How Can Adopting Intelligent Data Capture for Banking Sector be a Competitive Advantage?

The reality is that Banks exchange a lot of information with other companies that they have no control over. They get annual reports from customers, they need to validate payslips for processing loans and there is no global standard for that. A lot of time they need to process collateral documents which comes in thousands of variations from a growing list of hundreds of providers. This can be possibly due to the unprecedented challenges faced by banks: from in-branch applications for accounts to cheques, loans, monthly statements, and other services, much of their daily activities remains mired in paper and manual processes. Also, Most banks have switched to online applications where they control the entry of the data. The challenge is for the documents that come from other companies that they do not control

But, what’s the problem with papers?

In today’s fast-paced consumer culture, delays become a liability to any industry that provides customer service. Cheques and forms have long been the standard norm within the banking sector. But, these legacy methods and practices imperil a key limitation within banking with more processes shifting to digital platforms. For example, consider a situation where you are:

• Trying to secure client information in an online repository in order to locate and access specific data in the future easily.
• Seeking to use automated technologies to serve customers effectively 
• Attempting to introduce some other technology to improve day-to-day activities.

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In such cases, the information or data that needs to power these improvements remains locked within the paper itself. Adding to this, the regulatory burdens, drive further demand for appropriately digitized content as it would be time-consuming to handle the enormous volume of data manually.

Intelligent Data Capture: A weapon to unlock the potential of unstructured data

While traditional scanning does not assist anything beyond physical storage of documents, the banking industry, fortunately, has a technology ‘Intelligent Data Capture’ at its disposal that underpins the critical objective of digitization—namely, to digitally access and obtain data. 

Not only these but the use of IDC technology can also help banks to reduce occurrences of fraud: for instance, signature comparison can be applied to signed documents to help identify cases of forgery, and machine-learning algorithms can be used to in-branch applications for loans, credit cards, and other services to detect doubtful information effectively. 

With the use of Intelligent Data Capture technology data or the information is more accessible and searchable in digital format, helping banks to efficiently store and classify the documents while also ensuring that they satisfy compliance requirements too. 

Infrrd’s Intelligent Data Capture solution is the precursor to any digital-based strategy or process improvement. This might sound like an overstatement, but it’s true. Here are few rundowns on why Infrrd’s IDC Solution can ease processes and workflows:

1. One platform for all the customer data: IDC technology consolidates structured and unstructured data from various sources (such as mail, e-mail, fax, web form), in any format, reducing fragmented systems and processes, improving the accuracy of data, and expediting the delivery of information downstream. 

2. Document classification: Banks handles a wide range of customer documents. Intelligent data capture technology automatically identifies any document type based on aspects such as a logo or the description of a field (e.g., “loan number”). Banks can configure business rules for handling each document type, including the data fields that must be extracted. 

3. Data extraction: Banks will never obtain optimal customer experience without capturing the critical data points that drive their business processes. Intelligent data capture solutions automatically offers data extraction to obtain key points from any document. 

4. Seamless integration: Intelligent data capture can seamlessly integrate with downstream banking systems and processes like CRM, ERP, ECM, or loan systems—to route documents and data to the right people, at the right time. Merging data with an intelligent data capture system enables banks to reduce information gaps, streamline operations, and contribute new and innovative ways of utilizing customer information.
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