Technology

DARA

About the Technology

DARA is an extremely effective process automation tool comprising a number of standard modules. These parse and classify structured and unstructured data present reports according to business logic, in the format that downstream processes expect.  With machine learning capability it continuously improves performance from experience.

Since deployment in a Tier 1 high street bank in 2013, its development has been driven by User Forum feedback. DARA now comprises standard modules addressing Data Retention and Compliance.

It handles unstructured data, including voice, and manages workflow and workload distribution.  It is an intelligent, enterprise wide, data processing tool which can be used to create structured reports from legacy unstructured data records (e.g. Remediation) and to populate structured databases from unstructured input documents (e.g. Mortgage Applications).

DARA offers levels of accuracy and efficiency unachievable by any other means and it

The Challenge

Unstructured data can make up to 80% of an organisation’s data source. This lends itself to a number of operational issues for Financial Institutions:

  • Inability to explore or search vast quantities of documents
  • Data loss through misplacing or destruction of data
  • Reputational and financial loss due to breaching data protection laws and regulations.
  • Fines dues to sensitive data exposure

To mitigate these risks, organisations have been obliged to have strategies which manually or with limited robotic intervention put their data issues in order.  These are costly in both time and effort, and are open to operational failure or errors.

This  means  a reliance on second or third lines of costly checking to ensure processes are compliant. However, errors still occur and these can lead to a lack of trust and to financial penalties

Benefits

 Operational deployment brings a number of discreet benefits:

  • Accuracy of data inputs
  • The ability to link with multiple data sources and systems and so handle complexity
  • Auditable process/compliance guarantee
  • Impact of productivity = 40% plus increase
  • Vastly reduced cycles of data gather time
  • Ability to read various data forms and convert to structured files

This brings an operational resilience and compliance which firms cannot achieve with traditional solutions and approaches.

DARA can automate a large number of back office processes, and with its in-built AI capability, can start to deliver not just control but insight into operational trends and outlying issues.

Implementation

Implementation can be swift; in some cases it can be deployed within 3 months of initiation in discrete instances and within 6 months on an enterprise basis.

The process follows 3 swift overlapping phases:

  • Proof of Concept
  • Configuration
  • Operational Deployment

Dara can be flexibly used either as a cloud based solution or deployed within the client’s technology environment or even installed on an operational desktop.

The principle of deployment is to demonstrate total reliability through a Proof of Concept before operational use which allows us to not only demonstrate scalability but also to size the business benefits based on real implementation experience.

For more information or to find out how DARA can deliver operational efficiencies for your business