Boost business processes and anticipate the key moments of the customer life cycle.
The dematerialization of documents and exchanges in the Banking sector covers all stages of the customer (individuals & corporates) journey.
Opening accounts requires multiple documents, usually full of personal information, in order to create a complete dossier.
Because many documents are necessary to create a dossier and all must be reviewed, manual entry is required to input data into the transactional banking system. The method of manual entry is often prone to human error.
STP now extends beyond financial flows to actions such as in incoming document management. The goal is to improve business processes and to reduce overall risk by providing a STP solution and make the data easily available while reducing operating costs.
One of the biggest factors determining if a bank or lender will be chosen by the customer is time. When loan requests are initiated, the bank or lender with the quickest response and best offer wins.
The process of receiving and approving applications for consumer loans is complex and time sensitive.
IRISXtract automates and accelerates the complete process.
Letter of credit
Letter of credit is tedious document analysis. The Uniform Customs and Practice for Documentary Credits or UCP 600 published by the International Chamber of Commerce requires numerous document types to be distinguished.
To improve the effectiveness and efficiency, AI has been tasked to tackle these issues thanks to its ability to understand the semantics of content and automatically acquire knowledge.
IRISXtract‘s intelligent document processing (IDP) solutions powered by AI have tangibly increased accuracy to classify, capture, transform unstructured documents into structured and usable data.
An entrepreneur developing a company will need a business credit and therefore send the deed of incorporation, the business plan.
To build a good case and do an extensive analysis of the client, the bank often needs interim statements (a report of financial results covering a period of less than one year) from the account.
While annual reporting has standardized formats for submission, that’s not the case with interim statements. IRISXtract platform provides a huge value to customers by allowing them to feed automatically their multiple banking systems with relevant data.
Know Your Customer – Fraud detection
The fight against document fraud is a clear strategic issue. Banks and financial institutions are subject to numerous regulations (Basel III, KYC, anti-money laundering law…) to protect their customers but also to prevent fraud.
IRISXtract‘s automatic capture solutions help detect and prevent document forgery.
The automation of document processing provides a homogeneous, systematic and quality control for all incoming documents: less error, lower operational risk, etc.
- A higher level of automation and STP straight-through processing.
- Technologies based on AI
- Quick onboarding of new document types, processes and customers
- Operational risks mitigation
- Improve operations efficiency
- Help to fraud detection
- Contribute to KYC (Know Your Customer) regulation
- Save TIME : Employees focused on skilled work & core competencies
Accounts Payable in the Banking Industry: TEBA Kreditbank
Process optimisation with IRISXtract™
TEBA Kreditbank is a factoring partner for medium-size companies. They use the IRISXtract™ automation platform to automate the processing of invoices submitted by their factoring customers.
With this invoice solution, TEBA extracts and process the content of over 1 million invoices a year, passing on the results to the downstream factoring system. The XMAILFetcher module enables TEBA to harmonise the various invoice input channels and easily access mailboxes and portals. An integrated validation client allows the extracted invoice data (daily invoice volume in the four-figure range) to be checked and modified if necessary.