The LIBOR scandal shone a regulatory spotlight on banks, resulting in a series of regulatory requirements to decommission LIBOR in favor of other risk-free rates – and the need to amend a huge volume of impacted contracts. This was a prime example of a deeper banking industry challenge: many bank processes depend on documents that can only be updated through complex and time-consuming manual exercises.

This paper uses the Libor example to show how banks can leverage an Intelligent Automation platform such as Xceptor to automate document processing. It explains how Xceptor’s no-code data automation platform applies technologies such as optical character recognition and machine learning to identify targeted legal agreements and generate amendments. The potential for reducing processing time, human error and cost suggests that Intelligent Automation could be set to revolutionize the financial services industry.

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