Loan & Credit Agreements Data Extraction

Winner of BNY Mellon Connect 20 Challenge for processing loan agreements

Turnkey solution for automating data collection and business processes

Challenges

  1. The wide variety of formats makes the initial data collection process very manual and error-prone.

  2. Event Management and data collection usually work in separate systems in silos. When agreements are amended the lineage of data from original to the amendment is not maintained well, causing processing and regulatory issues.

  3. Audit Risk is high due to weak or non-existent tooling around data extraction. It is really difficult to defend loan data collection processes against regulatory audits.

How will Foreseer help with Agreements?

 

With Foreseer, disparate loan agreement-related information is collected from emails, documents, scans, and other unstructured sources. We track the loan agreement's economic data and associated documents from inception to servicing to termination of the loan.

We have custom events that get triggered for aging of loans, for non-payment related issues, or any other activities that impact the loan processing. You can create your own triggers and actions in our self-service low-code environment.

We can auto-mask the PII data as well as highlight GDPR exposure in provided documents and emails. This helps minimize your compliance and regulatory risk!

Lastly, we maintain analytics and data about the loan documents in a fully searchable archive. This helps in upselling / cross-selling to the loan recipients.

What are the capabilities of the platform that this solution is built on?

  • Foreseer’s proven NLP and AI algorithms to extract semi-structured and unstructured data.

  • Foreseer’s continuous learning capabilities; the more you use it the better it gets in extracting data, especially when there is a similarity in documents like year-over-year or quarter-over-quarter filings.

  • Foreseer’s best-in-market OCR engines to convert scanned documents and images to extractable, machine-readable versions

  • Foreseer’s translation services.

  • Foreseer’s web-based human-in-the-loop platform to review and edit machine-extracted data.

  • Foreseer's source-tagged data output providing 100% transparency to data location.

  • Foreseer’s self-service error check framework to validate data.

Where is my data kept, and where is the software installed?

We can host the environment on your premises or your private cloud to alleviate any privacy or data theft related concerns. We offer managed services on our cloud instances too.

What benefits should I expect to see if I were to use Foreseer?

Get proven benefits that our platform has delivered to Fortune 500 companies.

  • Reduce Loan Processing Cost: With Foreseer’s automated data collection and tracking capabilities, your human cost to service loans will be significantly reduced to about 40% of what it is now.

  • Reduce Errors: With Foreseer, human involvement is minimized and data lineage is always maintained. No more errors, delays, or fines due to mishandled documentation.

  • Reduce PII loss risk: With Foreseer’s platforms checking for leaked PII data at the source, you will be able to minimize regulatory risk and data theft chances before the information makes it to aggregation theft points.