Leveraging Cognitive (Computing) Automation to read, understand, extract, redact & process data for Intelligently.
A leading Bank/ Financial Corporation processes loan applications for business entities. The loan officers carefully read and scrutinize the scanned or photo-copies of bank statements, P&L, Balance Sheets, credit ratings, etc. as the first step of loans qualification process. OCR based data capture and rules based data extracts the entire available data, and the Officer has to pick up the relevant data for his/her decision making. Any change in the document format warrants re-writing the rules, further adding to delays and costs.
Accent team worked with client teams and set up a pilot run of the Cognitive Computing based Intelligent Document Processing (IDP) platform. The IDP bot reads the structured, semi-structured and unstructured data, cognitively understands and extracts only the relevant set of data and offers it to the business work flow. These self-learning bot continues to improve with every change in the format, deviation from known knowledge and the human response to the change. Every new source of information will enrich the knowledge of the bot and make it further intelligent. The pilot was executed successfully demonstrating higher data accuracies and efficiencies, thereby proving IDP as an intelligent and advanced document processing solution for complex data formats.
The Business Scenario:
- An intensive paper-based processing work flow.
- Traditional OCR engine captures & extracts all available data.
- Rule based engine is used to pick and process the entire data.
- Human intervention needed to process the entire data to extract relevant information.
The Challenges Identified:
- The process is cumbersome and very slow.
- Existing solutions extract the entire data, relevant of otherwise.
- Any change in input formats warrants change of rule sets.
- The process entirely relies on the human capabilities to ensure desired accuracy.
Technology-led Innovation:
- Cognitive IDP bots read and understand the relevancy of data.
- Only the relevant data is extracted for further processing.
- Like humans, the bots are able to understand minor changes in the formats & layouts of documents.
- Every human intervention trains the bot and enhances accuracy.