The banking and financial sector archives and stores large volumes of documents, and with the advances of digital technology, companies have opened up ways to make these documents more efficient. Traditionally, companies have edited documents manually, but advances in digital technologies have opened up a new window of opportunity for companies to create documents in ways that make them more efficient.
Read More What is Intelligent Document Processing (IDP)?
Why Do Banks Need Intelligent Document Processing (IDP)?
By manually browsing thousands of pages of documents, including financial statements, bank statements, and other financial documents, costs banks millions of dollars in time and makes the process more time-consuming. This reinforces the idea that it is not necessary to extract and store machine-generated text and/or scanned documents from other sources.
Banks and financial firms turn their attention to manual document processing if they want to take advantage of paperless work, but why does it cost money and why do banks need to intelligently automate and process it? For starters, knowledge workers can be exempted from manual and immediate processing of bank forms.
This is particularly true for departments that use physical paper and require constant controls and audits to maintain the quality of work. Intelligent process automation freezes employees and helps commercial banks to ensure compliance.
How Can Intelligent Document Processing (IDP) Help Bank Automation?
Intelligent Document Processing (IDP) is a powerful tool to extract specific data from a variety of data sources, including bank accounts, bank statements, credit card transactions, and other data. With each element of the extraction technology, banks can decide what value they want to extract and how much they want to use.
If they prefer to analyze different parts, advanced software digitizes what they want and they end up with an accurate and reliable document that can be verified anytime, anywhere. Redirect key data to a platform, support customer service to improve customer experience, and more.
By automating document identification, Gleematic can help streamline and automate some of the most important components of KYC compliance. By providing a more accurate risk assessment, banks can reduce the staffs’ workload and ensure that they meet their KYC requirements. The technology makes it easy to archive documents and store them in the cloud for future use.