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Learn how our Contract Abstraction Services streamlined processes for a banking software development company, optimizing efficiency and boosting overall performance.
INDUSTRY
AI Banking Software Developer Company in New York City, NY.
CHALLENGE
Abstracting a large volume of Loan Agreements for ingestion into an underdeveloped AI document validation tool, aimed at enhancing machine learning capabilities.
The client faced difficulties in managing intricate legal language and diverse structures within a large volume of Loan Agreements, which posed a significant challenge for developers.
Adapting the software to ensure accurate abstraction of information crucial for the LIBOR transition added complexity which required careful consideration of evolving industry standards.
Achieving precise abstraction of critical information such as Entities, Lending/Credit Process, etc., essential for machine learning purposes, demanded meticulous attention to detail and robust validation processes.
ENHANCED EFFICIENCY
LCP streamlined the abstraction process, significantly reducing the time required to precisely extract and highlight entities, loan terms, credit processes, credit fraud detection, and income verification from a large volume of Loan Agreements.
COMPREHENSIVE INSIGHTS
LCP ensured meticulous extraction of information, with specialized LIBOR Transition Module, which also helped in streamlining the Accounts Payable issues through enrichment.
RELIBLE DATA & LOW COST
Through rigorous quality assurance protocols, the client gained confidence in the accuracy of abstracted data, enhancing the effectiveness of machine learning initiatives while realizing substantial cost benefits.
Client Voice: Transformative Experiences with Legal Consulting Pro's Contract Abstraction Solutions
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