Banking Financial Services

RAP – Summary of Achievements for 2018

Artificial Intelligence (AI) is disrupting a range of industries from banking to healthcare, with exciting new opportunities. It is a new era, and the stuff of science fiction is becoming fact with driverless cars and AI powered assistants. While AI evokes mixed emotions of fear and awe in people, partly due to Hollywood’s ominous portrayals of AI uprisings, there is in fact much to be excited about and little to fear.

At RAP we develop innovative AI solutions to help our clients unleash their full potential and explore new opportunities. We are proud to present our achievements for the year 2018.

During 2018, we developed four different AI powered solutions for a client that is one of India’s largest mutual fund RTAs (Registrar and Transfer Agents) with regional centers across 1000 locations in their country.

1. Handwriting Recognition Solution

The client struggled with many challenges such as handwritten forms that made automation difficult, as well as innumerable formats and unstructured forms. There was no control over incoming formats and the forms’ print quality affected scan quality. In addition, there was no predictability over the number of forms to be processed daily, ranging from 60,000 to 100,000 forms. Processing this number of forms manually everyday was a time-consuming task.

RAP’s AI powered solution provided automation of form processing through a scalable solution that improved productivity and provided costs savings of 50%. We implemented an AI based handwriting recognition algorithm with a powerful deep learning platform. Cloud based architecture enabled scalability and the platform achieved 95% accuracy on handwriting recognition.

2. Email Automation Solution

Timely responses to customer emails were a problem area for the client. Their turnaround time of over 48 hours detracted from customer experience and satisfaction. This was a major issue for investors and the manual overload impacted productivity.

RAP’s AI powered email automation solution provided the answer to their problems. Built on scalable cloud architecture, it required no manual intervention. This complete automation solution was a 24/7 solution that saved costs, increased customer satisfaction and speeded up turnaround time. RAP was able to achieve 90% FTR and 95% efficiency with 1000 emails per intent, in a highly accelerated time frame of 3 weeks.

3. Check Recognition Solution

Check recognition and validation was another pain point for the client. They had a completely manual process to perform every change of bank account and details request. The entire process from acquiring checks to validation was performed manually.

We developed an AI powered solution that completely automated the recognition and validation of checks, with no manual intervention required. The solution can scan photographs and scanned copies of checks online. It validates account number and IFSC code from every IMPS transaction. It also significantly enhanced customer experience.

4. Form Classification & Field Validation

The client wanted to retrospectively validate the presence of certain type of application forms, and also specific fields within each format to avoid future liability issues. This was necessary for 5 million forms. Manual effort from a 100-member team would have required 12 to 14 months to complete this mammoth task. Needless to say, this would have been a massive productivity loss and huge manual overhead.

We implemented an AI powered form classification and field validation solution. The entire solution was built in three weeks on scalable cloud architecture. It validated 5 million forms in 3 days. This was a unique solution that provided a cost saving of 80% and improved productivity exponentially.

At Rapid Acceleration Partners we have the right mix of strong AI technology skills with consultation and implementation experience. Founded by a team with 60+ years of collective experience in business and technology, we provide rapid deployment of readymade solutions for standard application. We also undertake development of custom solutions.

Our next-gen, AI-powered content intelligence platform RAPFlow in tandem with our RPA solution RAPBot, provides end-to-end workflow automation capabilities that can be deployed in just a week. Please book a demo to explore how RAPFlow and RAPBot can transform your business.

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