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Meridian Financial Group slashed document processing errors by 85% and cut approval cycle times in half with intelligent automation.
Error Reduction in Document Processing
Meridian's document processing operation was plagued by manual errors and bottlenecks. Loan applications required data from 8-12 supporting documents to be manually entered into their core banking system — a process that took an average of 45 minutes per application and had a 12% error rate. Errors meant rework, delayed funding, and occasionally compliance violations that triggered regulatory scrutiny.
The approval process was equally problematic. Documents were routed via email, with no standardized tracking of who had reviewed what, when decisions were made, or why items were approved or rejected. Approvers frequently missed emails, creating bottlenecks that stalled entire pipelines. When auditors asked for approval chains and decision documentation, the compliance team spent days reconstructing timelines from email threads and calendar entries.
SofMatic's Document Processing platform was trained on Meridian's specific document types — loan applications, financial statements, tax returns, corporate filings, and identity verification documents. The AI engine now automatically classifies incoming documents, extracts relevant data fields, and validates extracted information against Meridian's business rules and external regulatory databases in real time.
Extracted and validated data feeds directly into structured Approval Workflows that enforce Meridian's multi-level review policies. Loan applications above certain thresholds automatically route to senior underwriters, compliance-sensitive documents trigger additional review steps, and all approvals are captured with timestamps, reviewer comments, and decision rationale. SLA timers ensure nothing sits in a queue longer than policy allows, with automatic escalation to managers when deadlines approach.
Measurable impact from day one.
Document data extraction error rate dropped from 12% to under 2% with AI-powered processing
Average approval cycle time cut in half through structured workflows and automated routing
Every document decision now has a complete, timestamped audit trail satisfying regulatory requirements
Loan application processing time reduced from 45 minutes to 15 minutes on average
Meridian Financial Group is a mid-size financial services firm specializing in commercial lending, wealth management, and corporate treasury services. Their operations involve processing thousands of financial documents monthly — loan applications, compliance forms, audit reports, and client onboarding packages — each requiring careful data extraction, validation, and multi-level approval.
Before SofMatic, document processing was their most significant operational pain point. A team of 15 analysts manually reviewed incoming documents, keyed data into their core banking system, cross-referenced information against regulatory databases, and routed files through email-based approval chains. Error rates were high, turnaround times were unpredictable, and compliance auditors consistently flagged process gaps.
SofMatic's Document Processing and Approval Workflows transformed Meridian's back office into a streamlined, auditable operation. Documents are now automatically classified, data is extracted with AI-powered accuracy, validation happens in real time against regulatory databases, and approvals flow through structured workflows with enforced SLAs — all with a complete audit trail that satisfies their regulators.
See how SofMatic can transform your operations with a custom automation plan.