How a Large Financial Services Company is Using LLMs to Rethink Document Management

Learn about Kinetic AI (KAI) for Contract Workflows, Hakkoda’s GenAI-powered document management solution, and how a large financial services company is using it to automate their legal review process.
March 14, 2024
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Consider the case of a multinational financial services company with a catalog of services spanning financial advising, institutional brokerage, and asset management. Fenced in by a growingly complex system of legal and financial regulations on one side and a deep reliance on third party applications on the other, the company’s mission-critical process of document management is growing cumbersome, costly, and difficult to scale. 

Stifled by a lack of innovation, servicing, and attention from these outside vendors, the company has identified the urgent need to bring operations in-house and transform the document management process from the ground up.

Enter KAI for Contract Workflows: an enterprise-ready document management solution, built to integrate with your LLM of choice and with exactly this kind of operational challenge in mind. The idea is simple: to transform documents, resources, and pieces of content into conversational interfaces powered by GenAI. KAI for Contract Workflows is also 100% cloud deployment ready, integrating seamlessly with Snowflake, and is designed to flexibly and reliably scale with your business needs.

In this blog, we will highlight the key features of KAI for document management and walk you through its internal knowledge-sharing, cost-reduction, and customer service benefits. Finally, we will catch up with the multinational financial services company above to see how implementing a new legal review system built on KAI enhanced their compliance with industry regulations, improved their business insights, and reduced review process costs.

Under the Hood: KAI and The Future of Document Management

KAI for Contract Workflows elevates the way businesses engage with their document repositories and archives by using LLM technology to create a conversational interface. This innovative solution brings together documents, resources, and content into a dynamic, interactive hub that enables users to quickly and easily interact with data through natural language queries. By simplifying the retrieval and analysis of information, KAI makes information more accessible across entire organizations and enriches the user experience, setting a new standard for how businesses manage and interact with their vast pools of data.

Key features of Hakkoda’s Kinetic AI for Document Management include: 

  • Bring Your Own LLM: KAI can be seamlessly integrated with a wide array of commercial and custom LLMs, providing a tailored conversational experience. 
  • Hot Swap LLMs: Adapt to changing business needs by switching LLMs on the fly with the solution’s flexible architecture. This feature allows users to avoid vendor lock-in when choosing an LLM model while keeping up with the latest developments in the AI space. 
  • Distinct LLM Routing: KAI even allows different conversations to be routed to separate LLMs within the same environment, ensuring more accurate, specialized responses by topic, department, or archive.
  • Natural Language Querying Against Databases: In addition to streamlined document interaction, the solution can be used for querying databases with natural language. This transforms complex data extraction processes into simple conversational queries that can be used to extract insights in real time.
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Streamlining Internal Knowledge Sharing (While Slashing Costs)

Used internally, KAI empowers organizations to tackle the often cumbersome task of knowledge sharing head-on, providing a seamless, conversational avenue for accessing vital company information across departments and geographies. 

Employees at all levels of an organization can engage with the system using natural language queries, allowing them to pinpoint specific data, from HR policies to detailed technical manuals, without sifting through multiple databases or files. The solution also supports tailored access and functionality by role, allowing organizations to keep sensitive information private and secure.

Instantaneous, natural language-based access to data does more than just save time. It promotes a collaborative environment where information is freely and efficiently exchanged. Just ask Satoru, Hakkoda’s own LLM-powered Slackbot, built to foster and facilitate the same culture of internal knowledge sharing. The result is a noticeable uplift in productivity and a solid foundation for a culture that values informed decision-making and collective intelligence. 

In addition to making it easier to share knowledge throughout an organization, KAI also automates time-consuming manual search processes. This results in significant time saving and cost reduction for an organization, streamlining workflows at every level of a business and allowing resources to be reallocated to focus on strategic initiatives. 

Document Management and the Future of Customer Service

Shifting to the customer-facing side of a business, speed and accuracy are paramount to a company’s ability to deliver customer satisfaction. KAI as a solution for document management acts as a transformative force for customer service by ensuring representatives have rapid access to a comprehensive product, customer, and service information. 

The solution’s conversational interface can also be embedded directly on company websites, providing clients and staff alike with immediate access to your documents and databases. This real-time access facilitates the delivery of accurate, detailed answers to customer queries, elevating the service experience and boosting overall satisfaction. 

These external-facing capabilities are, of course, especially crucial in regulated industries like financial services, where customer satisfaction can be directly linked to the accuracy and efficiency of responses.

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Customer Success: Building a Custom Legal Review System with KAI

Let’s return momentarily to the case of the multinational financial services company. Tired of navigating a matrix of third party applications for their document management needs, the company came to Hakkoda looking to innovate their processes and take matters in-house. 

Hakkoda’s answer to that request was a custom legal review system, powered by Kinetic AI. Built from the ground up, this new system was designed to automate approvals, track process time, report out on real-time metrics, and even author fresh contracts. 

The system, leveraging intelligent entity extraction from contracts, also significantly reduced manual oversight, enhanced data accuracy, and improved compliance with complex industry regulations—all while reducing the costs normally associated with manual review processes.

Importantly, this case study also demonstrates how KAI can be used to go beyond the extraction of data in Snowflake and the automation of manual workflows. Its applications also include advanced analytics, gleaning, in the case of the customer above, new insights into contract trends, compliance, and risk management.

Transforming Enterprise Document Management with KAI and Hakkōda

Designed with the modern enterprise in mind, KAI for Contract Workflows can be seamlessly integrated with your cloud environment and LLM of choice while accommodating the unique requirements of your business. Our teams come equipped with expertise across the modern technology stack and an understanding of the needs and challenges of complex industries that can only come from experience. 

That experience uniquely positions us to build solutions that will work for your use case, and allows us to collaborate seamlessly with your internal data teams when implementing a solution that will empower employees and clients for years to come, whether you’re trying to build a legal review system of your own, monetize your data, get ready for T+1, or automate claims processing with GenAI. 

Ready to learn more about how Hakkoda’s Kinetic AI solution can streamline your document management processes, power advanced analytics, and cut costs? Let’s talk.

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