There is a rapid increase in technological advancements in the Banking and Financial industry in the last few years. These technological advancements result in fast, more secure and better customer experience while enhancing efficiency and reliable services. Majorly, In the Banking sector, most of the operations are associated with Calculations, especially when dealing with numbers. Human mistake is more likely in manual data processing, not only is the procedure time-consuming, but it is also costly. Because of this Banks have been constantly looking for automation. Document automation offers a quick and reliable solution to the banking and finance sector. With document automation, one can get the data from entire documents and extract valuable information, as closely as a human mind, along with constituent semantics and structured layout. It is powered by neural networks to enable the transfer, storage, and retrieval of data from semi-structured documents.
Here are some of the Use Cases of automation in the Banking sector
It is an initial onboarding task for any banking sector, It Includes certain details about customer's basic details, Identity proofs, and primary verification. The Document Automation solution, here can help to extract the customer data without human intervention. Such as Identity proof verification and other details.
Mortgage Document Processing
In recent years, Mortgaging properties increased, in that scenario, most banks are adopting Document automation solutions to quick processing documents.
Cheques are still one of the most commonly used payment methods in banks. For cheque processing, every bank should have a dedicated team of verifying the details and process the transaction manually. Adopting Document automation to automate this entire cheque processing procedure to reduce the customer waiting time in the banks, and increase staff productivity.
Loan Approval Time
For the loan approval process, in banking different stages to complete the whole process includes customer management, credit analysis, presentation, approval, and portfolio risk management. With the automation, banks get easy approval in Minutes. Document automation eliminates the double entry and multiple times of customer verification. Banks can serve clients remotely/ Virtually and customers will be more satisfied carrying out such transactions on mobile and electronic devices.
Credit Card Processing
Traditional credit card approval takes more than two weeks, but now with automation, banks are processing the application within hours. With the automation in the banking sector, multiple systems simultaneously validate the information like required documents, background checks, and credit checks and take the decision based on rules to approve or disapprove the application.
With the advanced technologies in the Banking sector, one of the main concerns is Fraud, it is not possible to track every transaction to flag the possible fraud transaction activity. With automation, banks can track fraud transactions in real-time. And also, banks can block suspicious account and their transactions.
Know Your Customer (KYC) is one of the primary and mandatory processes for banks for every customer. Most banks are spending a lot of amount and resources on KYC Process. Now the Banks are turning to automation, without manual operations, and banks are processing the KYC with minimal errors and staff.
With many success stories and client testimonials, AIBridge ML has been helping the Banking and financial services with AiMunshi – AI Powered Document Automation Tool which performs seamlessly to record and retrieve transactions using Artificial Intelligence. AiMunshi enables intelligent retrieval of transactional output data in desired formats, into the ERP or accounting system for the end-users.