Intelligent Data Extraction in Financial Services: Enhancing Efficiency and Compliance

Summary: As the finance sector continues to digitize, valuable insights and data remain locked away in PDFs. Apryse Intelligent Document Processing (IDP) is a data extraction solution that enables teams to quickly unlock info with a high degree of accuracy, stay compliant, and boost operational efficiency.

A completely digital financial world has never been closer than it is in 2024. Words like “fintech,” “decentralized finance” (or DeFi), and “crypto” have entered the common vocabulary and new technology seems to be launching every day. Despite this, legacy systems and documents still exist in the mechanisms of world finance.

For example, more than 43% of international banking systems still rely on COBOL, a programming language from the late 50s. So it can be hard for the industry as a whole to shake off the idea of bankers toting briefcases full of physical papers.

Lingering legacy documents are increasingly being digitized and converted into PDFs or similar formats. Even though digital documents are much easier to share, use, and store, it can still be difficult to quickly unlock the valuable data and insights in those documents.

Apryse Intelligent Document Processing (IDP) can help. Apryse IDP is a data extraction solution that minimizes manual errors, helps maintain compliance, enhances operational efficiency, and enables financial institutions to quickly access information for analysis, reporting, forecasting, and more.

To put it simply, Apryse IDP is intelligent data extraction that just works. Part of the Apryse SDK, it uses proprietary AI technology to accurately recognize and extract data, text, tables, and other structural information in PDFs. You can then send the extracted info directly to other databases and workflows for operations, analytics, and more.

Apryse IDP delivers exceptional accuracy right out of the box, with no need for training models or manual verification to check for errors.

Get more details about Apryse solutions for the finance sector.

Imagine you've got a digital document, let’s say a loan application, and you’re tasked with entering customer information from that document into another system for further processing. Just a quick readthrough, a couple of clicks, and a bit of assistance from copy and paste. It couldn’t have taken more than a few minutes at most, right?

Now imagine you have to do that same process thousands of times. And that’s just the start of the manual document processing misadventures.

Learn how Apryse makes financial compliance simpler.

Precision, Precision

Apryse IDP uses AI to go far beyond text recognition, extracting tables, forms, and other document structures with exceptional accuracy. Plus, advanced form analysis identifies labels and content in non-interactive PDFs and auto-generates interactive elements in static forms. No data is left behind, so you can see and effectively use every piece of info that’s contained in your documents. This streamlines workflows, reduces errors, and boosts efficiency.

Keeping Up with Compliance

The finance industry is heavily regulated, with different countries and jurisdictions each implementing their own regulatory standards. Apryse IDP automates the data extraction process, which reduces the risk of human error and ensures compliance with shifting requirements. Plus, our IDP solution uses advanced encryption and data protection measures to ensure confidential customer info is kept safe.

Fewer Growing Pains

Apryse IDP’s automation, speed, and accuracy takes some of the fear out of the phrase: “Do more with less.” Our solution is easy to implement and quickly scales with your growing financial institution without the need for additional resources. This helps you save time and money while improving services.

Learn about the latest improvements to Apryse IDP. Read our blog post.

Here’s a few examples of how IDP can be used to improve processes in the finance sector.

Loan processing: Using Apryse IDP to automate data extraction from loan documents can result in significantly quicker loan processing times and a reduction in credit decision errors. This leads to improved customer satisfaction.

KYC (Know Your Customer) processes: Often the first line of defense against financial fraud, KYC checks are an integral compliance component that verifies customer identity and background. Using Apryse IDP to automate parts of KYC workflows boosts efficiency, maintains security, and demonstrates a commitment to customer trust and privacy.

Financial reporting and forecasting: The quality of financial reporting is only as good as the data it’s based on. Apryse IDP ensures information integrity and accuracy, plus enables data to be quickly extracted from document formats that would usually require manual processes to gain insight from. This gives financial institutions a larger data pool to help inform current and future business strategies.

Check out our video to learn how you can accurately convert PDF content into structured data.

Are you ready to quickly unlock the valuable insights and data in your PDFs, improve efficiency, maintain compliance, and take your financial workflows to the next level? Start your 30-day trial of Apryse today. If you have any questions, feel free to get in touch with us anytime, or chat with our engineers about the technical details on Discord.