Financial institutions are highly regulated, and digital transformation within them can happen slowly. But there are several ways in which banks and other entities can use artificial intelligence and automation. And as the world heads into a long economic downturn, with more customers doing their banking remotely and online, automation can be a boon to those banks and financial entities looking to stay a step ahead of the competition.
In this piece, we outline 5 automation use cases in finance and banking, including:
- Classifying and extracting key information from printed and digital documents. Auditors, for example, might spend a preliminary phase gathering up tax records, sorting them into the right categories, and inputting them into financial software.
- Using optical character recognition — or intelligent character recognition — to automatically classify and analyze unstructured data like forms that are half-handwritten and half machine-printed. Once a document is scanned, our platform automatically extracts the key data and inputs it into the right field in an appropriate program.
- Speeding up KYC (know your customer) and other tedious processes for finance workers. By automating the classification of identity documents and other types of KYC documentation, you can both reduce manual tasks for your employees and help your customers get faster service.
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