Bank Authority

Business Problem

A once long-standing, internal manual process existing in BGL's Simple Fund 360 software involved BGL employees manually verifying ~80 thousand bank forms a year. Employees would validate a given form against a specific set of criteria, corresponding to the bank from which the form is originated. Traditionally, if the form fails a criterion, an email communication channel would need to be initiated between the client and the employee, to notify the client on what needs to be rectified on the form. This has always been a tedious process for BGL, as these communications are slow, and draw out the process of something that should be fast and simple.

Solution with BGL SmartDocs AI Studio

BGL has been able to leverage SmartDocs AI Studio across many facets of its workflow. They use it to minimize human intervention and provide instant high-quality results to clients. The recent integration with Smartdocs AI Studio has allowed Simple Fund 360 to circumvent the manual labour involved in this verification process by utilising a custom-built model to achieve automation.

To initiate the workflow, a client would upload a bank authority form against their associated bank account.

Validation Passed

Validation Failed

Coupling the output of a custom-built SmartDocs model with an associated Business Model, the form validation criteria could be realised into a separate micro-service to consume the SmartDocs response and provide BGL clients with instant feedback.

Some notable validation criteria SmartDocs was able to facilitate information for such that the criteria could exist:

• Signatories have signed the form.
• Signature must be handwritten, no electronic signatures are allowed.
• Allow electronic signatures as long as it is in handwritten style.
• Signature dates do not exceed 60 days
• Account details on the authority form match the account it is being uploaded against

The final production model was trained with 2000 files across 12 different banks and yield exceptional recall, precision and accuracy. Allowing the UI to be confident in alerting the client with the predicted issue with the supplied form.

Result

By integrating with SmartDocs, BGL was able to save roughly > $400,000 per year. In addition to the internal time savings achieved, SmartDocs was able to provide external time savings to BGL's clients also. Using SmartDocs, clients were able to be notified instantly of the mistakes on their form, rather than waiting for the next business day for a BGL employee to contact them about that same mistake. Ultimately, SmartDocs helped BGL to lower its costs and create a better user experience for its customers.