Use cases

How customers are leveraging Applica’s technology to optimize their automation

Situation

A regional US bank runs a mortgage lending process that requires a specialist to review large volumes of paper documentation in order to extract information from property sales contracts.

Problem

Manual extraction of information is slow, error prone, and requires significant human effort. The resulting lengthy turnover time has a negative impact on the customer experience. Existing automation options require too much engineering effort for deployment and maintenance at a small organization.

Solution

Applica RTA was deployed in the cloud and trained to extract required information from property sales contracts, regardless of the layout and wording.

Result

Deployment of Applica RTA saved 80% of the human effort related to extraction of information from the property sales contracts and reduced the time required for mortgage lending decisions by 30%.

Situation

One of the largest Debt Collection Agencies in Europe manually processes more than 200,000 unique legal documents per month.

Problem

Debt collectors typically purchase debt portfolios in batches and the workloads may vary significantly. This is hard to plan for so the agency must remain fully staffed at all times. Additionally, within debt portfolios certain cases must be prioritized to meet regulatory deadlines, while others can be handled within due course. Human errors are particularly costly, which lead to loss of revenues and delays.

Solution

Applica RTA was deployed in an AWS secure cloud. The solution is being used via standard APIs accessed by the customer’s document management system. Maintenance of the solution is performed through interactions with business users running quality control (results of the quality control are fed back to the platform for continuous improvement of the AI models).

Result

The agency automated 90% of what was previously done manually and eliminated 85% of human errors. The document turnover time decreased to less than one second per page and 90 full time employees were reassigned to higher value work.

Situation

A multi-national bank runs a KYC process that requires manual scrutiny of 1,200 complex documents per month.

Problem

The manual process is expensive as is executed by qualified lawyers. It is also time consuming as each document takes 48 hours to process, and fallible as it relies on numerous external factors to work properly.

Solution

Applica RTA was trained with an extremely small number of examples and achieved a 1:1 replacement of human lawyers.

Result

Automation accuracy levels are 98% and the platform learned from the 2% of corner cases for future use. The document turnover time decreased from two days to just five minutes, greatly increasing the bank’s customer service level.

Situation

Many of the world’s largest economies only have until the end of 2021 to implement LIBOR Fallback Contract Language in a wide array of their financial instruments, including commercial loans, syndication, bonds/floating rate debt, securitized products, mortgages, derivatives, and interest rates/swaps.

Problem

Existing contracts must be amended to reference rates other than LIBOR. To do this with human workers would be nearly impossible in the time allotted for full implementation of the new rates. An organization’s existing RPA solution cannot process these documents in a fully automated manner and it would still require significant human intervention and manual effort.

Solution

After an RPA bot retrieving required documents from an archive is implemented, Applica RTA interprets and classifies the reference rates as required. This allows for minimal human interaction throughout the entire process – regardless of file type, language or layout.

Result

Streamlined the process of contracts amendment, which reduced the involvement of qualified counsels by 75%. The faster document turnover time (less than one second per page) enabled the processing of tens of thousands of documents per day.

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