Enhance and accelerate your document processing with IDP 

Intelligent Document Processing

IDP is a set of technologies that can be used to understand and turn unstructured and semi-structured data into a structured format.

More than optical character recognition (OCR), IDP uses artificial intelligence (AI) technologies, machine learning (ML) and natural language processing (NLP) to capture, classify, and extract unstructured and semi-structured data. Intelligent Automation (IA) technology can then be applied to the extracted data for enhanced validation and to automatically enter it into existing applications.

 

IDP delivers by

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IDP Market View

The adoption of IDP is growing at a Compound Annual Growth Rate (CAGR) of 70-80% over the next 2-3 years, with the finance services industry being the number one adopter. This early adoption is systemic of the amount of documentation and data being consumed within the banking process. According to Everest Group, the IDP market was expected to reach USD $1.1 billion in 2020 as businesses adopt the technology to maintain compliance and simplify data processing – especially large volumes of data.  

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What's driving this adoption?

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Calculate the Value 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. 

Want to learn more? Request a demo to see Sandstone's digital IDP platform DiVA in action.

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

Introducing Sandstone's Digital Intelligent Verification Assistant | DiVA

 

Scale your document management

As specialists in the financial industry, Sandstone has built DiVA's enforced rules engine with no code configuration required. 

With custom built AI designed to specifically service the finance industry, DiVA is already proficient in absorbing a vast number of financial document types to include pay slips, bank statements, contracts, bills, and many more. 

    • Automation of manual processes, freeing up staff for more valuable tasks
    • Increased efficiencies across the value chain
    • Increased speed of processing / Faster approval process
    • Reduced costs per application
    • Less re-work
    • Increased data accuracy
    • Proven and auditable regulatory compliance
    • Increased conversion rates
    • Lays the foundation for straight through processing

  
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Accelerate and scale your IDP with AI & ML to increase efficiencies

 

Discover how DiVA can help manage your IDP.

To learn about additional sample use cases download the infographic or request a demo. 

 

 

 
 
 
 
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DiVA Integration and Workflow

Within the loan application submission and approval process, DiVA is consumed by the bank or financial institution’s origination platform at multiple stages during processing.

  • Upfront DiVA will assist the process through Intelligent Automation
  • Identifying, classifying, categorising and verifying data from a multitude of sources before passing this data through the system.
  • Towards the end of the process DiVA will be called upon to validate the data and ensure everything complies based on the in-built rules engine prior to the bank formally approving the loan.

 

  
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Key Features

  • Missing Information Requests (MIR): use AI to automate the MIR workflow / task checklist and identify missing and incorrect data
  • Transaction analysis: assess living costs, liabilities, and income instantly
  • AI-assisted loan assessment: automate the assessment process for low value, manual tasks
  • Real-time potential fraud alerts: cross validates data to minimise fraud. 
 
 
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