AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES - GLOBAL CASE STUDIES Banking, Financial Services and Insurance Industry
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AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES GLOBAL CASE STUDIES Banking, Financial Services and Insurance Industry
Table of Contents
Introduction 1 Insurance 18
• Automated Data Cleanser 18
Our Brand Promise 3 • Medical Claims Management 19
About TAIGER 20
Our Industry Recognition 3
Our Platform and Services 4
Our Clients: Banking, Financial Services 8
and Insurance Sector
Financial Institutions 9
• Corporate Account Onboarding 9
• SME Loan Application 10
• Legal Documents Automation 11
• Real Estate and Mortgages 12
• Passport and Invoice Extraction 13
• Sanction Screening 14
• FX Trade Settlement Instructions 15
• Retail Bank Digital Onboarding 16
• Corporate Signer 171 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Introduction
Complexity is costly.
How complexity-ready are you?
Organisations face a common problem—their returns are locked by manifold complexity. Though common
knowledge that our future will be automated and augmented with technologies surpassing human
capabilities, we’re simply not there yet. Solutions today still generate low returns on both investments
and customer experiences; development and deployment consume massive resources, integrations are
piecemeal, and inferior automation forces organisations to return to humans to complete challenging,
cognitive work.
INFORMATION COMPLEXITY PROCESS COMPLEXITY MAINTENANCE COMPLEXITY
Data today is getting denser and Your customers are won and lost at the Intelligent automation has a caveat in its
more diverse. It comes in all formats speed of the click. Myriad processes development, delivery and maintenance.
and is fragmented in silos, locking restrict time and velocity to customers, Clunky and expensive IT maintenance of
organisations from knowledge access. and then results. software creates ceilings to scalability.
• Organisations today need systems • Organisations need to digitise to • Organisations need to reduce
that can make data meaningful. streamline customer journeys. maintenance cost and downtime to
reuse solutions with scale.2 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES TAIGER automates complex cognitive tasks that unlocks ‘better’ TAIGER is a visionary Artificial Intelligence (AI) company pioneering next-generation AI solutions with a dream to free the human intellect. We automate mission-critical and cognitive processes by using Semantic and Natural Language Processing (NLP) technologies that exploit the meaning of highly unstructured information with ease, accuracy and versatility. Our solutions help enterprises unlock value, unlock returns, and unlock ‘better’. Unlock ‘better’, to free the human MISSION TAIGER’s mission is “To free the human intellect to accomplish more, by giving them the ability to work and live their way.” The dream is to harness real intelligence in AI to augment the human mind—even for the most cognitive workflows, so businesses can unlock their version of ‘better’. Think better productivity, richer data-backed insights, stronger organisational resilience, deeper customer engagement, and unprecedented growth. Each organisation has their own definitions of ‘better’; TAIGER is here to help unlock it for you.
3 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Our Brand Promise
COMMITTED PARTNERSHIP EXPONENTIAL PROCESS EFFICIENCY
We listen to challenges, collaborate on solutions, and take Our results-driven AI significantly reduce operating costs versus
the lead in discovering new possibilities—not just based on traditional approaches, making processes more streamlined to
contractual KPI guarantees, but as a commitment to our drive growth.
brand mission.
PROVEN AND SCALABLE DEPLOYMENT PEACE OF MIND DELIVERY
We have successfully delivered large scale deployments Our award-winning technology is delivered by a dedicated
on cloud and on premise with enterprises and government global team of specialists for end-to-end deployment on client’s
agencies, and are ready to scale even further. premise or external
Our Industry Recognition
AWARDS AND ACCOLADES
TAIGER is recognized as an IDC innovator in 2019, a Gartner Cool Vendor in 2017 and many more. We are
named in Gartner Hype Cycles for Natural Language Technologies and Emerging Technologies for 2020,
and exclusively featured as an exemplary model for AI Ethics and Governance by AI Singapore alongside
tech giants, Google and Microsoft. We are fully accredited by Singapore’s Infocomm Media Development
Authority since 2019. Our world-class solutions have won and been shortlisted multiple awards, with recent
ones including:
• FinTech Abu Dhabi Innovation Challenge 2020, with • South Summit 2020, finalist
Anglo-Gulf Trade Bank (Omnitive Extract) • Govtechlab Madrid Bootcamp 2020, finalist
• SwissCham Singapore Digital Transformation Award 2020, • Efma-Capgemini Financial NewTech Watchlist 2020, top
for Process Digitalisation (Omnitive Studio) 100
• World Smart City Awards 2020, finalist (Omnitive • Efma-Accenture Banking Innovation of the Month award
Converse) July 2019, (Omnitive Extract for Santander)
• Microsoft ScaleUp Graduation Prize 2020
• Intelak Accelerator Programme, Cohort 4 finalist (Omnitive
Converse)4 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
What does ‘better’
look like for you?
Our suite of products is housed under the Omnitive family, a name that pays homage to our technology.
‘Omniscience’ refers to the capacity to know everything, while cognitive hails from the true human
intelligence harnessed in our AI for higher-order tasks. Altogether, TAIGER’s solutions work synergistically
across front to back office applications and across industries, to help organisations realise their fullest
potentials at scale.
ONE PLATFORM, UNLIMITED POSSIBILITIES
Omnitive is a cognitive automation platform that integrates three symbiotic work improvement levers with
an intelligent and user-centric low to no code approach. Without any IT expertise, line-of-business users
can build industry-ready solutions that run various modular cognitive tools with a strong network effect to
scale your business.
COGNITIVE AUTOMATION PLATFORM
Build with ease Run with synergy Scale for growth
Hassle-proof automation development Run and control complex business Multiply your returns to scale
with the easiest automation platform process automation from your back to with marketplace ecosystems of
designed for any non-technical user to front office in a centralised platform, automation solutions and plug-ins to the
build intelligent AI solutions. underpinned by leading edge AI and most popular editing tools you use.
NLP to synergistically run cognitve
applications
Create and train baselines with Omnitive ‘Drag and connect’ different Omnitive Share, source and use pre-packaged
Studio to automate specialised workflows, modules to build and run pre-packaged solutions with third-party marketplaces
for any industry and in any language. applications as workflow solutions. and plug-ins.5 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Unlock growth with
Omnitive Studio
Omnitive Studio frees line-of-business users from the complexities of automation
delivery. It enables users to independently build and train intelligent production-
ready baseline models, using as little as 10-20 samples and 5-20 minutes. Without
any AI expertise at all, Omnitive Studio unlock the limits of AI for boundless potential
to grow businesses into market-leading competitors.
Record speed and ease to Scalable across domains White box approach for full High out-of-the-box
deploy baseline models and industries IT security compliance performance
Unlock hyper-efficiency with
Omnitive Extract
Omnitive Extract makes cognitive and repetitive document processing simple.
It automatically identifies, extracts, cleanses, validates and stores key pieces of
information from any kind of document with a record >85% accuracy* and a proven
>90% reduction in processing time.
High accuracy in Improved efficiency and Lower error Language
structured and unstructured cost savings and risk Agnostic
document processing6 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Unlock answers with
Omnitive Search
Omnitive Search unearths siloed data to get real answers that connect the dots
across whole of organisations. The semantic search engine goes beyond mere
keywords, and understands users’ complex queries, relates content, expands
searches and recovers corresponding documents more efficiently and precisely.
Precise access to any type Ease of maintenance Scalable on cloud Powerful
of content and related content through auto-tagging or on premise multi-domain access
Unlock connection with
Omnitive Converse
Omnitive Converse is a humanistic virtual assistant that connects business to
businesses to customers. It understands complex user queries, and informs,
recommends and transacts, with a record >80%* deflection rate.
Reduce customer Increases customer Support multi- Easy to scale
service costs satisfaction tenancy and maintain7 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Unlock intuition with
Omnitive Recommend
Omnitive Recommend is a personalisation engine that offers timely and precise
information discovery for organisations that want to anticipate customer demands
and realise organizational productivity. It helps organisations stay one step ahead, by
intuitively sensing what its users need, think and feel.
Recommendation robustness Enhanced recommendation Plugable analytics Personalise customer
through auto-tagging accuracy with modules and learning journeys
comprehensive filters
Unlock scalability with
Omnitive Marketplace
Omnitive’s radical business model combines two scalability levers to make intelligent
automation exponentially easily accessible. Commercialise and purchase corporate
automation solutions directly on third party marketplaces from leaders players
including Microsoft Azure, Google, and Amazon Web Services. Further automate
processes at the source with plug-ins to the most popular text editing tools and email
clients that make available the relevant baselines through simple downloads.8 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES Our Clients BANKING, FINANCIAL SERVICES AND INSURANCE SECTOR Companies in the banking, financial services and insurance (BFSI) sector are the key drivers of thriving economies. Robust digital infrastructures are crucial in optimising business operations, extracting data-powered insights, delighting customers and more to support fast-track economies with one-stop solutions. As industries collectively move towards digital, BFSI organisations have emerged as the agile pioneers of advanced technology transformations to evolve financial services for stakeholders across markets. Leading organisations around the world have implemented and transformed with TAIGER’s AI solutions to enhance information processing and drive productivity for unlocked growth. In this brochure you will find excerpts of our success stories from the finance industry. AIA Banco Santander Bank Okritie Financial Corporation Citibank Manulife Monetary Authority of Singapore Oversea-Chinese Banking Corporation (OCBC) Simply5 Standard Chartered Bank
9 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Corporate
Account Onboarding
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client, one of the largest banks in Latin America, receives hundreds of thousands
Corporate Banking
of applications each year for opening new corporate accounts. For each new
customer, the bank would manually examine over 10 different types of physical and
digital documents, including highly complex legal paperwork. Onboarding officers
CUSTOMER BASE
would then identify and enter information manually to core internal systems. In total,
102 million globally processing each application would take multiple days.
LOCATION
SOLUTION
Spain
TAIGER created a solution embedded with highly specialized, domainspecific
TYPES OF INFORMATION intelligence to automate the information extraction and validation for all relevant
• Passports documents, allowing the bank to minimize human intervention and reduce
operational delays.
• ID cards (INE, IFE)
• Tax IDs
• Electricity bills RESULTS
• Telephone bills
• Mobile bills After implementation, system performance is at 90% accuracy with an
• Bank account statements average processing time of less than two minutes for an onboarding cycle.
The bank was able to reduce time and cost by 80% while significantly
increasing onboarding volume.
SOLUTION
PERFORMANCE
90% 90% 80%
Reduction in total Accuracy with an average Reduction in costs while
processing time processing time of less increasing onboarding
than two minutes volume10 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
SME Loan
Application
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client, one of the largest banks in Europe, receives hundreds of thousands of
Corporate Banking
documents for new SME loan applications each year. The bank would manually review
and extract key information from seven different document types for each credit
application, which would take over one week on average to complete.
CUSTOMER BASE
102 million globally
SOLUTION
LOCATION
Spain TAIGER built a digital solution that helped automate the extraction of key information
for all new applications, and integrated with internal and external data sources to help
consolidate all information required to approve or reject a loan.
TYPES OF INFORMATION
• Passports
• ID cards (INE, IFE)
• Tax IDs RESULTS
• Electricity bills
• Telephone bills The bank was able to reduce total processing time by 90% and costs by 80% as a result
• Mobile bills of working with TAIGER. The system is performing at an automation level of 90%, and
• Bank account statements the time taken to process each document is on average 10 seconds per page
SOLUTION
PERFORMANCE
90% 90% 80%
Reduction in total Automation level at11 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Legal Documents
Automation
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client, one of the largest banks in the world, receives millions of new legal
Corporate Banking
documents each year and had spent on average over €14 million annually to hire
teams of lawyers and paralegals to manually read and extract information from these
documents. This process was highly inconsistent and error-prone, and sensitive
CUSTOMER BASE
documents often had to be reviewed multiple times.
102 million globally
SOLUTION
LOCATION
Spain TAIGER’s solutions were able to understand highly complex legal and regulatory
concepts in order to automate the extraction of these documents. The system was also
able to create a much more compliance-friendly workflow in which an alert system
TYPES OF INFORMATION would catch errors.
• General powers of attorney
• Limited powers of attorney
• Durable powers of attorney RESULTS
• Memorandums of association
The bank was able to reduce total processing time by 75% and outsourcing costs by
SOLUTION 50% using TAIGER solutions, which is performing at an unparalleled accuracy rate
of 98%.
PERFORMANCE
75% 98% 50%
Reduction in total Accuracy level at12 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Real Estate
and Mortgages
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client has more than €600 million in real estate and financial assets in its portfolio.
Corporate Banking
Every year the bank reevaluates its holdings by performing due diligence on relevant
documents. The bank historically hired a team of mortgage specialists to manually
review and extract information from these documents, incurring heavy costs
CUSTOMER BASE
and delays.
102 million globally
SOLUTION
LOCATION
Spain TAIGER’s solutions, embedded with highly specialized intelligence of real estate, law,
and mortgages, were able to automate the classification and extraction of all relevant
documents in this process. The bank now is able to conduct regular reviews on
TYPES OF INFORMATION its portfolio.
• Mortgage loan contracts
• Official registry annotations
• Appraisals RESULTS
SOLUTION Through TAIGER, the bank was able to significantly improve operational efficiencies by
reducing back office costs and total processing time by 60%.
PERFORMANCE
60% 60%
Reduction in total Reduction in
processing time total costs13 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Passport and
Invoice Extraction
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client, one of the top 10 largest banks in Russia, has over 100,000 corporate
SME Banking
customers that strongly rely on the financial institution’s business solutions. However,
manual handling of high-volume onboarding documents such as invoices and
passports tied-up resources. It was imperative that the bank identified a document
LOCATION extraction solution that would reduce the systemic cost and inefficiencies .
Russia
SOLUTION
TYPES OF INFORMATION
Omnitive Extract was implemented to support the invoice recognition process,
• Passports achieving over 20,000 successful extractions in the first three months alone. It was
• Invoices for payment also deployed in a passport recognitive system. In both deployments, Omnitive Extract
read, processed and verified unstructured to semi-structured information from varying
formats of invoices and passports, and successfully did so in
SOLUTION Russian language.
RESULTS
Our solution reduced passport processing time by 72%, from 2 minutes to 34 seconds,
yet with greater than 92% accuracy. It also achieved an outstanding 48.8% success rate
in invoice conversion to payment among real users on the invoice processing mobile
application. OMNITIVE EXTRACT’s reception and velocity secured a great revenue
upside for our client, and unlocked further opportunities for intelligent innovation for
their other banking divisions.
PERFORMANCE
72% 48.8% >92%
Reduction in total Successful completion of Extraction
processing time payments, 1.5x higher than Accuracy
the competitor benchmark14 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Sanction
Screening
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client, one of the largest universal banks, was facing rising costs and challenges
Wholesale Banking
in manually processing 18 different types of proof of underlying documents. These
documents make up 86% of the total monthly volume of all documents received in the
financial markets division.
LOCATION
Singapore
SOLUTION
TYPES OF INFORMATION
TAIGER’s solutions automated the classification and extraction of hundreds of data
• Purchase orders points across these documents. This data is then properly formatted and inserted
• Bills of lading directly into core internal systems.
• Invoices
• Letters of credit
• Collection bills RESULTS
• Buyer’s credits
• Sales/purchase agreements The system is performing at 85% accuracy with an averaging processing time
• Master service agreements of 15 seconds per document. As a result, operating costs were reduced by
• Airway bills 70% and time spent was reduced by 50%.
SOLUTION
PERFORMANCE
50% 85% 70%
Reduction in total Accuracy level of 85% with Reduction in
processing time an average processing total costs
time of15 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
FX Trade Settlement
Instructions
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client, one of the ten largest investment banks, receives millions of new FX trade
Global Markets
settlement instructions from clients each year. The bank, having to manually extract
key information from these instructions, was unable to increase client volume while
containing rising costs and reducing numerous processing delays.
LOCATION
Asia-Pacific
SOLUTION
TYPES OF INFORMATION
TAIGER’s solutions automated the extraction of both quantitative and qualitative data
• FX trade settlement points from all variations of FX trade settlement instructions and integrated directly
instructions with trading systems to input the extracted data, allowing the bank to streamline the
entire process and increase its processing volume.
SOLUTION
RESULTS
The bank was able to reduce average processing time from 20 minutes to just 10
seconds per document and total workflow costs by 70%. The system is performing at
90% accuracy.
PERFORMANCE
90% 90% 70%
Reduction in total Accuracy level of 90% with Reduction in
processing time an average processing total costs
time of16 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Retail Bank Digital
Onboarding
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The client, one of the largest retail banks in Asia, had an antiquated client onboarding
Retail Banking
workflow in which clients would fill in hardcopy forms and send scans of documents.
The bank would process forms and documents manually, leading to high costs and long
approval cycles, hurting customer satisfaction.
LOCATION
Asia-Pacific
SOLUTION
TYPES OF INFORMATION
TAIGER implemented a solution suite in which a virtual assistant would ask relevant
• Identification documents questions based on profile data and for the digital upload of relevant documents,
• Proof of address documents which would then be processed by an automated information extraction tool. An
• Proof of salary documents enterprise search solution would then allow the bank officer to quickly review any
similar cases for approval.
• Passports
• ID cards
• Utility bills
• Bank statements
RESULTS
• Mobile statements
• Employment letters The solution suite was able to reduce onboarding times by 92% and total costs by 70%.
The system is performing at 95% accuracy.
• Payslips
SOLUTION
PERFORMANCE
92% 95% 70%
Reduction in total Accuracy level of 95% in Reduction in
processing time system performance total costs17 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Corporate
Signer
FINANCIAL INSTITUTIONS
INDUSTRY
Banking
CHALLENGE
DIVISION
The American bank receives thousands of documents on a regular basis, consisting
Corporate Banking
of multiple formats and varieties. The process of reviewing these documents to
understand and extract the various signers and authorities for each company is long-
drawn and extremely tedious. Extracting the information manually was also prone to
LOCATION error and risk.
USA
SOLUTION
TYPES OF INFORMATION
TAIGER deployed its information extraction tool to automatically read, identify and
• General powers of attorney extract all corporate signers, as well as the authorities granted to them, i.e. whether
• Corporate resolutions they could open bank accounts, or sign for a loan. The extracted information was then
• Delegation of authority directly transferred to a CRM system for account management.
SOLUTION RESULTS
The bank reduced their processing time by 80%, eliminating the reliance on manual
work to check these documents. This resulted in a significantlyquicker on-boarding
time for new corporate clients.
PERFORMANCE
80%
Reduction in total
processing time18 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Automated
Data Cleanser
INSURANCE
INDUSTRY
Insurance
CHALLENGE
DIVISION
The client, one of the largest insurance groups in the world, wanted to simplify its data
Life Operations
cleansing process. It involved manual processing of application forms, passports, and
ID cards. A single client record could take up to 20 minutes to process.
LOCATION
Singapore SOLUTION
TYPES OF INFORMATION TAIGER created an Automated Data Cleanser to streamline and optimize this task. By
extracting and cross-validating information from a variety of document types, TAIGER
• Insurance application forms was able to automatically extract more than 20 data points from policy documents.
• Identification documents
(NRIC, passports)
RESULTS
SOLUTION
TAIGER’s Automated Data Cleanser reduced total processing time by 60% and
performs at 97% accuracy in classification and at greater than 90% in data extraction,
despite the poor quality of image files ranging from 90-200 DPI.
PERFORMANCE
60% 97% 90%
Reduction in total Accuracy level of 97% Reduction in
processing time in classification and total costs
greater than 90% in data
extraction19 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES
Medical Claims
Management
INSURANCE
INDUSTRY
Insurance
CHALLENGE
DIVISION
The client, one of the largest insurance providers in Europe, needed a way to transform
Health Insurance
its claims management and reimbursement processes. A team of specialists would
manually process documents to approve or reject claims. A single claim would take 7
days on average to reimburse.
LOCATION
Europe
SOLUTION
TYPES OF INFORMATION
TAIGER deployed its solution suite in which a virtual assistant would guide customers
• Claims application forms to arrive at the correct policy and help submit documents, accepting uploads even
• Medical invoices/bills from phone cameras. The solution would extract and upload the relevant information
• Doctor’s letters into the claims handling system, which would provide a response and status to the
claim in seconds.
SOLUTION
RESULTS
System performance is at 95% accuracy, leading to a 75% reduction in costs. The
solution successfully reduced total reimbursement time by 95%, with each claim being
well processed within just a few hours on the same day.
PERFORMANCE
95% 95% 75%
Reduction in total Accuracy level of 95% in Reduction in
processing time system performance total costs20 AUTOMATING COMPLEX COGNITIVE TASKS FOR FINANCIAL SERVICES About TAIGER TAIGER was founded in Austria in 2009 by entrepreneur and present CEO, Dr Sinuhe Arroyo. As a textbook case of technology transfer from academia to business, the deep tech start-up began as a semantic technology project in the University of Innsbruck. Today, TAIGER is a global market player in knowledge process optimisation with a strong mission in freeing the human intellect across organisations to unlock ‘better’. It is headquartered in Singapore, with global offices in Dubai, Madrid and Mexico City.
ADDRESS WEBSITE 1 Grange Road, www.taiger.com #07-01 Orchard Building Singapore 239693 @ 2020, TAIGER. All rights reserved. Unauthorized reproduction is strictly prohibited. Information is based on best available resources. Opinions reflect judgement at the time and are subject to change. TAIGER® and Knowledge Worker Automation™ are trademarks of TAIGER®. All other trademarks are the property of their respective companies. For additional information, visit http://www.taiger.com.
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