Epiq Bankruptcy Saves 75,000 Hours for Top Five Bank
- Financial Services
Top consumer bank needed to update its records to meet CFPB regulations X and Z, which require banks to provide periodic statements to borrowers.
The bank was wanting to reduce the number of manual employee reviews of court filed documents with automation.
Vertical: Bank and Non Bank / Servicers & Subservicer
Stakeholder: Compliance & Risk, Bankruptcy
Solution: Premium Data
Risk Area: Compliance, Secured Lending, Unsecured Lending
AACER's Premium Data solution automatically identified and lifted the required data fields. The structured data results were electronically returned including field level information from 750,000 court-filed documents.
Our solution saved the bank more than 75,000 hours of senior level resources manual labor and enabled the reallocation of work offshore. CFPB compliance was successfully completed in weeks vs. months.
Additionally, the bank has been able to reuse the electronically stored data for a variety of use-cases, eliminating the manual reopening and review of filed bankruptcy documents.
Provide AACER with a list of cases and the data fields to be lifted from court filed documents.
AACER locates, provisions and extracts the desired data fields from the documents.
AACER delivers Premium Data results to customer.
Customer leverages data for audits, remediations, QA or other requirements.