Banks and financial institutions are producing more unstructured records than ever before. These records are subject to the same record-keeping regulation as traditional paper records, which are unsupported by the current, highly-manual standard for records management. In recent years, inadequate records management has cost individual financial institutions hundreds of millions in regulatory fines stemming from failure to retain or produce upon request key documents and information.
Synechron’s Information Governance & Records Management Accelerator enables clients to automate analysis, classification and retention of unstructured documents against different record-keeping regulations. OCR/NLP is used to populate structured templates from unstructured records, and applies AI to understand the record’s context and automatically assign applicable retention policies. The Accelerator’s Application Programming Interface (API) connectivity and functions such as full audit trails help clients establish a centralized source for transparent records management. Additionally, the Accelerator has the functionality to enable classification, segmentation, search, traceability, metadata tagging and auto-cataloging. Through the portal, clients can analyze records located on premise or in the cloud, individually or in multiples, in real-time or batch mode, for easy validation, analysis, and categorization of documents. The configurable controls allow clients to run fully automated or semi-automated “one-click” validation mode. Additionally, the accelerator creates a full audit trail to provide a fully defensible and transparent records management solution. This workflow, coupled with an intuitive and easy to learn user interface helps relieve the manual effort that has become the norm.