Technological innovation in document processing is rapidly revolutionizing the BFSI sector. With automated data capture solutions, companies can capture and intelligently segregate bank statement data, thereby saving time and effort while ensuring error-free entries every single time. Despite offering countless benefits, automated document processing is not the preferred choice for a number of organizations, and they still prefer manual bank statement processing. However, the adoption rate of automation in the BFSI sector is encouraging as the global RPA market size in the BFSI industry is anticipated to register a CAGR of 31.3% from 2019 to 2025.
The traditional notion of 'human touch' serving as the final seal of approval is no longer trustworthy - at least in accountancy. Not only does manual processing eat up precious time in today's fast-paced world, but it also comes accompanied by a whole bag of other limitations as well:-
The monotonous, mundane task of number crunching plays tricks on the human mind, leaving room for errors and mistakes in processing bank statements manually. Errors can occur in:
An error in even a single digit or decimal tends to create a snowball event where all subsequent processes take the hit. Moreover, it becomes nearly impossible to pinpoint the error location to fix inaccuracies.
While bank fraud prevention laws and protocols are very well put together, the legacy of manual bank statement processing, unfortunately, has still left behind a trail of fraudulent practices that garner a bad name:-
Today, there is a need for speed in all tasks and operations of a business in order to stay at the top of the game. Manually importing bank statements to Excel is an agonizingly slow process riddled with compromises and errors. Data labeling also takes up precious man-hours that can be utilized effectively elsewhere.
Setting an exclusive budget for a dedicated team to process your bank statements puts a dent in your finances - and this is just the direct cost of manual operations. Bearing in mind the errors and inaccuracies that could occur down the pipeline and subsequently lead to consequential costs. According to estimates, manual document processing can cost somewhere between 170% to 20 times of the automated document processing costs.
Manual intervention in bank statement processing allows data leaks to occur, which are risky in the world of business - where the competition can do anything to get ahead. Sensitive financial data must never be allowed to leave your offices.
The software utilizes Optical Character Recognition technology and reverse image search method to read scanned documents and record data from them.
Advanced intelligence and a complex neural network make it possible for the software to accurately read the data on any scanned document. However, if required, it is possible to edit this data.
In order to have the data ready to be served to APIs and user interface, the software may ask for field validation to ensure it assigns the right attributes to the data being read.
The smart software captures the data and makes certain suggestions to make readability, processing, and data searches efficient. You can either approve or review these suggestions.
Once you review the suggestions, the document is digitalized and ready to be downloaded in the preferred format, or exported to other software.
Bank statement analysis is a precision task highly sensitive to inaccuracies and errors. As such, automation of this process has a world of benefits for any organization:-
Manual document processing leaves no room for pinpointing deliberate modifications done to a bank statement. However, bank statement data extraction software allows for digging through historical data and catching discrepancies quickly and more accurately.
Capturing financial data has been made lightning-fast through automated bank statement processing. Not only this but subsequent processes like data segregation and classification are also handled by artificial intelligence making the entire process seamless.
Automating the bank statement process end-to-end frees up your manpower and capacity, eliminating the need to dedicate staff for this purpose. This directly results in more efficient budgeting of resources.
Automating the documentation of your firm's financials allows you to focus on the more creative, demanding, and meaningful tasks rather than expediting the essential workforce to handle the drab, clerical tasks. And here is where Docsumo comes in. Let our intelligent document processing solution handle all your documents processing while you work on building your brand.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
The traditional supply chain management approach relies heavily on manual work and is time-consuming, error-prone, and expensive. As documentation is an important part of the supply chain that consumes considerable efforts of enterprises in the supply chain workflow, it makes sense to automate the process with the help of intelligent document AI software.
Optical Character Recognition (OCR) is the technology to convert an image of text into machine-readable text. It is the underlying technology for various data extraction solutions including Intelligent Document Processing. However, OCR is not smart enough to figure out the context in a document - it works simply by distinguishing text pixels from the background and finding a pattern. This limitation could cause inaccuracy in captured data that could directly impact the output of your data extraction model.
Accounts payable is a key financial function for any business. Corporations can have thousands of suppliers; even for relatively smaller businesses, the number of suppliers could be in hundreds. All the invoices they receive from these suppliers come in multiple formats, layouts, and templates - some semi-structured, some unstructured. Therefore, firms expend time and resources to capture invoice information through manual data entry and verification of accounts payable. Manual data entry is not feasible in the long run, definitely not on a large scale. Before we talk about how intelligent invoicing solves the problems associated with manual invoicing, let’s discuss the challenges in much detail.