and expertise in document taxonomy and automation, our team successfully guided this client through the necessary updates, ultimately automating their loan process to enhance efficiency and minimize errors from manual work.

 


Challenge:

Our client, a regional bank, needed to efficiently index and store hundreds of thousands of historical loan documents into Jack Henry Synergy. Manual indexing was impractical, so they sought an automated solution.


Solution:

To solve this issue, ISW provided Enterprise Content Management (ECM) consulting services to help the client clean up, consolidate, and organize the existing document taxonomy in Synergy. We developed tools to present the current document taxonomy and identified/documented actions required for each document, such as:

– Renaming the document
– Creating a new document type
– Refiling/reindexing the document
– Deleting obsolete document types
– Identifying documents requiring further research
– Determining documents needing no action

The client wanted to apply these changes independently, so ISW provided a detailed, step-by-step document outlining the recommended changes.

Our solution involved building a system using ABBYY FlexiCapture, integrating artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to automate the process of handling loan packages. Key features included:

  • Automatic Document Identification and Splitting: The system identified and split different types of loan documents automatically.
  • Data Extraction: Advanced AI, ML, and NLP algorithms extracted relevant data from loan documents with high accuracy.

 


Outcome:

  • Clear Document Storage: Eliminated confusion about where to store and search for documents.
  • Reduced Manual Effort: Drastically reduced manual effort required for document classification and data extraction.
  • Enhanced Efficiency and Accuracy: Improved overall efficiency and accuracy in handling loan documents.
  • Streamlined Document Taxonomy: Eliminated duplication and centralized storage.
  • Automated Document Handling: Automated identification, splitting, and data extraction from loan documents.

By implementing this automated solution, the client was able to efficiently index and store their historical loan documents into Jack Henry Synergy, significantly reducing manual effort and improving operational efficiency.