KlearStack’s AI delivers 70% cost reduction in Document Processing Operations for Banks
US — AI-driven document processing platform, KlearStack helped a major bank reduce their document processing costs by over 70% and improved productivity by more than 100% using machine learning and NLP.
KlearStack, an AI-based document processing software, has delivered extraordinary results for a well-established bank. The bank observed a 300% improvement in turnaround time for processing loans, a 70% reduction in document processing operational costs, and more than 100% improvement in team productivity as they saved up to 15,000 manual hours each month.
On average, most major banks have to process millions of documents per month, especially when dealing with consumer loans. Manual document processing of consumer loans often results in slower processing times, high operational costs, data entry inaccuracies, and a lack of agility that hampers the long-term growth of the banks.
Realizing this long-standing problem, KlearStack utilized an AI-based solution to digitize the operations of a major bank with outstanding results. According to reports, the bank witnessed a significant improvement in business agility, and consumer and dealer experience. Processing of documents and loans during peak season became hassle-free. This was achieved using KlearStack’s end-to-end automated document processing solution.
KlearStack’s proprietary data extraction technology is able to accurately extract data and interpret documents using Machine Learning algorithms and Natural Language Processing (NLP).
The process begins with the bank employees across the country clicking the pictures of the documents like invoices, NACH mandates, and insurance policies using their mobile phones. These document images are uploaded to KlearStack SaaS in real-time over a highly secure connection. KlearStack processes these documents online.
The first step in document processing is automatically identifying and rejecting bad-quality documents. The documents are then classified into different categories like invoices, NACH mandates, insurance policies, and other document types.
Thanks to KlearStack’s machine learning models that are continuously trained to understand and interpret the data from free-form documents, the data from each of the uploaded documents are successfully validated and straight-through processing was finally achieved using KlearStack’s three-layered data validation and transformation process flow. This data is then seamlessly integrated into the bank’s existing downstream system, where loan approval and disbursal take place now in minutes rather than in hours.
To know more about the unlimited functionalities offered by KlearStack’s AI-powered document processing platform, visit www.klearstack.com.
KlearStack is multiple award-winning AI-based solutions, that is being used by global brands and Fortune 100 companies across multiple verticals. Its document intelligence-driven automation capabilities are now fast gaining traction in various fields with document-centric processes in banking, trade, invoice processing, inventory management, supply chain automation, and many other spheres.
Company Name: KlearStack Inc.
Contact Person: Ashutosh Saitwal
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Economy Port journalist was involved in the writing and production of this article.