These days, it’s not a question of if financial institutions will automate workflows, but how.
FI’s with the initiative to invest in their automation functions are searching for ways to deliver faster workflow processes and reduced manual intervention even further for incoming documents. Alogent FASTdocs seeks to be the bridge between these desires and future automated endeavors taken by banks and credit unions. When implemented, intelligent document classification, powered by AI and machine learning, will provide users with a fully automated digital ecosystem that acquires documents from all sources, understands and deciphers them on a holistic level, and speeds access to the data through automatic routing and indexing - ultimately integrating all data directly into FASTdocs.
Document classification addresses two of Alogent's promises - automating business processes and turning data into actionable business intelligence. With FASTdocs’ intelligent capabilities, banks and credit unions benefit from sophisticated digital workflows including extraction and classification, mimicking the way they already operate. This eliminates delays, errors, and reduces costs associated with paper processes even further.
FASTdocs approaches classification through a 3-step process, “Acquire, Understand, and Integrate,” first acquiring the document, reviewing, and understanding its layout and contents, and then integrating it into the larger enterprise. A robust and intelligent engine ensures documents are identified. Different techniques can be applied, including barcodes, deciphering image layouts, and decoding content and a document’s context together. This ensures all documents are routed and indexed accurately and that data is extracted and integrated seamlessly into the ecosystem for quick search, retrieval, and processing.
- Acquire: FASTdocs processes all incoming documents from multiple channels including paper and digital sources, emails, mobile devices, scanners, and other input files. Once in digital form, image correction is performed, such as noise removal and skew correction, to ensure all documents are of high-quality before entering the workflow.
- Understand: Using machine learning capabilities, FASTdocs separates pages and files, extracts the data, and determines a document’s type or class – is this a mortgage file or is this a change of address form, for example. All analyses are performed automatically, eliminating the need for manual keying or sorting, saving time and money, and reducing compliance risk.
- Integrate: In the final step, documents and data are integrated directly into FASTdocs to support and build a fully digital ecosystem that supports quick search and retrieval, archiving, and enables a secure two-way communication between account holders and the financial institution for faster access to data and account holder-facing services.
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