Document AI in Finance!

Document AI in Finance is therefore a real game changer for banks and financial service providers who want to improve their customers' experience, optimize processes and relieve employees.

Everyday business in banking is largely characterized by the processing, evaluation and archiving of documents. From checking identity and filing ID cards to processing proof of income, appraisals, rental or notary contracts, all of which contain important and sensitive data, many processes at a bank are characterized by these activities.

Digital customer data through fast OCR in banks Document AI in Finance can take over these tasks automatically and support increasingly complex processes. The technology's diverse fields of application enable more knowledge and better communication with customers, intelligent storage and evaluation of documents, and automated processing of loan applications and contracts.

Through intelligent document reading, structured information is obtained from unstructured documents, which is further processed automatically or assigned to a corresponding processor. The data obtained is also stored in categories so that it can be integrated into other business cases.

How does document AI work in banks and financial service providers?

A photo or scan of the customer documents is taken or forwarded via email. The photos and PDF are uploaded via the API (interface). The AI software processes the documents. The read fields are automatically recorded, checked and transferred and integrated in JSON format.

Banks recognize the potential of OCR and AI Many players in the industry have currently recognized the potential of artificial intelligence, deep learning and digital automation. In contrast, the current situation in many companies is often still very rudimentary. In 2020, almost 50% of those surveyed in a PwC study stated that they saw AI as an important innovation for the industry. However, only 9% of the managers surveyed saw their company as well prepared for the next steps of digitalization.

The conclusion of the study: “Within a few years, artificial intelligence will massively change the financial industry.” Anyone who misses this change will have a difficult time convincing customers and partners of their financial services and building a profitable business model themselves. The advantages of artificial intelligence and document AI in finance are too great for optimizing internal processes and interacting with customers and partners.

Document AI in Finance and automated data capture create a variety of advantages for banks and financial service providers, which can mean decisive steps ahead of the competition and position every company in a modern and future-proof manner. This is necessary in order to meet customers' increasing expectations for fast and digital processes as well as a positive and successful customer journey. At the operational level, you benefit from digital process optimization in several areas:

1. Simple, digital contact with a bank advisor
2. Digital request for services and loans
3. Faster response to orders and inquiries
4. More advisor net market time for more complex topics
5. Document data enables automated business decisions
6. Automated processes enable greater speed
7. Customer data can be read and used better

Consistent digital reading of documents also eliminates enormous bureaucratic effort and creates digital files and archives. Thanks to intelligent categorization, documents and information are stored decentrally and digitally for all authorized people and are therefore easily accessible. Categorization and keywording enable easy searching of information, data and documents.

In addition to collecting and maintaining customer data in digital files, archives and a digital management system, artificial intelligence and document AI can also be used to automate simple repetitive processes - they only need to be released in accordance with the four-eye principle and only in the case of ambiguity and complex cases be processed in more detail by my bank employee.

For this purpose, AI-based text recognition can be combined with individual, banking rules, which makes the solution individually usable and adaptable for every bank and every financial service provider. This means that employees can be relieved enormously of repetitive and bureaucratic work and can concentrate entirely on advising on complex processes and paying more attention to the customer.

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1. Leaner processes
2. Faster decisions
3. More output from customer data
4. More satisfied customers
5. Happier employees
6. More yield

A REST API (“Representational State Transfer – Application Programming Interface”) enables the exchange of information between different systems. The REST API follows the OpenAPI Specification – Version 3.0.3 standard. This means that banks and financial service providers can take part in the possibilities of digitalization and artificial intelligence without major hurdles.

The use of Document AI in finance is possible in many ways. For an overview of the possible uses, some application examples are shown here:

New customer creation and KYC of documents For the onboarding process, the bank defines the necessary documents that the prospective customer must submit at the beginning of the business relationship. These documents are read and checked by Document AI. This means that form fields can be filled out automatically and important information about the customer can be stored directly. Legitimation via an ID document can also be carried out through digital identification without bank employees.

The structured information obtained through Document AI is stored and categorized in digital files and archives so that it is stored in a reusable manner. For example, the AI reads the description of transfers and recognizes ongoing debt relationships. These can be insurance products, telephone contracts, internet contracts or other standing orders. On this basis, targeted offers can be prepared for customers.

Even more complex processes such as a loan application can be automated using Document AI in Finance. As with new customer creation, the required documents are defined in advance and evaluated based on clear rules. The AI can intelligently read out salary statements, notary contracts and other documents and thus automatically check the applicant's creditworthiness based on a variety of factors. The loan decision is made on a daily basis and presented to the bank employee for review. The loan can also be maintained digitally and documents can simply be submitted and requested digitally.

The use of artificial intelligence and document AI is particularly worthwhile in areas where a large number of legal requirements must be implemented and observed. The digital and automated implementation of a loan application is currently the best example of how Document AI in Finance can make the everyday life of banks and financial service providers easier and improve the experience of their customers. Only those who take these steps of modernization and optimization have a medium and long-term chance of asserting themselves in a competitive environment and meeting the increasing demands of customers.

To take advantage of the advantages of Document AI in Finance, finbase is the perfect contact because the Swiss developed specifically for banks and financial service providers. Finbase addresses the requirements of your industry in a targeted and professional manner and can therefore integrate a highly automated and technically appropriate solution.

With the combination of AI-based text recognition and banking regulations, finbase does more than type out documents. The solution validates information through expert knowledge in the form of guidelines, requirements or calculations. Finbase users receive the highest level of automation with high data quality through constantly learning AI and new rules.

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