Document extraction at Banco Santander Spain
Revolutionising Financial Corporations: Document Extraction for SME banking
Our client is Banco Santander, the Eurozone’s largest commercial and retail bank by market capitalisation, serving over 145 million customers over 13,000 branches across the globe. With the purpose of helping people and businesses prosper, Santander was keen to empower companies through the provision of first-rate financial solutions. Yet, Santander was manually processing hundreds of thousands of legal documents that not only took a team of paralegals, administrators, and support staff to extract key data points, but also hindered their provision of leading-edge customer service.
Santander deployed Omnitive Extract in its Spanish market to read, process and verify two onboarding documents: powers of attorney and articles of association. These complex documents contained approximately 50-pages of unstructured to semi-structured information and domain-specific technical knowledge.
After deployment, Omnitive Extract’s overall extraction accuracy for Spanish Business Constitutions—i.e. highly detailed and unstructured legal documents that regulate the activities of each company—was at an outstanding 98.33%.
Our solution reduced the time taken for onboarding new customers from an average of 3 days to just 15 minutes, yet with an overall accuracy of 90%. Digital onboarding also reduced costs by 80%, translating to an annual cost reduction of millions of euros. Omnitive Extract’s further solidified Santander’s leadership as a top-performing global bank, and ushered in new opportunities for greater intelligent innovation.
For reaching the milestone of bringing the first 100% digital onboarding solution for non-customer SMEs, Santander won Efma-Accenture’s Banking Innovation of the Month award for July 2019. At the same time, TAIGER was named an IDC Innovator in the report, Artificial Intelligence–Powered Automation Solution Providers in Asia/Pacific 2019.
In our Santander case study, we will cover the following:
- Challenges faced by Santander and its SME division
- Document extraction workflow and features
- Results, value proposition and impact on Santander
- Industry recognition for Santander and TAIGER
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