Relationship Managers (RMs) can search for customer documents across business silos and repositories, making it easy to get a 360 degree view of the entire relationship.
RMs are able to:
- Answer customer questions in real time during meetings or on the phone, dramatically reducing follow up calls and wasted time.
- Search for existing customer documents across business units eliminating requests for documents already provided.
- With a few clicks capture and onboard client documents sent digitally as attachments to emails.
- Review documents received, determine those not in good order and follow up on required submissions.
Commercial Banking documents tend to be dispersed amongst multiple repositories such as Fiserv Director, Nautilus or FileNet. They may also reside in shared drives or still in paper files that may be considered the system of record.
One-to-many relationships of investors and interdependent collateral in real estate transactions poses its own document indexing and searching challenges in refinancing and modifications.
Annual internal and regulatory audits become challenging and time consuming, because of the need to organize all documents pertaining to a loan along with all the trailing documents and correspondence received over time.
CogniVision provides a easy way to implement a compliant document archival process to provide a complete digital system of record in these scenarios. It also provides an easy way to review and index all incoming documents consistently, or to optionally use a central indexing group.
Commercial banks have realized 80% improvement in productivity compared with other systems used for indexing and archival.
Trust Administration and Wealth Management
Trust and Wealth divisions have a very high percent of semi-structured documents such as wills, tax returns, appraisals, invoices and discretionary payment requests. They often are difficult to manage because they are embedded in emails and correspondence. A typical requirement, for example, is to find beneficiary percentages within a large trust files, or power of attorney imbedded within emails or correspondence within large trust account file with perhaps one to two thousand documents.
Often these conditions have resulted in banks not digitizing their paper files, or extensively indexing digital documents at considerable cost. CogniVision OneView is the perfect solution to these challenges – minimizing indexing costs while enabling the ability to search and find information quickly.
Trust Real Estate and Specialty Assets are other divisions that have similar challenges that can benefit from this solution.
The highly personalized service and infinite funding possibilities in Private Banking pose the ultimate challenge in organizing and managing customer documents with one-to-many relationships.
At any given time, there are numerous work-in-process documents from past and future deals that need to be revisited many times in the process of closing a deal, where creative flexibility and terms matter.
CogniVision provides the ability to search and visually display documents from nested customer relationships and trusts from an archive. It supports navigation between relationships and related documents in an extremely easy and simple manner. In addition, it can support ad-hoc workflows to supplement the more structured workflow of the line-of-business system.
Audit and Regulatory Compliance
With a broad cross-section of internal associates, external auditors, and regulators needing access to loan files, having files in an imaged format enables easy access for all, regardless of the physical location of the individual. This has proved to be invaluable during the Pandemic, as so many pivoted to a remote work environment and would not otherwise be able to complete their work in a timely, efficient manner.
The flexibility of CogniVision allows a specific document to be linked to various files and has enabled banks to perform off-site loan reviews in a timely manner. Isolating only the documents necessary for an audit provides the control and security over the client’s information the banks require.
Regulators, whether FDIC, OCC SEC or other regulatory bodies are increasing examinations and often require them on a continuous basis. Remote access versus onsite audits will remain the norm post Covid. CogniVision allows banks to better prepare for these activities and provides a tool for the auditors to effectively perform their work.
CogniVision’s unique ability to search across documents with multiple keywords and display just the relevant pages within a selected document where keyword of interest is found, enabled Corporate Legal to digitize all its case files with minimal indexing.
CogniVision effectively interacts with an archive such as FileNet which acts as a repository of record for these legal documents.
CogniVision is especially efficient in:
- Litigation Support – reviewing internal documents for exclusions and redactions before disclosures.
- Mergers and Acquisitions – helps locate specific words and clauses in M&A files for review and modification during due diligence.
- Contract Management – helps to quickly find and visualize contracts for analysis and editing throughout the contract lifecycle