Client Overview & Impact
CARE Ratings Limited, established in 1993, is one of India's leading credit rating agencies, providing a wide range of rating and grading services across various sectors, including manufacturing, infrastructure, and financial services. The company plays a pivotal role in helping corporates raise capital and assists investors in making informed investment decisions based on credit risk assessments.
Business Challenges
CARE Ratings faced significant operational challenges in processing financial statements:
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Manual Data Entry:
A team of ~50 analysts manually extracted and entered data from client financial statements into internal systems. This process took 4–6 hours per statement, resulting in inefficiencies and a high risk of human error. -
Time-Consuming CAM Preparation:
After data entry, analysts manually prepared Credit Appraisal Memorandums (CAM) involving 800+ ratios and parameters, further delaying turnaround time.
Solution Provided
Glib.ai implemented its FinRay solution to automate and enhance CARE Ratings’ financial data processing.
Key Highlights:
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Automated Data Extraction:
FinRay enabled secure on-premise uploading of financial statements and automated extraction and analysis, reducing processing time to ~30 minutes per statement. -
Human-in-the-Loop Verification:
Built-in HILT (Human-in-the-Loop) review allowed analysts to verify key extracted data, maintaining accuracy and compliance while improving speed.
Workflow Overview
1️⃣ Financial Statement Upload → Clients upload statements into CARE Ratings’ on-premise system.
2️⃣ Automated Data Extraction (OCR & AI) → FinRay extracts financial data with 99%+ accuracy.
3️⃣ Data Validation & Cleansing → AI verifies extracted data against validation rules.
4️⃣ Human-in-the-Loop Verification (HILT) → Analysts review flagged inconsistencies.
5️⃣ Automated CAM Generation → AI processes 800+ financial parameters to generate Credit Appraisal Memorandums (CAM).
6️⃣ Final Review & Submission → Analysts conduct final validation before submission to decision-makers.
Results
The implementation of FinRay led to substantial improvements:
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Operational Efficiency:
Automation reduced the analyst team from over 50 to around 12, achieving cost savings exceeding 70%. -
Enhanced Accuracy:
Automated data extraction minimized human errors, improving the reliability of financial analyses and increasing accuracy by 65%.
This transformation underscores Glib.ai’s commitment to delivering AI-driven solutions that optimize financial data processing—enabling organizations like CareEdge Group Ratings to operate more efficiently and accurately.
