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Document AI in Finance


Few industries benefit as much from artificial intelligence as finance. Document AI in Finance is therefore a real gamechanger for banks and financial service providers who want to improve the experience of their customers, optimize processes and relieve employees.

Everyday business in banking is very much characterized by the processing, evaluation and archiving of documents. Beginning with the verification of identity and the filing of identification documents to the processing of income statements, appraisals, rental or notary contracts, many processes at a bank are characterized by these activities. In addition all of them contain important, financial and sensitive data.

Digital customer data through fast OCR in banks

Document AI in Finance can automate these tasks and support increasingly complex processes. The diverse fields of application of the technology enable more knowledge and better communication with the customer, intelligent filing and evaluation of documents, and automated data driven processing of credit applications and contracts. 

Intelligent document retrieval extracts structured information from unstructured documents, which can be automatically processed further or assigned to a corresponding processor. The data obtained is also stored in categorized form so that it can be incorporated into further business cases.

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

  1. A photo or scan of the customer's documents is taken or forwarded by e-mail.

  2. The photos and PDF are uploaded via the API (interface).

  3. The AI software processes the documents.

  4. The read fields are automatically captured, checked and transferred in JSON format and integrated.

Banks recognize the potential from OCR and AI

Currently, many players in the industry have recognized the potential of artificial intelligence, deep learning, data and digital automation. In contrast, the actual situation in many companies is often still very rudimentary. In 2020, for example, almost 50% in a PwC study said they saw AI as an important innovation for the industry. However, only 9% of the executives surveyed saw their company as well prepared for the next steps in digitization.

The conclusion of the study: "Within a few years, artificial intelligence will massively change the financial industry. Those who miss this change will have a hard 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 huge for the optimization of internal processes and interaction with customers and partners.

What are the benefits of Document AI in Finance?

Document AI in Finance and automated data capture create a wide range of benefits for banks and financial service providers that can mean decisive steps ahead of the competition and position every company to be modern and fit for the future. This is necessary to meet the increasing expectations of customers 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:

  • Easy, digital contact with a bank advisor
  • Digital request for services and credits
  • Faster feedback for orders and inquiries
  • More net market time of the consultant for more complex topics
  • Document data enables automated business decisions 
  • Automated processes enable higher speed
  • Customer data can be read and used better

Consistent digital scanning of documents also eliminates an enormous amount of bureaucracy and creates digital files and archives. Intelligent categorization means that documents and information are stored decentrally and digitally for all authorized persons, making the gained data easily accessible. Categorization and Indexing enable easy search of information, data and documents.

In addition to the collection and maintenance of 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 approved in line with the dual control principle and only processed in more detail by the bank employee in the event of ambiguities or complex cases.

For this purpose, the AI-based text recognition can be combined with individual, banking-specific rule sets, which makes the solution individually applicable and adaptable for every bank and financial service provider. In this way, employees can be enormously relieved of repetitive and bureaucratic work and can devote their full attention to advising on complex transactions and paying more attention to the customer.

Strategic advantages of Document AI in Finance

  • Leaner processes 
  • Faster decisions
  • More output from customer data
  • More satisfied customers
  • Happier employees
  • More yield

What are the requirements?

The integration of a Document AI in Finance is done via robot or REST interface. AI services can thus be integrated into the existing core banking system and combined with solutions from fintus, PowerAutomate or UiPath be expanded and optimized.

How do I use the REST API?

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 participate in the possibilities of digitization and artificial intelligence without major hurdles.

What are the application examples in banks?

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

New customer creation and KYC of documents

For the onboarding process, the bank defines the required documents that the prospective customer must submit at the beginning of the business relationship. These documents are read and checked by Document AI. In this way, form fields can be filled out automatically and important information about the customer can be filed directly. Legitimation via an identification document can also be carried out by means of digital identification without the need for bank employees.

Intelligent document processing and data maintenance

The structured information obtained by Document AI is stored and categorized in digital files and archives so that it can be reused. The AI reads out the description of bank transfers, for example, and recognizes continuing obligations. These can be insurance products, telephone contracts, Internet contracts or other standing orders. On this basis, targeted offers and services can be prepared for customers.

Digital credit application

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

AI technologies make processes in banks faster, safer and more efficient

The use of artificial intelligence, deep learning and document AI is particularly worthwhile in areas where a high number of legal requirements have to be implemented and observed. The digital and automated implementation of a credit application is probably the best current example of how Document AI in Finance can facilitate the everyday life of banks and financial service providers and improve the experience of their customers. Only those who take these steps toward modernization and optimization will have a chance in the medium and long term to hold their own in a competitive environment and meet the increasing demands of customers.

Document AI specialized for banks and financial service providers offers finted GmbH

To reap the benefits of Document AI in Finance, it is finted the perfect contact, because the AI platform of the German joint venture is the only platform in the European Union, Switzerland and the United Kingdom that has been developed specifically for banks and the financial services industry. As a joint venture, finted GmbH combines the AI-based text recognition Konfuzio of Helm & Nagel GmbH with the banking-specific rule sets of the fintus Suite. In this way, finted specifically and expertly addresses the requirements of your industry and can thus integrate a highly automated and professionally suitable solution.

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

You can find more information at finted.ai.


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