Intelligent Document Processing
AI is the key to solving the major issues impacting financial institutions today, from onerous manual handling of documents to constant regulatory changes and ballooning customer expectations. Intelligent Document Processing (IDP) combines a range of technologies and complements banks’ and building societies’ existing core banking platforms.
It’s your solution for freeing up resources and ensuring a frictionless and more transparent customer experience.
And with the efficient management of customer data in real-time, and at speed, now one of the most important variables in your workflow, being able to extract, categorise and validate data as part of your loan application process is ever more crucial. Especially as consumers – and institutions – insist on a faster time to yes.
Using artificial intelligence (AI), machine learning (ML), optical character recognition (OCR) and natural language processing (NLP), IDP enables financial institutions to capture, classify, and extract data stored in documents submitted by borrowers. It turns unstructured and semi-structured data into a structured format which can then be absorbed by other applications within the banking system.
Today financial institutions are using a variety of intelligent document processing (IDP) technologies to help strengthen their automation and processing systems.
AI is your upper hand in document processing. It’s a powerful tool for streamlining workflows, minimising delays, and reducing errors caused by manual documentation touchpoints.
Sandstone’s Digital Intelligent Verification Assistant (DiVA) IDP solution gives you the automation and speed you need to digitise processes and manage higher volumes of applications with your current FTE. It drastically reduces time to process mortgage applications from hours to minutes, helping you achieve approval targets.
Data verification manual processing1hrs / application
Transaction analysis manual processing2hr / application
DiVA - data verification and transaction analysis20mins
FTE savings per year1hrs / application