3 ways banks can modernize document processing

Financial institutions looking to mitigate manual data entry and increase efficiencies are turning to automation for their document-heavy operations. Document processing allows banks to capture data and filter it for employee use, compliance needs or audits, Joe Labbe, vice president of product development at intelligent document processing firm KnowledgeLake , said today during the webinar “The Future of Document Processing Automation,” presented by Bank Automation News . 1. Intelligent capture Intelligent capture software allows banks to extract data using machine learning (ML) to eliminate errors and automatically classify documents with the ability to recognize and quantify the types of pages within a document, according to KnowledgeLake’s website. This can be critical to saving time and operating costs, allowing for high-volume document processing with minimal risk of error, Labbe said. [caption id="attachment_219956" align="alignright" width="300"] Image by CanStock [/caption] “With intelligent capture, you need to make sure that the service has the ability to receive documents through any channel and what would be called omnichannel capture capability,” he said, noting that it’s critical to ensure the correct version has been received. Once organized, intelligent capture can be turned into data for actionable business insights that drive enterprise decision-making while maintaining processes that are critical for everyday operations, compliance or audits, Labbe added. 2. Automated workflow Banks can then use machine learning to process the actionable data into an automated workflow, Labbe said. “This is applicable to structured documents, semi-structured [documents] and increasingly unstructured documents, like contracts,” he said. Technologies including APIs or robotic process automation (RPA) can organize data into a structure of rules defined by the bank rather than a software provider, Labbe added. 3. Accessible repositories Bank employees can gain access to the information through a search function once the data is collected and stored in one defined channel, Labbe said. “Compliance and exporting of documents and analysis of documents becomes a lot easier because you only have to go to one source as opposed to try to figure out where all these documents are scattered across,” he said. Using an omnichannel approach, the information can then be analyzed from a centralized document store that is secure, scalable, cloud-based and available to employees, Labbe noted. Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1668631015719.1668634446641.546&__hssc=41615677.5.1668634446641&__hsfp=3478022145" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1668631015719.1668634446641.546&__hssc=41615677.5.1668634446641&__hsfp=3478022145" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

3 ways banks can modernize document processing

An omnichannel approach allows client data to be accessed from anywhere

Transactions: Savana, Capco to collaborate on UX

Mastercard Engage adds fintech Amount to partner network

Related Posts

Product roadmap, data governance key for AI vendor selection

How U.S. Bank measures ROI of AI

Acquisitions bring AI consulting in-house

Mastercard Engage adds fintech Amount to partner network

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

3 ways banks can modernize document processing

An omnichannel approach allows client data to be accessed from anywhere

Transactions: Savana, Capco to collaborate on UX

Mastercard Engage adds fintech Amount to partner network

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day