An Allied Market Research report published in March 2021 showed that digital transformation in the BFSI industry globally generated USD 52.44 billion in 2019. Between 2020 to 2027, it is expected to register a CAGR of 15.4 percent, reaching USD 164.08 billion by 2027.
The outbreak of Covid-19 has accelerated the adoption of digital transformation in the BFSI sector. For example, borrowers are now more inclined to upload the requisite documents onto an online application to apply for loans rather than visit the lenders in person.
An example of how Digital Transformation is changing the BFSI landscape
According to a report published by forrester.com in 2020, banking would be purposeful, insights-driven, connected, and invisible by 2030. Soon, trust between the financial institutions and their customers would be indispensable for business success.
Unfortunately, an error-prone and time-consuming onboarding experience erodes this trust. According to Thomson Reuters, 89 percent of the surveyed corporate customers reported a poor KYC experience. As a consequence, 13 percent of them changed financial institutions.
Thankfully, digital transformation initiatives such as digital KYC can vastly improve customer experience in the banking sector. Instead of employing teams to verify and extract data, FinTechs and banks can use comprehension and data extraction tools to accelerate their paperwork. These tools can extract data and digitize documents from both structured and unstructured documents powered by machine learning and AI.
Achieve Digital Transformation Success with Idexcel AIDE
According to a report by researchandmarkets.com, 2.5 quintillion bytes of digital data are globally generated in a single day. Therefore, organizations worldwide have to ensure that such large volumes of information are efficiently and accurately processed.
Digitization of data is the first step towards Digital Transformation. This means data extraction from the non-digital medium is the first step for Digital Transformation.
Handwritten forms and text-based documents were never designed for electronic workflows. As such, extracting information and converting the same into digital data poses inherent challenges. Traditional solutions such as OCR are often niche and do not offer widespread application benefits.
If the nature of the document to be converted has complex features and variations, a rule-based extracting information approach such as OCR is not feasible. In addition, multilingual content and handwritten text can make the digitization process even more difficult.
Idexcel AIDE is an intelligent and automated data extraction framework that can process documents rapidly. It can digitize data from handwritten forms and papers. It can also perform unstructured data extraction from structured information such as data from financial statements, extract data in Excel, texts from images or extract tables from PDF documents.
Just like humans, AIDE can execute data extraction from multiple formats, features, and layouts. In addition, it can process documents across numerous languages and digitize them into machine-readable formats that can be analyzed and stored efficiently. Using Amazon Textract, a powerful machine learning tool, AIDE’s storage, and security practices are the best that the industry has to offer.
Why AIDE Is A Good Tool For Data Extraction
- Save Significant Time: AIDE can perform large volumes of data extraction at a rapid rate without compromising accuracy. This allows the organization to focus its manual resources on building meaningful services, innovation, and creative thinking.
- Improve Accuracy And Speed: When humans perform data extraction and entry, they become error-prone and tedious. Using intelligent and automated data extraction solutions such as AIDE, organizations can vastly improve the speed and accuracy of their digitization process.
- Enhanced Data Value: With fast and more accurate data in hand, organizations can make informed decisions and not miss market opportunities. This enables them to generate higher RoI from their data extraction processes.
- Language Agnostic Data Extraction Power: Leveraging AI data extraction, AIDE can efficiently extract information from physical documents across multiple languages. This is very helpful if your company is a large MNC spanning multiple geographical locations and having a multilingual workforce.
- Better Security: Powered by AWS cloud solutions, AIDE comes equipped with state-of-the-art security features. Your crucial and confidential business data is safe and well protected.
Accelerate your digital transformation and make your data extraction process more accurate using our AIDE framework.