Automate increasingly complex financial services processes, from input to actionable data.
To stay competitive, financial institutions need to streamline document- and data-heavy processes without compromising on accuracy or customer service.
The Hyperscience Platform helps speed up document processing, improve the accuracy and timeliness of your decisions, and free up resources to focus on delivering frictionless customer experiences your competition can’t match.
Mortgage Loan Origination
Why does it take an average of 40 days to approve or deny a mortgage application?
Each individual mortgage origination itself requires close to 800 pages worth of documents that arrive in disparate formats with varying levels of quality and completeness. This makes quickly parsing through information, extracting complete and accurate data, and using it to make a timely decision nearly impossible. Too often, existing manual approaches to mortgage processing results in misplaced or incorrect information, overwhelmed employees and systems, and anxious customers left waiting for answers.
Hyperscience reliably and efficiently classifies mortgage application packets, extracts the data and packages it in a format that can be used downstream. Route documents based on your unique business rules (i.e. if page A is missing, route the packet to exception handling system B), using custom code blocks in the enhanced Hyperscience Platform.
Currently, it can take between 20-90 days to onboard a new commercial bank client. The delay in account opening can mean $25,000 of lost revenue.
Account applications and transfer of account (TOA) forms contain valuable information that client services teams need to process on top of due diligence-related onboarding processes like anti-money laundering (AML) and know your customer (KYC). These processes require organizations and their employees to classify and extract large amounts of sensitive customer information from proof of identification documents (such as a passport or driver’s license), proof of address forms (like a utility or rent bill), invoices, and other diverse forms and images.
The Hyperscience Platform can speed the bank onboarding process while mitigating associated cost and risks, helping financial institutions meet regulatory standards without increasing headcount. By switching to automation, a typical commercial bank would see around $100 million in one-time savings from automating onboarding tasks.
Unpredictable influxes of new requests can inundate already overwhelmed employees and systems, extending time-to-decision.
Whether it’s an IRS form or bank statement, account maintenance forms, beneficiary updates, or address changes, extracting and validating sensitive customer information and making that data available to the right systems is key to knowing what to approve and what to deny.
The Hyperscience Platform quickly and accurately parses through the structured, semi-structured and unstructured document formats involved in typical account maintenance requests. Hyperscience can validate customer information against master data and confirm someone is an existing customer or that asset balances and account balances match. Once the required information is extracted, Hyperscience can package and send it to specific teams, operating systems, or systems of record for decision-making.