Why the Finance Sector is Flocking to Cloud-Enabled Intelligent Document Processing

Threats of a recession loom over the global economy. Your competitors are moving to the cloud en masse to adopt AI-powered applications that maximize resources and optimize processes to get the most out of a limited budget. When you operate in the cloud, you access scalable AI/ML applications that cut costs and improve customer experience. One such solution, intelligent document processing (IDP), expedites procedures to optimize data analysis and drive strategy by:

Freeing up human talent to focus on higher-level tasks	Improving accuracy in data processing	Mitigating risk

IDP allows you to streamline data collection to maintain a competitive advantage, even while facing significant headwinds.

Overcome common hurdles with cloud-enabled IDP

You process an incredible number of documents. Anytime you open an account or originate a loan, data must be collected and analyzed. Legacy systems require manual entry of data submitted on forms you receive from customers. This painstaking process is not only long, but it is subject to human error. In finance, simple entry errors become expensive quickly when you risk falling out of compliance.

Additionally, you face growing competition from new, nimble entrants to the sector that can process data and deliver services to customers quickly. You need to offer a seamless digital experience that caters to evolving customer demands.

Financial services providers that adopt IDP will become the standard bearers of the industry. On the other hand, if you are slow to adopt, you risk losing market share while being hampered by:

Human error: Manual data entry can result in errors in the database which leads to incorrect decisions being made and a lack of trust in the data.	Inefficiency: Manual data entry is slow and uses valuable human resources for menial tasks.	Compliance risks: Errors from manual entries risk non-compliance with regulatory guidelines.
Lack of scalability: Increasing amounts of data and documents will lead to slower processing and higher costs for human labor.	Fragmented workflows: Different aspects of document processing are not automatically integrated, leading to bottlenecks in the pipeline.

Bring the power of AI to data collection

With cloud-enabled IDP, you leverage AI technology such as natural language processing (NLP) and optical character recognition (OCR) to extract, classify, and validate data from various types of documents. IDP streamlines operations, reduces costs, and gives you a competitive advantage by offering:

Scalability: IDP can easily scale up or down depending on the volume of documents being processed, without the need for investing in additional resources.	Increased efficiency: Automate manual tasks to complete them quicker and allow human employees to focus elsewhere.	Improved accuracy: Extract and process data with precision to reduce the risk of critical errors.
Cost savings: Reduce the need for on-premises hardware and software, as well as the costs associated with maintaining and upgrading that infrastructure. Decrease the number of employee hours devoted to manual document processing.	Better customer experience: Faster loan approvals, quicker account openings, and removal of redundancies to improve the overall customer experience.

Intelligent document processing streamlines the extraction of data during customer onboarding and loan processing. You can take information directly from driver’s licenses and passports to verify identification and meet KYC regulations as data automatically populates appropriate fields throughout the system. Capturing application data from various document types accelerates your mortgage approval process. Similarly, as an asset manager, you can extract and structure data from company statements on ESG practices and investment contracts to accelerate management and reporting processes.

IDP processes large, complex documents eight times faster than humans can do it manually while eliminating monotonous work. Benefits are felt by you, your customers, and your employees.

Keys to implementation

You have a use case, and you know the benefits cloud-enabled AI will yield. Now comes the tricky part: developing and implementing a cloud-based AI solution. This requires software and infrastructure development, as well as consultation and staffing.

Ensuring data quality is essential to adopting AI. You must establish data management protocols and develop a system for cleaning and preprocessing data.

SoftServe is the digital partner for your AI and cloud projects. We develop cloud-agnostic proprietary solutions using state-of-the-art language and data processing models to empower end-to-end intelligent automation.

Let’s talk about how SoftServe’s financial services experts can identify and implement cloud-based AI solutions that allow your human employees to focus on more meaningful work.