Intelligent Document Processing is the avengers-unite moment of OCR, Artificial Intelligence, and Machine Learning. It involves processing and capturing data from various sources and managing them on a comprehensive platform. Financial systems conceptualized decades ago couldn't have imagined a future that included technology like IDP, but here we are.
In this blog, we'll discuss why, as a financial organization, you should move beyond manual data entry or template-based OCR for document processing and upgrade to high-tech IDP financial services.
Before getting into it, if you need to brush up facts about Intelligent Document Processing and how it's different from Optical Character Recognition, here are quick references:-
So, let's jump right into it:-
Let's look at the most prominent reasons IDP is making a splash:-
Another industry where paperwork has always been a hurdle is the Insurance Industry. Here's how IDP facilitates:
Intelligent Document Processing allows:-
Manual document processing isn't just a task that requires hard labor; it also requires spending something more precious than money – time. All that time spent gathering client information through manual forms, photocopies, and simple OCR technologies can be spent on other research and development technologies.
Manual document processing relies on careful management, care, and uploading of physical papers. Therefore those depending on manual processing are also gambling on the safety and security of those documents. A small office fire or the negligence of an employee could cause many customers hundreds or thousands of dollars.
The number of documents and tedious procedures one must go through to get something done in the financial world is not a secret. Moreover, even a tiny error like manual entering of an extra 0 in any numerical figures can cause severe losses to the customer and the company. For instance, imagine the mess that an insurance company would end up in if $30 becomes $300 because of a minor clerical error. That's where IDP can help save your life. Prevention is better than cure!
Data processing takes up a lot of workforce and working hours of an employee. On the other hand, IDP can reduce labor costs as technology replaces your staffing. With an IDP solution implemented, even remaining employees can be free of manual work and focus on other high-value tasks.
Scalability is one area where even high-tech OCR technologies are lacking. For instance, if changes in insurance policies or budget announcements cause a company to change its forms, IDP systems can quickly adapt to this change. Without IDP, this change would require throwing away old papers and giving orders for thousands of articles to be reprinted manually. Don't forget the customers who will line up the financial institutions to submit new documents. All of this and more can be avoided with simple IDP adaptations.
Thanks to Artificial Intelligence software, some serious security to your documents can be added, too, with the help of voice recognition and response.
Choosing an automated document processing solution is the first step towards updating your institution. IDPs' ability to sort through different documents with high precision makes it a processing solution worth the hype.
A document processing solution should recognize and review all the other file formats used in your institution. IDP can keep up with various file formats such as PDF, Docx, jpg, png, and tiff. Its capabilities of differentiating between document types such as contracts, applications, notices, bank statements, etc., are all things to watch for.
Replacing manual human effort doesn't mean that an AI or intelligent document processing system can, without error, take humans' place. It means that it can seamlessly direct to a human when any missing fields or exceptional cases are detected.
Overall the solution you choose should accurately catch data from a variety of input devices. After this, the data will be tagged and categorized. This makes documents easy to find for everyone through a search engine which will conserve employee time and make the entire process highly productive. With employees saving some extra time, they could utilize it for other essential tasks beneficial for the institutions' development.
Thanks to advanced AI technologies, we are no longer reliant on static technology to process our data. OCR was only able to process formatted data, keeping specific rules in mind. In other words, there was hardly anything automated about it. Traditional OCR was utterly out of the picture regarding unstructured or handwritten data. This made OCR impractical when it came to scaling large.
On the other hand, IDP is a technology with an AI-based system that constantly keeps learning on its own. IDP is easily able to recognize the difference between context and content. For example, it is smart enough to say that "one dollar" spelled out is the same as "$1" written this way. IDP is now capable of going through data as if it were human. When it comes to speed, IDP can read, process, collect and analyze data in a way that is now much faster than humans.
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.
Processing mortgage loans requires tons of paperwork, followed by a lengthy waiting period for document verification, resulting in a tiresome customer experience. Automation, specifically RPA (robotic process automation), helps you perform these routine tasks more efficiently so underwriters spend more time doing what’s essential. With RPA, enterprises can reduce heavy expenses, fight against fraud and improve customer experience.
Businesses have to process a plethora of digitally typed, printed, or handwritten papers. To deal with it, businesses require efficient and flexible automated document processing solutions that produce accurate results - this is where Intelligent Document Processing can help your business. An IDP solution incorporates the powerful features of Artificial Intelligence and Machine Learning technologies to automate the tasks that once required human intervention, thereby making document processing scalable, robust, and credible.
RPA (robotic process automation) is like a sword that slices through tedious and repetitive tasks in high volumes for your company. Except, it's not a sword - it's tiny robots performing repetitive and routine tasks so that you can focus on core business functionalities. So, whether you're looking to automate the financial auditing statement or you wish to speed up tasks like account receivable and payable, RPA is one of the easiest ways to go about it. You can utilize RPA for plenty of purposes.