Aggregating Critical Estate Plan Data for Financial Institutions

The legal and the financial world speak different languages. Legal agreements contain data that does not efficiently translate to bank and brokerage firm operations. Banks still manually review agreements like trusts, POAs, and more. That is dangerous, inefficient, and costly.

Everywhere you look, data has undergone a digital transformation. Yet, the data which comprises legal agreements is stuck in paper and ink. Your living trust is full of words and information banks neither want nor need to see. And while a .pdf copy of it may seem like progress, a digital copy of an analog document is still an analog document, with the same vulnerabilities, requiring the same manual review. This is like managing a startup cap table in Excel. Risky, prone to error, time-consuming, and ultimately costly for financial institutions.

Consider living trusts, for instance. A trust often has more than 15 pages of legalese. But financial companies like banks, brokerage firms, and insurance companies usually only need nine critical data points. For them to get this data currently requires expensive manual document review. There is a better way.

A data-centric, digitized approach enables financial institutions to talk to trusts. Hundreds of millions of such agreements are accessed by tens of thousands of financial institutions annually. Illuminote converts analog legal agreements into comprehensive digital records, providing structured data that is efficiently accessible to all. Illuminote began with trusts but intends to end manual reviews of deeds, wills, POAs, business contracts, and more.

With Illuminote, the crucial data financial institutions seek is readily available, dependable, and secure. No more manual review! This helps financial institutions in three ways:

  • Cost Savings – Eliminating the hours and dollars spent manually reviewing legal agreements, helping companies find more profits.
  • Fraud Prevention – Fraud is exploding, and incidents continue to grow for banks and brokerages. Our system blocks 99% of fraud attempts against a living trust, eliminating costly settlements and PR nightmares while further improving the bottom line.
  • Client satisfaction – Our system also protects the legacy wishes of their clients, saving estates significant legal costs, providing banks and brokerages with a competitive edge unseen in decades.

Would You Like to Learn More? 

We understand there was only so much time for everybody at TechCrunch Battlefield in San Francisco.

But we feel strongly that Illuminote is poised to become an industry standard for banks, brokerage firms, insurance, and escrow companies.  These financial institutions use manual reviews to obtain the critical data they need from legal agreements and it is beginning to cost them in the form of lost hours, fraud, human error, and upset or dissatisfied clients.

To learn more details about why our FinTech company represents an amazing investing opportunity, please schedule an appointment with co-founder Matt Everson today → .

Implementing digital authentication of these agreements means increased profits and happier banking and investing clients.

Secure your trust