Infrrd AI Enabled Intelligent Document Processing for Complex Documents

  With rising home sales in the US and increasing demand for the use of technology in the mortgage approval process, IDP-driven end-to-end automation is expected to make a significant impact in this space. Because processes in mortgage origination are labor-oriented, automation and IDP are more impactful and beneficial for the mortgage industry than for most other Industries. According to the  McKinsey & Company report, A Future that Works: Automation, Employment and Productivity , “the value of the potential benefits of automation, calculated as a percentage of operating costs, is more than 90 percent for mortgage origination.” Moreover, this report says it takes an average of 37 days to approve a mortgage application in the U.S., of which about 14 to 21 are spent on the mechanics of application processing. With IDP, this could potentially drop to under six days. Mortgage automation is the key to a great customer experience The last few quarters have seen one of the large...

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 ...

Thanks to its name and all the hype around Big Data, it gives a sense that Big Data is meant for big companies with a huge amount of data. It is generally believed that Big Data has nothing to do with small businesses that generate small chunks of data. True, Big data is changing the game for a lot of big businesses, but as an SMB owner, have you looked at how it can impact your  business ? Read on to find out how Big Data can work for ‘big enough’ data for Small-Medium Business. The answer might surprise you… THE ONE MINUTE ‘YOU NEED BIG DATA OR NOT’ TEST: Here’s a quick test for you to figure out if your business can benefit from Big Data Analytics: Does your business use computers to store business data? Do you exchange information with your partners, customers or employees using electronic media like documents, emails, etc? Do your employees, users or customers talk about your products or services on social media? If you are running a Small to Medium business in 20...

Intelligent Data Capture  Infrrd’s current wave of technologies has tested a multilayered extraction model successfully that employs a suite of advanced  AI-technologies  to streamline the operational process. Infrrd’s  Intelligent Data Capture (IDC)  implementation can help and make a significant impact on operations and workflows with near-perfect accuracy. It’s prolific and definitely the next big thing that’s gaining major traction in the enterprise environment. But this is just a tip of the iceberg. Adapting IDC provides a single point of access for all of your business information. Despite numerous advantages, decision makers still think twice about why should one invest in IDC? If you’re one among them  contact us  for a  free demo  today and get your questions answered about IDC or business-specific applications. Originally published at  infrrd.ai