“Banks have to upgrade themselves, or risk being burnt to the ground”.
-JP Nicols (Co-founder, Alloys Lab Alliance)
It's no mystery that the banking sector now faces a huge document processing crisis. From a simple request of account opening to mortgage sanctions, there are millions and zillions of documents that have to be meticulously stored & verified.
While there are document management solutions for banking with capabilities to standardize the process, they mostly can’t extract & process the data at required speed. Also, these solutions need manual intervention at multiple steps.
What Challenges do Banks face while Processing Documents?
While there are numerous challenges associated with processing bank documents, a few critical ones include large volumes of documents that are produced rapidly. It is often accompanied by difficult and cumbersome processing operations. Also, the solutions so provided are often ad-hoc in nature that can break anytime in the future.
Other roadblocks that come up while processing banking documents include issues such as long wait lines because of manual processing, verification errors, and wastage of resources. This is accompanied by legacy IT infrastructure that is inflexible and often hard to circumvent.
What is Intelligent Document Processing(IDP)?
Intelligent Document Processing is a disruptive tech in the heavy document processing space. In essence, it is more than an OCR that can take care of the entire automation process from extraction to verification. Some people also define it as a collaboration of different smart techs such as Artificial Intelligence, Machine Learning, Natural Language Processing and Computer Vision.
Benefits of an IDP platform
While there are enormous benefits of an IDP in the banking industry, a few important ones include processing large amounts of data with a shorter turnaround and throughput time. It also helps in standardizing the cumbersome banking processes and requires minimal manual intervention.
Some other benefits include-
- Automation of internal data extraction and validation processes
- Elimination of human-introduced errors
- Categorical storage of documents in an automated way
A smart IDP platform is also compatible with different upstream and downstream applications and legacy infrastructure along with being adept at learning and evolving. These factors further help the banking institutions to enhance their automation capabilities. Lastly, implementing an IDP solution helps reduce cost and save time, with the added benefit of producing more happy customers.
IDP Automation for Different Use Cases in Banking Operations
The ability to enable anywhere, real-time customer experiences for any type of banking need is the critical benchmark for banking firms. Customers expect the ability to initiate and manage their banking relationships with the same level of capability as a branch visit, but without the hassle.
A state of the art IDP platform can aid banking firms meet this high expectation of customers while taking care of paper heavy processes involving important documents such as cheques, IDs etc. It can also help banks avoid other potential headaches that can arise via large volumes of unstructured and uncategorized documents.
Some use cases of an IDP platform in the banking sector include-
It is an initial onboarding task for any bank and might include details about certain instances like customer entity, geography, services, transactions, etc. Leveraging an IDP solution here can help banks extract the relevant pieces of information from documents such as the social security number, a valid government-issued photo ID such as driver’s license, passport, etc.
Mortgage Document Processing
Fannie Mae predicts a mortgage origination of USD 2.47 trillion for 2022. Last year, this figure was close to USD 2.72 trillion. Even with a slight dip, the market shows enormous opportunity for the banks. On the contrary, it also means a heavy volume of mortgage documents demands quick processing of papers, which in turn requires the banks to adopt IDP on a priority basis.
Cheques are still one of the most common modes of payment in banks. Processing them on a day to day basis still involves a dedicated team of employees who verify and extract the required information manually. Adopting an IDP platform to automate this entire process can aid banks reduce the turnaround time, make the customer happier and increase staff productivity.
VisionERA IDP - Intelligent Document Processing for Banks
VisionERA is an automated smart document processing platform. It is an end to end automation solution for any industry that heavily relies on document processing. The platform offers end-to-end integration with customized document data extraction & DIY workflows. VisionERA takes a three pronged approach of- Decode, Decipher, & Decide.Decode
VisionERA’s decode capabilities can help banks classify messy and unstructured documents that come in from various sources on a regular basis. From unlocking emails to reading PDFs, we leverage ML and computer technology to automatically segregate the critical data.Decipher
We can help banks decipher valuable insights from the data that lies buried within the documents via capabilities like NLP. Our one a kind triangulation logic aid banks enhance data validation.Decide
VisionERA can aid banks improve and maximize their process throughput with unimaginable speed and accuracy. We are easily integratable with any upstream or downstream process using APIs and help banks take actionable decisions on the data so generated.
Loaded with an array of features like proprietary AI technology with zero third party dependency to being powerful and flexible we have it all. VisionERA comes with a unique feature that can help banks create an effective bucketization of feedback files for reducing cognitive overloads. Equipped with an industry beating table detection mechanism, auto-gridlining, and supported by an active continuous feedback learning mechanism, we have it all.
While there are many banking IDP vendors in the market, VisionERA can prove to be a game changer for your banking business. It is entirely customizable and can be deployed quickly. Backed by ML and supported by AI, VisionERA can pre-process, process , extract and validate huge amounts of banking data in a short period of time.
Seeing is Believing. See State of the Art IDP Live in Action!