Automation technology is already making big waves in the business world. In fact, nearly 80% of respondents in a recent Pega survey expect technology to change the way we work “quite a lot” or “significantly” over the next two years. Nowhere is this more true than in the financial industry, where automation technology can simplify the process of loan applications, account opening, and account management. However, it can be challenging to figure out how to use automation in your workflow and many decision-makers are hesitant to make changes.
Intelligent document processing (IDP) is an automation solution that captures, extracts, and processes data from various document formats. It is one of the easiest ways technology can help change your work for the better. Best of all, machine learning is built into IDP, so the data quality only improves over time.
Here are five daily tasks that can be taken off your plate with IDP, freeing up more time for strategic and human-centered work.
Globally, there were just over two billion online banking users in 2021 and that number is expected to rise by nearly 200 million this year. As customers adopt and come to increasingly prefer digital access, financial organizations must grow to accommodate their digital demands.
One obstacle to digital experiences is the time-consuming process of manually uploading and inputting documents and their accompanying data. With an effective IDP solution, documents are automatically read, interpreted, and digitized allowing you to skip the traditional labor-intensive manual input, which often leads to an increase in human error, and get straight to evaluating the application.
Consider a ubiquitous task in any office: submitting, reviewing, and approving expense reports. Rather than waiting days for reports to wind through the traditional paper-bound process, employees can submit their receipts digitally and have them reviewed and approved in minutes.
Documents typically need to be categorized as a specific type before they can be processed, a task that can also take a lot of manual input time. A comprehensive IDP solution can automate this task, sorting documents into different types, such as purchase orders, contracts, employment agreements, and employment records, at a much higher speed and lower cost than doing it by hand
For example, documents in a loan application need to be sorted before a loan officer reviews and decides on the application. Faster and more accurate document sorting by an IDP solution means that a lender can review applications faster, leading to more volume.
If you’ve ever had to spend time sifting through documents or looking for specific information in your files, an IDP solution can take that task off your plate. These systems can quickly find and extract relevant data from any document, whether it is a single data point or the contents of an entire document.
IDP makes it easy to find added value in even your existing records. For example, if a current mortgage customer is interested in refinancing, an IDP solution can quickly retrieve information from the customer’s previous mortgage application to pre-populate data into the refinance applications automatically.
Data Privacy Management
Financial institutions and companies are required to follow federally-enforced Financial Privacy rules to protect the privacy of consumers’ personal and financial information. When customers provide highly sensitive personal and financial information, they expect the financial institution to ensure this data will be kept safe. IDP solutions can store your information securely, in a location that allows access only for authorized individuals. When you need to check your data securely, you can simply log in with your authorized credentials and safely search through and review your private data.
Financial firms are required to comply with a large number of regulations that cover things like privacy, non-discrimination, fair lending, and reporting. Managing compliance can be a time-consuming, never-ending part of operating in the financial industry. However, when you use an IDP solution to digitize, sort, and manage your data, the system can maintain a digital trail of all activity. This audit trail ensures that you can audit your processes and data, which can help with maintaining compliance with all relevant regulations.
Ocrolus offers Intelligent Document Processing as part of its total solution, allowing your company to take full advantage of automation in your workflows and data management. Learn more about how IDP and automation can simplify your work life.