The Central Bank of Ireland has introduced a new Central Credit Register, which places a regulatory requirement on lending institutions to share information about loans and other credit histories about consumers on a monthly basis, using the PPS number as an identifier. As Such, Banks are required to attach the PPS number of the customer to the relevant loan and register these details with the Central Bank.
PROBLEM WITH THE PROCESS
Previously, the process of collecting and extracting the PPS number involved very time-consuming and manual processes, obtaining the data from multiple forms supplied by consumers and then the manual entry of this data onto the system, including a stage for verification before submission.
HOW UNITEK.AI HELPED
Unitek.ai worked with one of Ireland’s largest banks to provide a solution to automate this and introduced a customised NLP model which automated the extraction of the PPS number and validation of the name.
The process provided a solution and output which automated the integration into the Banks systems and workflow. The project was successful in extracting PPS numbers from 1,200 documents per day with 100% accuracy, saving the Bank euro 350,000 per year and the project was activated within 1 week.