AI & Digitalization Facilitated Increase in Bank’s Global Trade Revenues by 18%
The Bank’s Challenge
A Global Trade Bank with it's headquarters in New York processes approximately 200-400 Letter of Credit (LC) documents in a month, which requires four levels of checks before the LCs were deemed to be in order. Every LC consists of 30-40 pages (with multiple clauses in different languages), which has to be thoroughly and individually checked before the documents are processed. This results in errors, delays, and, frequently, customer dissatisfaction.
The Clovity Solution
Clovity’s solution for the Global Bank has been created by leveraging an AI-based plug and play framework that ensures an Omni channel data capture through web, mobile, email, fax, and scanner. This is integrated with the customized AI software that screens every document with a high degree of confidence in 100+ languages and brings anomalies or low confidence items to the attention of the Trade Analysts. Every document is centrally archived with data masking tools, ensuring only authorized personnel at the right level have the authority to approve an LC.
The new solution allows the bank to process documents 10x faster, thereby increasing customer satisfaction and helping relationship teams fund the transactions faster and with a higher degree of confidence. The entire process is SWIFT, UPC 600 compliant, and AML compliant with higher processing efficiencies. As a result, the bank can take on additional business from the market with excess capacities. The clients, too, can directly email, scan, or fax documents into the bank and get immediate discrepancy notifications. This has resulted in an 18% increase in Global Trade revenues, and now the bank is implementing the solution across the world.