The baseline for business
Your data foundation drives actions and decisions that can make or break your business. On top of your data foundation, digital experts can layer in business and process knowledge, data science, AI, and machine learning capabilities to create a scalable, centralized repository of reliable data.
The power of a solid data foundation is evident when looking at how one financial services firm seeks to use artificial intelligence to accelerate credit decisions for commercial customers.
With customers across 35 countries, the firm needed to manage and extract data quickly while adhering to various global regulations, society expectations, and regional conditions in multiple languages.
Processing data across multiple locations and formats is possible by using natural language processing and computational linguistics to establish and manage a data foundation. Here, industry and process expertise are essential to creating a data foundation that handles information from public and private companies sensitively. In addition, prescriptive engines now run the necessary compliance checks.
With smart processes integrated with spreading and credit-scoring tools, the firm was able to automate 80% of financial statement processing, freeing up employees to focus on more strategic credit decisions. As a result, application-to-funding cycle times decreased from eight days to 48 hours, and customer satisfaction improved. And, by developing this AI-powered spreading solution for commercial credit-risk evaluation, the firm was able to improve its on-time credit decisions and compliance, too.