Having already audited the monitoring of a systemically important German bank with improved processes, we were also commissioned with the exciting project of developing the bank’s first artificial intelligence. This should be based on a system aimed at allocating the bank’s own territories. For this purpose, all manual operations are automated along the system. We work with the latest robotic process automation. The main objective of the project was to create more efficient, error-free and goal-oriented benchmarking using Artificial Intelligence (AI). For this purpose, AI has been developed and integrated into RWC as part of the Bank-wide legal standards monitoring process.
As in the previous project, Spot.consultiung took over all the related processes and advice on this project – from advising on the concept to implementing the solution. Essentially it was project, process and technology consulting that was efficiently implemented and goal oriented, but also elements of organizational consulting. The Test and Change Management System ensures that an effective solution is installed in the corporate structure and that it can also be operated by the users. As a digital consultancy, Spot.consultung attaches special importance to an agile approach. This not only contributes to a successful project, but is also an element of sustainable consulting and corporate development. It is also proven by a comprehensive approach. In this way, not only is the project completed successfully, but the company also benefits from future-oriented work as a partner in the project.
There is hardly any other area where compliance with legal standards should be as important as in the banking sector. This is also affected by the faster growth of these legal provisions. Sifting through, mapping, or determining their importance is a time-consuming and time-consuming process. In order to be able to move forward more efficiently, we are relying on an AI solution. This project increases the efficiency and improvement of the work process that has already been achieved.
The AI module “Smart Tech” can automatically assign relevant standards to business areas, written regulations, products and/or processes, and all this in a matter of seconds. In this way, the bank’s workforce can be used in a targeted manner, while the AI works securely and reliably in the background. The solution is versatile and can handle all related tasks efficiently. For organizational text processing, the artificial intelligence unit uses NLP (Natural Language Processing) and machine learning methods.
Artificial intelligence works in different stages. First, the accumulation of related words or terms is determined, on which the terms that will be searched for the module, previously selected in a group, should focus. These results are collected and aggregated into topics or subject areas.
In the next step, AI establishes a connection between the newly collected topics and areas with the company’s existing data. In this way, it is determined whether the region already exists or should be newly created at the same time.
AI learns customization process decisions from company employees. Their experiences form the basis for the effective and future-oriented work of the new solution. Personalizing topics and identifying keywords supports both decision-making and traceability.
AI simplifies the whole process and so on from the start. In this way, it independently determines the suitability of each criterion without manual verification and the resulting effort. In the next step, the application sorts all the standards and regulations and assigns them to the areas or organizational units of the company. Optionally, these mappings can also be made to specific subject areas thus replacing another manual step.
The high level of ease of use and the immediate increase in efficiency prove the future value of this AI solution. This is because, among other things, complex criteria are compressed into keywords. Regarding the RADAR Regulatory Information Service of the Federal Federation of Public Banks (VÖB), KI is also looking for regulatory sources for new or updated standards, thus ensuring the sustainable improvement of the entire process. Because daily updates of compliance reports support and facilitate long-term regulatory compliance processes.
At RWC, changes to law, guidelines, and standards are managed and assigned to the responsible areas of the bank. The automated task that is now set up, which previously had to be done manually, results in significant time savings. Artificial intelligence constantly learns from the feedback from users about the tasks performed. This ensures that results and sorting are constantly increasing in quality and that they can be more specific to user requirements.
This project is pioneering various methods of effective and prospective data assessment. On the other hand, this solution is the first of its kind and thus claims sovereignty. Because it saves a lot of time and potential cash savings and increases operational efficiency significantly. On the other hand, this solution, as used and presented here, can be used globally and thus also sets the standard for future developments across industries. The ability of AI to learn makes it possible to view, sort, and map all data relevant to a company. Human Resources, Occupational Safety or (as in this case) the Legal Rules Overview is always up to date. The future of information processing is efficient, economical and reliable.
Responsible for this press release:
Spot Consulting GmbH
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Spot Consulting GmbH
Mrs. Lara’s carriages
fon..: 06151 4937910