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How AI-enabled intelligent document processing is modernizing bank operations

Explore IDP use cases and take a closer look at Hyland’s industry-leading solution.

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Banks and credit unions often struggle to manage large and growing volumes of disconnected information.

Traditional document processing technologies can address some of the challenges presented by manual data collection and review, missing or incomplete information, human error and unstructured data. Forward-looking financial institutions, however, view intelligent document processing (IDP) as the next step in document management technology.

IDP — which uses advanced technologies such as AI and machine learning to automate document handling and the extraction of key data — is gaining momentum. According to a recent IDC survey, Intelligent Document Processing: Extract More Business Data and Intelligence from Semi-Structured and Unstructured Documents, 52% of companies have invested in IDP in the last year, and 44% are planning to invest in the technology in the next 18 months.

This webinar, hosted by American Banker and sponsored by Hyland and Doculabs, explores how AI-enabled IDP can dramatically improve business processes and generate critical insights from data locked inside documents.

IDP use cases

Banks and credit unions can utilize IDP to generate a significant return on investment (ROI).

  • Mortgage lending: IDP can automate the document generation of loan agreements and related documentation, as well as integrate borrower information, loan terms and regulatory agreements.
  • New account onboarding/Know Your Customer (KYC): Banks and credit unions can utilize IDP to create customized onboarding documents, client-specific disclosures and compliance information.
  • Account servicing: IDP can assist in producing personalized outbound customer and member communications such as real-time portfolio performance, analysis and recommendations.
  • Money movement: IDP can help detect and prevent fraud by analyzing patterns, behaviors, historical data and embedded subject matter expertise.

A closer look at Hyland IDP

The webinar also examines key features of Hyland IDP, including:

  • Multichannel capture
  • Optical character recognition
  • Document separation
  • Classification
  • Extraction
  • Validation

Are you ready for IDP?

If you answer “yes” to any of these questions, you’re likely ready for IDP.

  • Is data trapped in documents preventing good decision-making?
  • Do misclassified documents and unredacted data create liability exposure?
  • Is unstructured data creating bottlenecks?
  • Does inaccurate or missing information drag down insights?
  • Does staff waste excessive amounts of time on manual document review?
  • Are compliance audits time intensive?
  • Are you forced to put strategic projects on the back burner due to lack of resources?

Speakers

  • Marcus Anderson, solution engineer, Hyland
  • Steve Comer, AVP, financial services and insurance, Hyland
  • Rich Medina, co-founder, Doculabs

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