Data Digitization In Banking And Financial Services

Amit Jnagal
Founder & CEO

Old school ways of conducting financial transactions are gradually bidding adieu. Automation, AI, and data analysis tools are taking over to ease the workflow. Everyone in the market wants to move ahead to enhance customer experience, deliver value, and obtain market share. So boarding the train of digital transformation has become the first choice for most companies. Now the question is what does it signify for the present and future of this industry?

Adapt and adopt, are the key terms for most companies who are walking in pace with the technological revolution. Finance being the people the first sector is shifting its focus to make their customers’ personal lives better and easier. Businesses are prioritizing greater agility and higher quality for their overall process improvements. Some of the changes they are going through are:

  • Making investments in technology that can support or expand their operating models, thereby making their processes responsive, effective, and digital.
  • Making investments on data science, information, and data outcomes which will enable the organization to get an edge in the competitive finance market via better decisions, formulation of product and services to offer better customer experiences as well as streamlining operations.
  • Making business units realigned to fully connect with the customer experience so that they can cater to their unique and individualized demand.

Data Digitization for the Financial Sector

As per a forecast from International Data Corporation, worldwide spending on digital transformation technology be it software, hardware or services is expected to be as close to $2 trillion in the year 2023. How much of it do you think would be invested for data digitization? It’s indeed a difficult thing to say. For a booming industry like finance, data in digital format will help foster an automated and block chain way of touch-less transactions. There will be a lot of business insights available to the decision makers of such companies enabling them to tailor make customer-centric services. Real-time financial reports will be available rather than periodic ones. With robots and algorithms coming into picture, new service-delivery models will come into picture. These models would make onshore and offshore operations smooth and less time consuming.

The necessity of going digital

Customer experience, business growth, and performance are directly affected by digital transformation. At a time where intense competition has taken over the market, companies constantly need to upgrade their services with advanced technologies. Leaders from financial industry are searching ways to harness technologies such as big data, AI, machine learning etc. to evolve. In fact with ready-to-run solutions and automated framework they’re being able to improve the odds for success as well as accelerate results.

Recently, Forbes Insight and Cognizant partnered up to survey more than 100 North American senior financial services executives in order to learn how they’re capitalizing on new technologies to offer value to their customers. The research shows that executives believe that 25% of their future growth will be driven by customer experience-focused digital strategies and experiences. The research also suggests that companies who fail to keep pace with them face higher risk of disruption and marketplace irrelevance.

Tips on getting started

1. Begin with automation:

Robotic process automation can prove extremely helpful in terms of taking over repetitive tasks and saving manual labor to focus on areas which require insight and judgement. With the usage of RPA, desktop automation, and other technologies, companies can increase consistency & efficiency with decreased cost, and staff.

2. Gain momentum with chatbots and virtual assistants:

These solutions help customers understand the nitty-gritty of their accounts and spending history. They can even offer personalized service suggestions and offers based on real-time and historical insights.

3. Make data organized and accessible via analytics tools:

Since finance companies deal with a lot of data from disparate sources, it’s necessary to keep them organized and accessible for future usage. That’s where analytical tools come into picture. Not only this, they also capture economic trends and client data systematically to help the companies make informed decisions.

4. Employ pattern recognition algorithms to generate better output:

After you’ve employed analytics to organize data, you can utilize AI algorithms to enable the systems recognize patterns quickly and tirelessly. If these pattern recognition algorithms are combined with human talent, then machines will be able to generate output and make continuous adjustments and improvements.

How Infrrd helps in digital transformation

We help financial enterprises in dealing with complex documents which encompass annual reports, financial numbers, account statements, legal contracts, emails, invoices, receipts etc. Automated data extraction is our forte, be it from complex tables or images or PDF files. Our platform is capable of minimizing costs and process time for such documents by 50-70% with AI-driven data extraction.

We can also help you with image processing through our real-time machine learning algorithms. You’ll be able to derive insights from them to make better decisions. Our intelligent data capture platform can focus on your specific problems and tackle them in a better way. We’ve helped many mortgage companies in data handling and processing loan applications. Connect with us at today to get a consultation or a free demo.

Frequently asked questions

What does your pricing model look like?

We price based on the annual volume of pages and complexity of document type.  We can get you preliminary pricing once we outlined a solution.  Let's do this.

To know more, book a 15-min session with an IDP expert

How can I try Infrrd before I commit to a full deployment?

Sure.  The first step is to schedule a guided demo where you get to jump into the thick of it.  After you explore our solution you can try a proof of concept. When you're ready, you can deploy the system to one use case.  Then more use cases.  Then across your enterprise.

To know more, book a 15-min session with an IDP expert

How does your system integrate with others in my enterprise?

We play nice.  Our solutions are API-based.  Your documents are feed into the solution using APIs. And extracted data is sent out through APIs.  We use REST APIs.

To know more, book a 15-min session with an IDP expert

Does your solution run in the cloud or on premise?

Our solution is cloud-native but is also design for premise deployments.  Your choice on how you want to deploy it.

To know more, book a 15-min session with an IDP expert

Does Infrrd run on mobile or desktop device?

Glad you asked.  Our data extraction process runs on servers.  We have found performance and accuracy decline when running on a desktop or mobile device. (Remember Infrrd is running a powerful AI stack).

To know more, book a 15-min session with an IDP expert

Does your system work out of the box or does it require training?

Common documents and use cases work out of the box.  The cool thing is your solution will improve as the system learns from your documents upfront and over time.

To know more, book a 15-min session with an IDP expert

How does your solution handle corrections?

Did you know no system is 100% accurate all the time?  When extraction errors occur you want to correct them.  We provide a simple UI that your business analyst will use to make corrections.

To know more, book a 15-min session with an IDP expert

Does your solution work with handwriting?

Our solution excels at data extraction from handwriting.  We've got proprietary methods and techniques that do the trick.  It's pretty cool.  See for yourself.

To know more, book a 15-min session with an IDP expert