There is a lot of buzz about artificial intelligence (AI) all across the globe, and certainly, this technology deserves every bit of the attention that it is getting. There has always been a demand to make common services more personalized for customers, and Artificial Intelligence has helped us in achieving this dream.
It is the reason why more and more industries are switching to AI solutions to revamp their services. Banking is one sector that is benefiting from the opportunities presented by artificial intelligence, like Intelligent Document Processing, on a large scale.
Let’s see how!
Documents are the most integral part of the banking system and influence the daily workflow in a great way. At present, a large chunk of this data is stored in emails, online forms, PDFs, scanned images and several other digital formats. Using this unstructured data is a big challenge for any bank.
There are two possibilities regarding how banks can process this data to keep their operations running smoothly.
- Firstly, there can be employees who will go through the entire data, classify it uniformly, and then enter it manually on the separate portals created by the bank.
- The second option is a digital system that interprets relevant data from the documents that comes to the bank irrespective of their formats, then automatically lifts the information and finally feeds it to the existing portals/ systems while maintaining uniformity.
No prizes for guessing which system of document processing is better!
In a nutshell, the second type of processing is what we call Intelligent Document Processing. The biggest complaint that people have with banking processes is that they take a lot of time to get completed. With Intelligent Document Processing, AI technology helps in contextually identifying specific data points instead of depending on their positions in every document, and then overcome the challenges of data handling by converting unstructured data into actionable insights. This way, banks are slowly replacing their old time-consuming methods, thereby providing a quick banking experience to customers.
Salient Features of IDP in Banks:
- Automatically segregates banking data present in different document types and various formats within each document type.
- Quick entry of the classified data on the bank’s portals.
- Saves time and money that goes into manual document processing.
- Lesser chances of errors as processing becomes automated.
- Easy to integrate with existing data processing platforms.
Current Uses of IDP
- IDP is currently being used by the top banks of the world to process forms meant for Savings accounts, Current accounts, Term deposit accounts, Demat accounts, etc.
- The Know Your Customer (KYC) process becomes much faster with IDP.
- Moreover, the processing time of other data-dependent tasks like loan requests can also be reduced drastically with the help of Intelligent Document Processing.
Intelligent Optical Character Recognition (OCR) for Bank Data
An offset of artificial intelligence technology that is transforming the banking sector these days is OCR-based document scanning.
A big problem in the banking system today is that while a large chunk of customer data is obtained on paper, ultimately it has to be fed on online portals/ systems created by each bank. Therefore, to update data on these portals, employees have to type the information written on paper and then upload it on the portals.
Practically speaking, it is a highly unreliable method, associated with high employee expense frauds, etc., and takes days to get completed.
Bottomline: AI Can Revolutionize Banking Forever
Integration of technology and innovation has to be at the core of banking operations. The banking sector has huge challenges in front of it when it comes to data management. Effectively managing secondary problems associated with data mismanagement like employee expense frauds, non-compliance due to human errors or slow processing speed etc. is becoming difficult with traditional methodologies.
Choosing IDP-integrated data extraction software, based on artificial intelligence, will allow banks to unlock the potential of their otherwise redundant data. The ultimate benefit of this automation will be for customers, who can get their job done quickly and more efficiently.
The KlearStack Advantage
KlearStack provides high-utility automation tools that utilize emerging technologies like Machine Learning, Artificial intelligence, Natural Language Processing, etc. Our integrated software solutions help in structuring your data within seconds. These AI-based tools are not just limited to simple OCR-scanning. Simple OCR software does not comprehend the data that it scans, it just aims to convert it into digitally usable forms, not accounting for any errors whatsoever. The KlearStack software, backed by advanced Artificial Intelligence technology, has self-learning abilities that allow it to interpret the data irrespective of its placement and format while scanning.
Eventually, this improved understanding of the data by the software helps in eliminating the need for manual error detection or correction. Additionally, by using Machine Learning models, KlearStack’s OCR-based document scanning is complemented by the right placement of the converted data in the relevant fields.
KlearStack is proving to be a game-changer in the banking sector. Our AI-based tools are transforming the redundant, manual, and highly expensive documentation processes with faster and more reliable alternatives. Bulk invoice processing with high network and database security makes it the most practical data extraction software. Banks can utilize our solutions to expedite activities like loan processing and reduce the dependence on manual data handling very significantly.
Banks are receiving a higher number of requests for automobile loans these days. KlearStack can help banks sanction more car loans, two-wheeler loans, consumer durable loans, gold loans etc., at a faster rate by quick extraction and verification of customer information. Documents like application forms, income certificates, KYC applications, invoices, etc., whose data needs to be organized and verified before loan-sanctioning can be done within minutes using KlearStack. Other regular bank operations can also be supported with receipt capturing, trade finance automation, etc.
Therefore, with Adaptive Machine Learning algorithms and Artificial Intelligence, KlearStack brings an ocean of opportunities within your reach. Developed by experts with decades of experience in this domain, KlearStack provides large-scale automation, with high reliability, and lower costs.