“Liberty, when it begins to take root, is a plant of rapid growth.” – George Washington.
The same can be said about data these days. Today businesses have to transform with changes in the market dynamically and thus cannot afford to spend time extracting data and insights from unstructured bulk documents. Freedom from manual and time-consuming tasks such as document processing can give businesses the bandwidth to focus on their core business functions. Across industry verticals, technologies such as OCR are recognized to accelerate growth.
Being independent and liberal means that each data can have its own characteristic format. While there are solutions to reduce manual efforts – the technology still requires human intervention to extract and process all the available data in prescribed formats, hence making it largely complicated
Template-based OCR: Time-consuming way to process documents.
Earlier document processing workflows mirrored paper-based workflows. Document images were captured and stored digitally, but any processing such as data extraction and indexing remained manual. The next generation of solutions relied on templates to locate and extract required data. While this provided huge productivity gains, these types of applications worked well for structured documents like forms or semi-structured documents such as statements and invoices, where the required data elements remain in the exact location on the page. Though templates provide a high level of accuracy, the problem with this approach is that if the format of a document changes, a new template has to be created every time. Templates limit the scope of extracting valuable insights from data. The task of creating and maintaining templates for multiple document types is manual, time-consuming, and not scalable with the possibility of manual errors.
Template-Free OCR: A democratic solution to process documents.
Unlike the traditional template-based approach, template-free OCR understands the context of documents to optimize data extraction. The technology combines the traditional OCR with Deep Learning, computer vision and neural networks to scan and dynamically process data from the documents in structured or unstructured form. It identifies multiple document types in a multi-page document and automatically splits it into single pages along with classification. This speeds up the process and reduces continuous manual intervention, giving document processing freedom and independence from the clutches of template-based OCR. DocVu.AI can also accurately distinguish between real image detail and noise. The solution leverages noise reduction technology to eliminate noise and extract the required information.
In context of the mortgage industry, Intelligent Document Processing Solutions leverage the template-free approach to expedite loan processing from end-to-end to shorten closing cycles with greater accuracy and cost efficiently. With AI/ML at its core, template free OCR solutions accelerate the straight through processing (STP) percentage through continuous learning.
The key advantages of the template-free approach are:
- A higher degree of information accountability and visibility.
- Improved responses of enterprises to customers.
- Faster and better decision-making compared to paper-based workflows.
- Reduction in costs.
- Speedy extraction of unstructured data from documents.
- Increased productivity and efficiency.
- Better employee management hence better TAT and customer satisfaction.
Case Study – How Automating Document Processing proved beneficial for a large US bank providing residential mortgages.
A top bank in the US, offering residential mortgage services across 50 states, can have innumerable templates for some of their mortgage offerings. The template-based approach still made the process highly manual and the technology wasn’t scalable, thus limiting the scope of extracting insightful data and increasing the turnaround time for the customers. DocVu.AI with its speedy extraction of unstructured data from documents and democratized automation with its “Template-Free” approach increased the productivity and efficiency of the processing of the loans. As a result, the bank saved up to 53% in 6 months and had an annualized savings of 99.2%.
About DocVu.AI: Ushering Freedom from the Template-Based Approach.
DocVu.AI is a cloud-based open, robust, and enterprise-grade Intelligent Document Processing solution that improves quality, reduces manual effort, and shortens the closing cycle. Having processed over 10 million loans with over 350 different templates, DocVu.AI leverages the power of template-free OCR technology to increase STP percentage. Enhance your revenues by cutting up to 30% of the cost of processing every mortgage package by harnessing the power of DocVu.AI.