Optimize costs through Noise elimination
According to a recent McKinsey report, automating document processing with IDP has the potential to save organizations up to 90% in operational costs. IDP solutions provide greater accuracy through advanced machine technologies built over deep human expertise. With consistently better accuracies through an IDP solution, a mortgage lender can utilize the manpower for more important […]
Scale up your mortgage processing with higher quality checks through digital post close QC
Post-closing quality control process needs to be elaborate to ensure that the hundreds of pages of information contained in the mortgage closing file are highly accurate. It has even grown in importance to overcome the record number of foreclosures in recent years. The post close QC checklist should meet CFPB and TRID, Fannie Mae, Freddie […]
Financial Auditing – IDPs are a better fit for automating financial auditing compared to RPAs
Audit firms need to convert financial documents of companies into standard formats to do a credit analysis or/and financial audit. Businesses provide a variety of documents in a variety of formats. The first stage is to convert the financial information into a standard format for credit analysis. Documents such as invoices, purchase orders, checks, receipts, […]
Invoice processing – IDPs are a better fit for Invoice processing compared to RPAs
Documents such as invoices, purchase orders, checks, receipts, etc have no standard format. However, businesses need to enter the information from these paper documents into the financial systems and ERPs. A lot of manual effort is spent in classifying the documents and extracting the data for analysis. As time is limited: – errors generally creep […]