When automation means efficiency
So many documents, and so little time to manage them.
Financial service providers have to manage huge quantities of documents, with a considerable effort to analyze them, control them and introduce their data into management systems.
Furthermore, users often upload poor quality documents to platforms, often messy, with scattered page order or different documents on the same page, or even manipulated.
In addition to quantity, this is also a question of quality, and it is not merely about the users. On the other end of the line, business operators accidentally add a component of human error to the data-entry process.
Even in digital acquisition funnels or enrollment procedures, onboarding and managing new customers is often repetitive, tiring and very subject to omission and typos; yet still entrusted to staff, for the lack of reliable and integrated automation processes.
For customers, this means long waiting times and a less fluid user experience, resulting in a lower level of overall satisfaction for the service they requested.
Having an integrated and functional digital archive is not only crucial to make paper documents easier to find, but also necessary as a business action to improve performances in terms of acquisition and conversion.
Not only that, combining such an archive with an automated document processing ensures greater productivity, efficiency and safety for the entire organization.
IDP: how does it work?
To register a new customer or to offer a new service, it is necessary to get hold of many, different documents: from IDs to the pay slip, and they are often uploaded in different formats.
The main OCR services on the market turn paper documents into digital ones, detecting text within an image.
This is already an essential step forward for any company’s digital transformation process, but it does not deal with the entire next phase: from data extraction, to controls and data-entry.
Next Step: Processing
3rdPlace’s Intelligent Document Processing manages the whole process: from documents’ uploading, to security checks, and the automatic data entry into the existing management systems, with accurate and immediately actionable data.
- it analyzes any type of document, in any format
- carries out an anti-fraud check, validating the document and ensuring that it has not been manipulated
- automatically extracts the required values, even from messy or poor quality files
- intelligently enters the data in the appropriate fields of the company management system
One solution to oversee all the steps, fully customizable according to the company’s template needs, documents needed, fields to be extracted, validation rules, based on specific processes and target management systems, integrating with the existing technological infrastructure.
In this way the processes are upgraded, but not upset.
The extracted data is accurate even if it comes from degraded files, and is automatically enabled for intelligent analysis, to develop advanced RPA tools.
A win-win for companies and customers
IDP represents an undeniable advantage for the company, because it drastically reduces management costs and optimizes the process, increasing the quality of data when it’s loaded into the management systems, with accurate anti-fraud checks.
Employees who deal with document acceptance and data-entry no longer have to perform burdensome, repetitive and mechanical task, so that they can be in charge of more rewarding activities or focus on more complex practices, where human intervention can be truly decisive.
When it comes to customers, the overall user experience and use of the service is greatly improved, because the outcome of the practices comes faster even during work peaks, and all personal data is protected according to the GDPR, supported by servers within the European Union.