The Real Time Lost in Finance Document Processing Solutions
Organizations in the finance industry deal with countless documents on a daily basis, but many are losing time because they don’t have the right finance document processing tool.
Financial services institutions are acclaimed for their cutting-edge insights into the world of finance, trade, banking, investments, and financial technology, but that’s not all. They’re also known for something else: paper — and lots of it.
Along with education, law, accounting, and medicine, the financial services world is one of the most paper-dependent industries. Printing and paper costs in the financial services industry rack up about $10.5 billion annually.
But it’s not like companies can simply stop printing documents cold turkey. After all, they aren’t printing all this paper for fun. People need to process, read, and react to the content of these documents. Then, they need to properly allocate, sort, and process documents for use in the future.
As a result, many organizations in the financial industry have relied on optical character readers (OCRs), intelligent document processors (IDPs), and robotic process automation (RPA) to accelerate document processing. However, without the right deployment of a smart IDP, there’s still too much time lost when processing documents in finance.
Even with some IDP deployments, there are still several factors that slow down document processing in the financial industry. Without the right modern IDP solution, the following factors can still cause lost time when processing finance documents:
1. Manual Processing is Required
The wrong IDP means a lot of manual work and, by extension, lost time. Not only will you need to reformat documents to fit existing templates or create new templates, but you may also need to manually input, validate, or correct data in post-processing.
All of this adds up really quickly, but you shouldn’t just accept hours of manual processing as inevitable. You can drastically reduce your manual workload with the right IDP on your side.
After all, modern IDPs can understand documents regardless of format. With this technology, there’s no need to reformat documents, constantly create new templates, or manually enter data because your old system couldn’t understand a document’s layout.
Modern IDP solutions can reach 99% accuracy, significantly reducing the amount of post-processing required — and AI systems will grow increasingly accurate the more you use them.
Just look at the Master Trust Bank of Japan (MTBJ) to see the difference a modern IDP solution can make in manual processing. With Rossum’s help, MTBJ reduced its manual workload by 75%! Instead of having 40 workers dedicated to manually entering data, MTBJ only needed one for data validation after they started using Rossum. That could be you!
2. Security and Compliance Verification
Security and compliance are essential in any industry, but they are especially vital in financial services. Whether you work at a bank, a brokerage and investment firm, a credit union, you know that you can’t skimp on security and compliance verification. You probably also know that manually validating, verifying, and routing financial documents to adhere to best security and compliance practices can be a time-consuming process.
The good news is that the right IDP solution can take some work off your plate. If you take the time to configure your IDP, it can automatically route financial documents to the correct person for manual validation and verification, saving you valuable time and energy.
3. Validation Checks, Approvals, and Authorization
Checking, approving, and authorizing financial documents are parts of everyday life at financial institutions. Not only are these parts of most organizations’ internal processes, but they are often required for external purposes.
Regardless of whether someone within your organization or external is counting on a document to be validated, approved, or authorized, speed is essential. If you don’t have the right IDP solution, these steps can significantly slow everything down.
With a powerful, modern IDP, you’ll experience faster turnaround times, as the system can automatically make decisions based on certain criteria and validate documents against preferred standards. The result is a smoother operation for your finance department, saving everyone time and headaches.
Finance Document Processing Made Simple And Fast With Rossum
While the wrong IDP makes finance document processing time-consuming and stressful, the right one can make all the difference. Hours spent reformatting documents, configuring new template formats, and sorting and rerouting files will be a thing of the past with a modern IDP solution.
Rossum is a trusted and secure IDP provider that can meet your finance document processing needs. With our highly adaptable AI neural engine, Rossum is fast and accurate, so whether you’re a large investment firm or a small credit union, we have you covered.
Request a demonstration or sign up for a free trial today to see how Rossum compares to other IDP solutions for yourself.