Revolutionizing the Banking Industry with Artificial Intelligence: A Focus on BNY Mellon's Success Story

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Revolutionizing the Banking Industry with Artificial Intelligence: A Focus on BNY Mellon's Success Story

The Challenge

BNY Mellon faced a cumbersome process of manually creating custodial agreements, involving multiple lawyers, internal approvals, and escalations. The legacy system caused accountability gaps, version control issues, and delays. After finalizing agreements, additional forms had to be compiled, prolonging client onboarding and increasing costs.

The Solution

To streamline their agreement generation process, BNY Mellon partnered with Evisort, an AI company leveraging ML and NLP. Evisort customized its AI tools to review custodial agreements based on internal rules, automating contract creation, coordinating approvals, flagging non-standard language, and aiding decision-making processes. This automation reduced onboarding times and enhanced client experiences.

The Benefit

By implementing Evisort's AI capabilities, BNY Mellon significantly reduced contract creation time, streamlined onboarding processes, and ensured compliance. The automated decision-making process allowed lawyers to focus on strategic tasks rather than manual reviews, ultimately improving client satisfaction and efficiency.

Looking Ahead

BNY Mellon plans to further leverage AI, particularly NLP and ML, to monitor risk exposure, identify nonstandard language, manage compliance, and enhance contract negotiations. By using AI to understand common deviations and educate staff on appropriate responses, the bank aims to improve risk management and operational effectiveness.

Identifying & Understanding the Rewards of AI

AI presents vast opportunities for the financial sector, including better data integration, enhanced customer experiences, operational efficiency, risk management improvements, and increased data security. By harnessing AI technologies, banks can unlock valuable insights, automate tasks, improve client services, and mitigate risks effectively.

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