Amidst a dynamic financial industry landscape, compliance with regulations from Bank Indonesia (BI) and the Financial Services Authority (OJK) is a must. However, the process of monitoring, reading, and understanding every new regulation often takes days. This is the challenge faced by one of our clients, a rapidly growing multi-finance company in Jakarta.
The Challenge: Hundreds of Hours Lost to Manual Research
The legal and compliance team at this company spent an average of 120 working hours every month just tracking and conducting initial research on relevant new regulations. This manual process was not only slow but also high-risk for misinterpretation or missing crucial details that could be fatal to the business.
The Solution: Implementing an AI Agent for Regulatory Intelligence
Katalitik.ai worked with the client to implement a solution based on LLM Generative AI designed specifically for the financial sector—a solution similar to our Legalitik product. This solution acts as a "junior analyst" working 24/7:
- Automated Indexing: The AI system automatically downloads and indexes every new regulatory document from BI and OJK as soon as it is published.
- Natural Language Search: The team can now "ask the document" using everyday language. For example, they can ask, "What are the changes to KYC requirements for digital loans in the latest OJK regulation?"
- Contextual Answers: Within seconds, the AI provides a relevant answer, complete with direct quotes and links to the relevant articles and paragraphs in the original document.
The Results: Skyrocketing Efficiency and Decreased Risk
After three months of implementation, the results were highly significant:
"After using the AI solution from Katalitik, the time we spent on initial regulatory research drastically reduced, we estimate a drop of up to 70%. Our team can now focus on strategic analysis, no longer looking for a needle in a haystack." - Head of Compliance.
Besides saving time, accuracy in identifying compliance risks increased, and the legal team can provide recommendations to other departments much faster. This proves that the right AI adoption can provide a real competitive advantage.
Is your company in the financial sector facing similar challenges? Contact us to learn how Katalitik.ai can help you transform your regulatory compliance process.