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Doubling the Contract Review Auditor’s Efficiency at US-Based Asset Manager with Proprietary Text Analytics Framework

Doubling the Contract Review Auditor’s Efficiency at US-Based Asset Manager with Proprietary Text Analytics Framework

The client, a US-based financial services major, wanted to transform the contract review process and improve customer on-boarding and improve compliance.

The client had very ambitious growth plans and was rapidly adding new customers in their Wealth Management category. But the current manual account review process consumes a lot of time (1 Agent reviews 15 Contracts in 5 hours’ time on average) and was leading to
inconsistent and inefficient reviews.

The client realized that it had to automate tedious processes and optimize efficiency of the wealth management contract review using AI/ML techniques. The global financial powerhouse chose to partner with Hexaware to leverage the data and analytics expertise of our Decision Sciences Lab, and we didn’t disappoint.

Key Features Defining our Approach:

  • Decision Sciences lab’s Text Analytics Framework deployed to create domain taxonomies for 20 key topics
  • Solution libraries referenced to build AI/ML model with NLP
  • Automated the answer extraction against checklist answers with 93 % accuracy
  • Validated with the users to make 30+ Account reviews per day per auditor

Business Benefits

  • 50% reduction in time consumption for review process lead to 100% increase in the number
    of accounts to be reviewed in the same time frame
  • Improved efficiencies & accuracy in identifying document characteristics
  • Increased productivity of account reviews

To know more about how we automated the cumbersome Wealth Management contract review process for the client, read the case study now.

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