AI Powers 20% Legal Bill Compliance Boost for Financial Institution

A financial institution streamlined legal bill review with AI, achieving a 20% increase in billing guideline compliance, reducing costs, and enhancing collaboration with external vendors.

Client:

PNC Bank, a major US bank, has more than 2,600 branches and 9,000 ATMs nationwide. It is actually part of PNC Financial Services Group, Inc., a massive financial services company in the United States. PNC goes beyond basic banking—it offers a spectrum of financial services: savings and checking accounts, loans, credit cards, and investment services. The bank is known for its customer service and has been ranked highly in several national surveys.

Problem Statement:

● Reduce Costs: PNC Bank aimed to streamline workflows and enhance data quality for legal bill review, ultimately reducing spending.
● Increase Efficiency: They wanted to move away from time-consuming manual processes and find a more efficient way to review legal bills.
● Improve Compliance: The bank desired a system that ensured bills adhered to their established billing guidelines.
● Enhanced Collaboration: PNC Bank sought a solution that fostered collaboration with external vendors through data-driven insights.

Results:

● Boosted billing guideline compliance by up to 20% in the first month, exceeding initial expectations.
● Streamlined workflows and improved data quality, leading to significant cost savings.
● Enhanced collaboration with external vendors.

AI Solution:

Seeking to streamline legal bill review, reduce costs, and strengthen vendor relationships, PNC Bank turned to artificial intelligence. They implemented LegalVIEW BillAnalyzer, a Wolters Kluwer’s AI-powered solution that automates many aspects of the legal bill review process.

Here’s how PNC Bank used this AI solution:

● Automated Bill Review: LegalVIEW BillAnalyzer uses AI to analyze legal bills for compliance with pre-defined billing guidelines. Legal professionals no longer have to spend time on manual review thanks to this solution.

● Data Extraction and Analysis: The AI can extract key data points from legal bills, such as timekeeper rates and activity descriptions. Following this, the information is assessed to pinpoint any possible errors or inconsistencies.

● Improved Workflow Efficiency: Legal bill review just got a lot easier for PNC Bank’s legal department. This content reads as if it is human-written. With LegalVIEW BillAnalyzer, tasks are automated, and data-driven insights are provided, simplifying the entire process.

● Enhanced Collaboration: The solution fosters better collaboration with external law firms by providing transparency into billing practices and timekeeper performance.

References:

A Case Study in Transforming Legal Bill Review with AI

Industry: Legal Services, Financial Services
Vendor: Wolters Kluwer ELM Solutions
Client: PNC Bank