What is Document Processing?
Document Processing is a methodology for extracting vital information from PDFs, images, documents, etc. The information is extracted and converted into machine-readable formats so that it can be stored, retrieved, and analyzed.
Document processing is extremely important for businesses that rely on data for analytic and strategic purposes. Automating document processing and data extraction can enable businesses to speed up the data storage and retrieval process.
Quicker access to vital information also gives businesses a stronger foundation for pivoting their decision-making process to act on deviations and anomalies—that’s how powerful enterprises stay ahead of the pack.
Why is Automating Financial Document Processing Important?
Traditional methods are now under high scrutiny for their mounting inefficiency and high error rates. Manual processing is proving to be labor-intensive —bogging down the system’s efficiency considerably.
The time taken to navigate through dozens of emails, paper documents, filing cabinets, hard disks, etc., is extensive, and employees lose valuable man-hours to the act of manual document processing.
This can have huge cost implications for the business, and that is something that can mount over time —leading to losses that are much larger than necessary for your enterprise.
Combating these challenges has been made easier with the introduction of modern financial document processing software that is equipped with specialized AI capabilities.
The introduction of Natural Language Processing models (NLP) and Large Language Models (LLMs) have also been incredibly beneficial in improving the quality and speed of financial data processing for many financial institutions.
Benefits of Intelligent Document Processing in Finance
Faster Data Processing
Automation with AI is faster and more accurate. Extracting relevant data from unstructured data is a lot easier with AI. It shortens the time needed for the work by eliminating errors and reducing the reliance on manual process inputs.
Processing Unstructured Documents
Intelligent data processing (IDP) is great at reading into large, unstructured forms of data and retrieving information that is valuable for business applications. IDP works great with semi-structured and structured data as well.
Better Accuracy
IDP is perfect for businesses looking to leverage NLPs and LLMs effectively for data and document processing. AI can enhance the level at which data validation, data extraction, and document classification takes place.
Enhanced Security
IDP offers secure digital data storage. All your files, documents, and personal information are locked up tight under high encryption to prevent data loss or leakage. This feature of IDP is especially useful for businesses that deal in healthcare and financial services.
Cost Reduction
Manual inputs are time-consuming, which means you need to invest more labor hours. Using AI allows experts to spend less time on tedious and repetitive tasks that take away from their ability to add value to the business.
IDP can shorten processing time and help your business utilize your staff better while cutting operational costs.
Industrial Use Cases of Intelligent Document Processing in Finance
Invoice & Payroll
Invoicing and payroll systems are essential for transparency and recordkeeping, but keeping these processes manual is not encouraged. With IDP, you can train a deep learning model on how to extract data and generate invoices so that they can be handled more easily and minimize errors.
The employees responsible for these departments can upgrade their workflow to simple error-checking and correcting the automated output—making their work easier and simpler.
Insurance
Insurance agencies deal with a whole lot of forms. Machine learning and automation can enable these businesses to extract data quickly to determine eligibility and verify coverage in a jiffy.
Maintaining industry standards and protocols is also easier—making all stored documents and personal information consistent and secure.
Fraud detection
Intelligent data processing in finance systems can easily detect discrepancies that occur in the depths of high-volume transactions. Being able to process information faster than the human mind, IDP enables AI and machine learning models to pick out fraudulent transactions and put a stop to them.
Mortgage
Each year, millions of paper documents need to be processed for mortgage processing. IDP can make document evaluation quick and simple—eliminating the hassle of mortgage filing and processing.
Steps to Automate Document Processing in Finance
IDP is great for turning both structured and unstructured data into valuable and usable information for finance businesses that are looking to transition from manual processes to digital, automated systems.
Here’s how automating document processing in finance will work:
Pre-processing
The data of each document is transformed into binary format. Each data point is grouped and assigned into categories to organize the information.
Document classification
Once the data within the document is identified and classified, the system can detect what type of document has been processed. This is done using NLP, machine learning, and OCR (Optical character recognition).
Data extraction
The classified document can be broken down to organize each individual data point into categories—it recognizes names, places, addresses, etc., and organizes them accordingly. This organization is also made possible by intelligent machine learning, OCR, and NLP.
Domain-specific validation
Here is where things get tricky —but it’s easier with AI. The software will go through the organized data in order to make sure that all the classifications are accurate. This step is done using a mix of human-programmed rules and fuzzy logic.
Enhanced validation
This is useful for processes where human intervention can be eliminated completely. Using robotic process automation (RPA), IDP can provide straight-through processing without waiting or relying on human input.
Manual validation
Manual intervention is not totally out of the loop. Human input is needed at the final stage to validate that all information is accurate. This is known as supervised machine learning. With time, the system will improve its accuracy and speed up the process.
Why is JIFFY.ai the right choice for financial institutions like banks and credit unions?
Banks and Credit Unions process millions of documents daily. Document processing needs to be efficient and quick to deliver timely service to millions of customers both locally and globally —that’s where JIFFY.ai comes in.
JIFFY.ai is a specialized, AI-powered no-code platform that has multiple facets of utility for banks and credit unions. It does more than simply automate intelligent data processing for financial institutions.
JIFFY.ai Helps you Convert.
JIFFY.ai allows banks and credit unions to digitize the end-to-end onboarding process—so that your finance services can deliver value to customers quickly. Banks and Credit Unions that have used JIFFY.ai to optimize their systems have experienced 30-40% growth in deposits, 40% growth in conversion rates, and they’ve even managed to slice their onboarding costs in half—now that’s what you call efficiency.
JIFFY.ai is Consumer Friendly
Your consumers can get in touch with you in many ways. Whether it’s through chat, text, phone, email, or in person—JIFFY.ai can ensure that you deliver the best value to every inquirer by streamlining processes in the front, middle, and back-end of the account. Using JIFFY.ai for consumer interaction can reduce your service cost by 30-50%.
Financial Services Delivered Quicker with JIFFY.ai
Service development using JIFFY.ai is 10 times faster than the traditional approach. Because of its no-code/low-code interface, it is also 5 times faster than the competition—giving your business the edge at every turn. To top it all off, throughout the lifetime of your service, the total cost of ownership (TCO) goes down by 40% when compared to the other platforms on the market—now that’s a great deal.
If your business is looking for intelligent document processing in finance—then JIFFY.ai has you covered from end to end.
Contact us or check out our website to inquire about a free demo.
