Webinar: Unlock Document Data Using NLP Systems & No-Code with Goldman Sachs
Navigate Digital Disruption and Foster Innovation with Infosys and Unqork
A recent webinar featuring thought leaders from Eigen Technologies, Goldman Sachs, and Unqork about the power of Natural Language Processing in financial solutions.
Natural Language Processing (NLP) empowers organizations to extract information from documents at scale and with machine efficiency. By combining Eigen Technologies’ state-of-the-art Document AI tool and Unqork’s enterprise no-code platform, companies can automate complex data workflows throughout the organization to reduce costs, optimize efficiencies, and build new customer-facing functionality.
This partnership was the topic of discussion at a recent webinar featuring Unqork’s Christian Lewis (Client Manager, Financial Services), Eigen Technologies’ Dr. Simone Bohnenberger-Rich (Head of Product Portfolio), and Goldman Sachs’ Sarah Shenton (Strategic Venture and Growth Investing) and Brian Steele (Global Head of Digital Transformation).
Defining the Future
“The combination of a best-in-class document digitization tool with no-code empowers developers—including citizen developers—throughout large enterprises to address business challenges,” explained Goldman Sachs’ Sarah Shenton. “There's just an enormous amount of potential. One of the things that is exciting about investing in fintech from the seat of Goldman Sachs is you get to work with companies who are not just building products, but who are building solutions to real problems enterprises are facing.”
Goldman Sachs worked with Unqork to build its Ayco Marketplace, a direct-to-consumer digital marketplace and end-to-end fulfillment platform for advisors and end customers. The application delivers automated compliance, suitability, policy delivery, and operational processes.
Watch the full webinar replay here.
“Ayco is focused on financial planning, tax insurance, and benefits for large corporate clients. We have 15,000 or so corporate clients, which extends us into nearly 1,000,000 different employees,” explained Brian Steele. “We wanted to create a fully digital end-to-end term life insurance marketplace and we turned to Unqork to help us in that journey. We aimed to differentiate ourselves in the market by allowing our clients to interact with term life insurance providers in a marketplace setting and complete the full journey—including procurement—via one seamless digital experience.”
In Eigen Technologies, Goldman Sachs found an ideal partner for scaling the ability to make sense of unstructured data trapped in documents. With Eigen, the firm built machine-driven, human-in-the-loop workflows that have yielded transformative accuracy and scale in high-volume document reviews and analyses. Thanks to its work with Eigen, Goldman Sachs has been able to successfully meet the extreme demands of recent regulatory and compliance exercises.
Trends, Challenges, and Opportunities in Financial Services
These new technologies represent a paradigm shift in potential for the enterprise that weren’t available even 10 years ago. With these new tools, financial services companies of all sizes can transform today’s ascendent trends and challenges into new opportunities for growth.
Citizen Development: A new generation of tools, such as Unqork, are streamlining digital processes and empowering business users to directly take part in the creation process. This means that users can directly translate their business knowledge into digital solutions without necessarily relying on IT.
Self-Service User Experiences: Companies can provide users access to on-demand information and services via various channels.
Banking as a Service (BaaS): Many institutions--not just dedicated vendors--are now able to offer their financial services to other institutions to provide to their customers.
Digitizing Risk Management & Regulatory Reporting: Surfacing the risks and opportunities that lenders must now address to minimize potential losses
COVID-19: Processes that were paper-based or relied on in-person checkpoints in January of 2020 had to be rapidly digitized to support remote functionality.
Manual & Lengthy Processes: Competitive advantages are secured by optimizing processes to be more efficient and provide better services.
Ever-Changing Regulatory Landscape: Companies must remain compliant with an evolving patchwork of oversight.
Difficult Integrations: All custom solutions must securely integrate with legacy systems and third-party services.
“These forces have really led to the partnership between Eigen and Unqork,” explained Unqork’s Christian Lewis. “With these technologies, we are able to rapidly respond to various issues that our clients are facing.”
At a very high level, these two platforms deliver some powerful functionality for the enterprise. Eigen allows you to make sense of your unstructured data at scale. Unqork allows you to rapidly build and effectively maintain in-depth automation flows including the transformation and routing of data.
“We can automatically identify and pull-in specific data from Eigen’s platform and then source those outputs through Unqork,” explained Christian. “For example, you can calculate a risk threshold based on Eigen’s data, and then you can use Unqork’s platform to trigger specific workflows that will notify an action for your team to take or will automate that action entirely.”
Together, enterprises can address several business use cases by building custom enterprise solutions that:
Ingest & analyze documents at scale and organize information to be used by your custom solution.
Present information in a custom UI that can be automatically sorted into individual workflows for each relevant stakeholder. You can also build complex business logic to automatically trigger workflows based on business needs.
Seamlessly integrate with downstream and third-party systems and routes outputs that can be used in a variety of ways.
These powerful new solutions built on these two platforms can deliver key benefits such as:
Accelerated speed-to-market: Go from ideation to production in a matter of weeks, not months.
Streamlined processes: Drive collaboration, enhance end-user experiences, and support growth
Reduced operational risk & cost: Centralize automated controls & reduce data errors to lower risk and lower the total cost of ownership
Increased revenue potential: Capture new markets and optimize your cross- and up-sell opportunities with auto-segmentation.
Real-time integrations: Seamlessly integrate any products with legacy and third-party systems
“They're multiple benefits from this joint value proposition between Unqork and Eigen as we enable clients to transform how they access and use data across the entire business,” explained Dr. Simone Bohnenberger-Rich. “Obviously there are the cost savings that come from automation. But there’s also the ability to drive a new type of decision making that stems from the ability to unlock data that sits in documents that would have been previously too expensive, too cumbersome, or too slow to access.
“That ability allows companies to react much quicker to market developments, understand their customers better, get to market faster, and ultimately drive more revenue.”
“That ability allows companies to react much quicker to market developments, understand their customers better, get to market faster, and ultimately drive more revenue.” — Dr. Simone Bohnenberger-Rich, Eigen Technologies, Head of Product Portfolio
Today, many financial processes are fragmented and overly reliant on manual tasks and checkpoints, which makes data analysis challenging. With Eigen and Unqork, institutions can streamline and surface valuable insights at scale. Here are just some examples of use-cases that can be addressed with Unqork and Eigen:
Streamline the process and automate the extraction of key data points from complex credit agreements, post-process to meet formatting requirements, stage for review, enrich with key reference data, feed into a golden source, release to downstream systems.
Gain LIBOR-related insights from your financial contracts, assess the adequacy of fallback language, triage them according to risk-based criteria, inform management of LIBOR-risk exposure, create action points to deal with impacted parties.
Access New Datasets
For documents that are prohibitively expensive to manually review, aggregate and normalize key data points, cross-reference with existing datasets, identify trends, uncover opportunities to reduce risk or generate revenue.
When you’re ready to see how Unqork and Eigen solutions can be leveraged within your organization, schedule a personalized demo with one of our in-house experts or sign up for the Unqork newsletter to learn more about what’s possible with no-code. If you want more specific information on Eigen’s Document AI platform, you can email the Eigen team at firstname.lastname@example.org, or request a demo on their website here.