Enabling Complete Investment Management Insights for a Major Finance Service Provider

Finance and Banking

Challenge

Working with many paper-based processes and assets, a major financial services provider needed a way to go digital with minimal interruption to business as usual.

Outcome

The solution created helped transition paper-based assets to digital formats, and gives our client insights through previously unavailable information. Through this overview, we enabled new commercial and maintenance-level information, as well as provided our client with asset lifecycle, risk and finance actionable insights.

The Endava approach

A team of Endava engineers developed an application to digitise the paper invoices and add structure to the information. Once scanned, the text is extracted from the documents, through OCR techniques, and then fed through machine learning algorithm, quickly and effectively transferring hand-written notes and contract numbers into a NoSQL database. The application links the information from the invoices to the company’s Contract Management, CRM and Investment Portfolio systems, enabling a 360 degree view of all their assets. For this project, the team worked across 5 different locations in the Netherlands, Romania and U.S. where together with the client, they were able to deliver a POC of 200 hours in 3 weeks time.

Benefits delivered

The solution created gives our client complete investment management insights through previously unavailable information, including data searchability and business intelligence. Through this overview, we enabled new commercial and maintenance level information, as well as provided our client with asset lifecycle, risk and finance actionable insights. This created new business opportunities in asset refurbishing, asset services, releasing, consulting services, fleet management, asset sharing, and cross selling.