AI and automation of document review in banks

Introduction

Banking institutions are complex organizations that handle extraordinary volumes of information and documentation on a daily basis. From credit applications, account openings, and trust transactions to regulatory compliance procedures, each client generates multiple documents that must be reviewed, validated, and archived.

Traditionally, this process has been executed manually, with teams of analysts and managers dedicated to document review, classification, and storage.

Considering a medium-to-large bank, thousands of documents may be processed daily, including:

• Governmental identification and proof of address.
• Internal contracts and forms.
• Legal and financial documents associated with loans, investments, and trusts.
• Historical archives and transactional records.

This manual approach, although reliable, consumes significant time and resources and increases the likelihood of human error. In fact, according to a study conducted by labor experts at Glean.com, employees spend 25% of their working hours a week just manually searching for documents.

For a loan application, for example, a complete document review can take between 3 and 7 business days, depending on the complexity and amount of information.

These delays directly impact the customer experience, the bank's operational efficiency, and its ability to compete in an increasingly digital market.
 

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