Case Study for a Major Bank

June 18, 2024

Case study for a major bank

Context and Challenge

A leading financial institution faced a significant challenge in opening business bank accounts. The process of assigning NAICS codes, essential for correctly classifying companies according to their industry, was inefficient and prone to frequent errors. Advisors had to manually search through large databases, a tedious and inaccurate task, affecting the customer experience and increasing the risk of classification errors.

Insitu's Innovative Approach

To address this issue, Insitu proposed an innovative solution based on the power of Elasticsearch. This approach included several key phases:

1.Development of a Robust Cloud Infrastructure:

Setting up a 3-node Elasticsearch cluster hosted on Azure Canada Central to ensure fast and efficient search capabilities.

2.Design of an Intuitive User Interface:

Developing an advanced search interface using Node.js and SearchUI, allowing simple and effective interaction for bank advisors.

3.Advanced Linguistic Processing Integration:

Adding sophisticated features to manage synonyms, linguistic variations, and ensure precise search results considering the specifics of the French language.

Technical Resolution and Key Benefits

Insitu's solution was crafted with particular attention to result accuracy and user experience improvement:

Data Standardization and Integration:

Existing data was normalized and integrated into the Elasticsearch system using Logstash and ingestion pipelines for seamless information management.

Search Optimization:

Using SearchUI and a customized search architecture, advisors can perform keyword searches, facilitating quick identification of appropriate NAICS codes. This feature is enhanced by a comprehensive set of synonyms and linguistic analysis to handle word variations.

Continuous Improvement Based on User Feedback:

The solution was regularly adjusted and improved based on feedback from bank advisors, ensuring continuous optimization of the search experience.

Impact on Bank Operations

The implementation of this solution had a profound impact on the bank's operations, resulting in:

Increased Operational Efficiency:

The significant reduction in the time required to assign NAICS codes allowed for the processing of more business account opening requests, thereby improving overall efficiency.

Improved Accuracy

The ability to quickly and accurately identify the correct NAICS code significantly reduced classification errors, increasing regulatory compliance and customer satisfaction.

Revolutionized User Experience

The intuitive search interface and continuous improvements based on user feedback greatly enhanced the daily operations of bank advisors.

This project illustrates the transformative impact of Elasticsearch technology in the banking sector, providing a solution to a critical operational problem. Insitu not only facilitated a daily task for bank advisors but also laid the groundwork for potential future innovations in enterprise information management.

Our successful partnership with a major financial institution demonstrates our commitment to transforming complex challenges into strategic opportunities through technological innovation. At Insitu, we are dedicated to providing tailored solutions that not only meet our clients' immediate needs but also pave the way for increased efficiency and satisfaction in the long term.

Why Choose Insitu?

  • Technological Expertise: Our mastery of Elasticsearch and other cutting-edge technologies allows us to design solutions that significantly enhance operational efficiency and data accuracy.
  • Personalized Approach: We understand that each institution has its own challenges and goals. That’s why we work closely with our clients to develop solutions that specifically address their unique needs.
  • Continuous Innovation: The world evolves rapidly, and so do we. We are committed to staying at the forefront of technology to ensure our clients always benefit from the most advanced and effective solutions.

Take the Initiative Today

 If you are ready to explore how Insitu can help your bank overcome operational challenges and achieve its full potential, we invite you to contact us. Our team of experts is ready to assess your specific needs and discuss how we can guide you towards unprecedented success and efficiency.

Visit our solutions or contact us directly to schedule a consultation. Together, let’s transform today’s challenges into tomorrow’s successes.

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