Financial services companies are discovering that artificial intelligence can do more than save them time — it can enhance the customer experience. Using data extraction to automate routine tasks isn’t the end game, it’s just the beginning.
Across the financial sector, AI is getting to work. It’s saving companies a fortune by automating routine tasks as well as strengthening their data governance and ingeniously hiding and retrieving sensitive ID information buried within large archives.
But another area with vast potential is data extraction, a process where AI uses optical character recognition (OCR) to identify specific data points within layers of text. Put simply, algorithms spot patterns in documents and collect key information that might have taken hours to locate manually.
The possibilities are endless. Virtually any business document follows some kind of format and has standard data points. It could be an identity record, appraisal report, or a sales contract. Where important data points exist, AI will find them.
In financial services, around 90% of standard work processes can be automated with data extraction playing its part. Staff only need to handle the 10 percent of exceptions that require some human help.
In a recent project, our customer faced the challenge of having to identify crucial customer data scattered over 25.000 customer files and 2 million documents. With the aid of artificial intelligence, we extracted this information with an accuracy of 95%. Hence freeing up our customer’s employees for value-added tasks, such as focusing on customer care.
That’s a huge win in itself. But there’s far more you can do with data extraction. In fact, it presents a major opportunity to enrich your product offering.
Making interactions personal
Data extraction has a second application: It can populate your other company systems automatically and then be used to transform the customer experience.
Right now, we’re working with a financial services client on a project where we extract data from their DMS archive and then import it directly into their ERP system. The ability to extract an individual’s identity data automatically from documents — such as first names and birth dates — means the company’s customer service can now be more relevant and personal.
Extracted data can also support each customer touchpoint. As an example, let’s take a request for payment from a kitchen supplier. Financial services companies can use AI to extract key data from the invoice, locating and validating the firm’s VAT details and business registration number. As a result, the customer can safely transfer funds from their account. Fraud checks happen before the transaction, not afterwards.
These are just a few examples. But the potential is immense for financial services companies. Once the extracted data is in your CRM or another core system, you can use AI to engage better with customers throughout their journeys, based on context, timing, and a host of other factors.
If you want to accelerate your business processes, save hours of staff time, and improve the customer experience — all at once — then data extraction is the way to go.
Get in touch today and our experienced team will be delighted to explore the possibilities with you. There’s far more to artificial intelligence than meets the eye.Back to feed