How a Leading Fintech Company Overcame All Contract Challenges

Wipro HOLMES™ Contract Intelligence solution helped the Europe-based company achieve 45% increase in FTE productivity and faster turnaround time for document processing, review and analysis

Client Background

Client: Europe-based financial technology company

Industry: Fintech

Area of Operations: Global

Products/Services: Financial software and risk solutions

Number of Employees: Over 17,000

Challenge

The client had over 700,000 legacy contracts signed with several organizations. The contracts were in varying formats, multiple languages, and metadata extraction was a manual activity. About 20% contract documents were in languages other than English. Disjointed legacy systems and processes had led to data duplication of around 10% contract documents.

Key requirements:

Migrate more than 700,000 contract documents and metadata from over 40,000 customers
Digitize about 16.5% documents not readable via optical character reader
Enhanced refining and metadata extraction for 20,000 documents of 200 key customers

The need was to migrate the legacy documents present in the old CRM solutions to the contract management platform SpringCM.

Solution

Wipro leveraged its HOLMES™ Contract Intelligence solution to power the migration to the new contract management platform and meet all customer requirements. This solution is empowered with metadata extraction, contextualization, natural language processing, and inbuilt annotation studio. It has the ability to process both structured and unstructured documents with varying complexities and export data downstream.

Machine Learning Operations provided the key competencies to annotate dataset, train models, and govern and monitor deployments.

Business Impact

Wipro helped the fintech company successfully migrate its legacy documents to SpringCM. This resulted in enhanced business decisions, process improvements and smart operations.

Faster turnaround time for document processing, review and analysis, and FTE productivity up by 45%
40% cost savings due to effort reduction in the rework for rules failure
More than 17,000 person hours saved / 18 FTE reductions by bringing in AI/ML solution

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How a Leading Fintech Company Overcame All Contract Challenges

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