Generation of financial reports and loan agreements

Our customer is one of India’s largest retail Non-Banking Financial Company (NBFC). The firm has a network of 1,705 branches and a workforce of 69,701. Its combined Assets Under Management (AUM) amounts to $950 Million. It provides a wide range of financial products and services to individuals, businesses, and institutions.

 

Problem Statement

The NBFC faced challenges in generating financial reports and loan agreements manually, which was time-consuming and prone to errors. They needed a solution that could automate the process and improve accuracy.

Our Solution

  • Document Automation: Automating document processing tasks like data extraction and classification. Improve accuracy and reduce manual errors.
  • AI-Powered Document Processing: Used AI to classify, extract, and validate data from documents. Automate document processing and reduce manual labor.
  • Intelligent Document Processing (IDP): Leverage AI to process and extract data from structured and unstructured documents. Automate document processing and expand capabilities.
  • Document Management with AI: Use AI for advanced document storage, retrieval, and user-friendly interfaces. Automate document management and improve efficiency.
  • Data Extraction and Validation: Employ AI to accurately extract and validate data from documents. Automate data processing and reduce manual errors.
  • Document Classification and Redaction: Utilize AI for document categorization and sensitive information redaction. Automate document organization and ensure data security.

Business Benefits

  • Time Savings: Up to 98% of data extraction accuracy from any document layout
  • Captures data up to 10 times faster than manual entry
  • Reduces processing time by half or more with document management software
  • Cost Savings: $878,000 annually saved by reducing staff miscalculations in finance departments
  • 30.1% CAGR growth in the global intelligent document processing market from 2023 to 2030
  • Error Reduction: Reduces errors by using automated systems
  • Less than 1% error rate in document processing
  • Business Growth: Total ROI in less than 12 months and payback in less than 18 months for paperless documentation
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