How Rossum is Streamlining the Finance Industry with AI-Powered Document Processing
The finance industry is constantly evolving and facing new challenges, from navigating regulatory changes to adopting innovative technologies to remain competitive. In response, companies and finance departments are turning to cloud solutions to manage risk better and maximize profits while responding to changing customer needs.
The rise of AI-powered document processing
Rossum’s intelligent document processing (IDP) is making waves in the finance sector as a game-changing approach to automate workflows and increase efficiency. Our cloud platform ensures that documents are processed accurately and securely while saving time and money.
In comparison, manual processes are time-consuming, error-prone, and costly. Traditional OCR (optical character recognition) software isn’t a full-proof solution either because it runs into issues with different document formats, types, colors, etc.
Advantages of Rossum’s financial document automation
IDP technology delivers the accuracy, flexibility, and scalability that enterprises need to process a wide range of financial documents like invoices, receipts, statements, contacts, and more. Here’s a breakdown of how our AI-power document processing streamlines the finance industry:
Reduces manual work
IDP enables organizations to eliminate manual data entry and other administrative jobs so their employees can focus on value-added activities, such as strategic decision-making and problem-solving. By automating repetitive manual tasks, IDP dramatically cuts down the time it takes to process and manage documents.
The Master Trust Bank of Japan (MTBJ), one of the largest banking institutions in Japan, demonstrates the effectiveness of AI-powered document processing. MTBJ reduced manual workload by 75% and lowered manual validation per document to 50 seconds.
Sophisticated document automation ignites efficiency in the finance industry by streamlining every stage of the document lifestyle — pre-processing, data capture, validation, post-processing, and reporting.
In addition, IDP speeds up post-processing tasks like calculations, sorting, and email follow-ups, all within a single end-to-end platform.
Improves data accuracy
Manual data entry is rife with opportunities for incorrect information that can get your business into trouble with customers and regulators. IDP’s AI technology not only makes data entry much faster but also reduces human error and ensures precise data.
With Rossum’s advanced data capture solution, finance professionals can accurately extract data and streamline validation with minimal manual intervention.
Lowers operational costs
Greater efficiency in document management facilitates scalability while also helping companies reduce operational costs. With AI-powered document processing, enterprises stand to further improve profits considerably with almost no additional labor required.
In turn, this helps free up resources that can be channeled toward other business initiatives that enhance overall organizational productivity and efficiency across departments.
Strengthens document security
When managing client information or sensitive financial data, ensuring documents remain secure at all times is of utmost importance for a financial institution or department. This is where IDP becomes invaluable for data protection.
Rossum uses advanced security measures and provides access controls to safeguard your data against loss, destruction, alteration, and unauthorized access or disclosure.
Enhances customer experiences
Businesses need to take advantage of every opportunity to make customer experiences as efficient and enjoyable as possible. AI-powered document processing can help companies provide a higher level of service with faster response times, securer transactions, and fewer errors that result in delays.
Plus, advanced analytics and reporting allow companies to identify trends and understand customers’ needs better. They can leverage these insights to enhance service and develop new solutions.
A comprehensive compliance strategy is crucial for avoiding penalties, reputation damage, and legal action. Unlike risky manual processes, IDP enables the finance sector to build trust and uphold security, privacy, and compliance standards more effectively.
Rossum accomplishes this by maintaining appropriate technical and organizational measures, internal controls, and information security routines that follow industry best practices.
Get ahead with intelligent document processing
Document processing is an integral part of running almost any business. Traditionally, it involves time-consuming steps, such as manual data entry and other mundane tasks. In today’s fast-paced finance world, companies must find ways to automate critical document processes to stay ahead of the competition.
Intelligent document processing makes automating document workflows possible. With its ability to quickly understand documents and extract information in seconds, AI-powered document processing is streamlining the finance industry in new and exciting ways.
See how IDP helps save time and money on your financial documents with a free trial of Rossum.