Be in control, remain compliant, and scale your document management processes

It’s time to simplify and accelerate document processing and verification.

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.

 

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The magic of Intelligent Document Processing

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.

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DiVA will boost your competitive advantage and simplify your workflow as it:

Automates and digitises manual tasks for back-office processing staff

Reduces rework and the number of human touchpoints to improve employee and customer experiences

Reduces the risk of policy gaps through AI enforced policy rules

Lowers costs per mortgage application

Automates living costs, liabilities and income analysis

Provides data driven insights for business intelligence from performance statistics

DiVA has the smarts

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.

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  • Custom-built AI enforces policy rules for document verification
  • Missing Information Requests (MIRs) in real time to prompt users if application documentation is missing
  • Easy integration via APIs and scalable SaaS
  • Lays the foundation for straight through mortgage processing and helps increase conversion rates
  • Cross validates data via third-party services to increase data accuracy and highlight potential document tampering and fraud

 

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key features idp

Calculate the value and FTE savings IDP can bring your business

Take full advantage of the power of AI to automate your origination assessment, all while supporting regulatory compliance. Simplify and accelerate the document verification process to free up resources, reduce human error and ensure a frictionless and more transparent customer experience.

To find out what potential FTE savings you could derive from the implementation of an IDP platform, simply enter the current number of lending applications currently experienced per month in the field provided. 

Give your mortgage processing staff a stress-free experience all whilst supporting regulatory compliance. 

Lending Documentation Scenario

Data verification manual processing

1hrs / application

Transaction analysis manual processing

2hr / application

DiVA - data verification and transaction analysis

20mins

FTE savings per year

1hrs / application

Our Intelligent Document Processing product

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