Smart Document Automation by KlearStack is helping banks reduce costs by up to 70% on document processing

United States - August 17, 2022 /MarketersMEDIA/ —

KlearStack is an AI-based platform that extracts valuable data from unstructured data, validates, transforms, and provides rich analytics. It is also a G-local award-winning solution used by different global brands and Fortune-100 organizations in various verticals. Through its smart document automation, KlearStack clients have successfully reduced the document processing costs by 70% and helped improve productivity by 2x to 5 x% with machine learning and NLP. Using this AI-based platform, organizations such as one of the large banks have been able to save 15,000 manual hours per month. 

For businesses hoping for lean growth, business transformation through automation has become the new standard. Organizations of all sizes, including huge corporations and medium-sized businesses, are adopting technology that can increase operational efficiency in their daily operations. This results in getting more done in less time. Business automation encompasses a wide range of operations and includes workflow automation, database management, document-centric process automation, CRM-based activities, and many more.

One of the numerous facets of business automation is document-centric process automation. It is essential at this point because firms want to digitize their records for streamlined processes and transactions and are doing away with physical documents. Even with digital document-centric processes, it is necessary to automate the procedures of document reading, document interpretation, information validation and transformation following business rules, data analytics, and information entry into the system of records. 

Many businesses from various sectors, including banks, manufacturing organizations, transportation companies, insurance companies, and more, have not yet embraced document centric process automation. The majority of their paperwork, both physical or digital, is still processed manually, which causes numerous errors and takes a long time.

Especially if we talk about banks, they have many physical documents to process on a daily basis. loans, invoices, NACH mandates, insurance policies, cheques, account opening form documents, KYC documents, and so on. They deal with an enormous number of physical documents that are manually processed.

 Consumer documents that are processed manually frequently have longer processing times, higher operational expenses, inaccurate data entry, and a lack of adaptability that hinders the organizations' long-term growth. KlearStack's proprietary data interpretation and extraction technology can precisely extract data and interpret documents using machine learning algorithms and natural language processing (NLP). 

Some of the many results achieved by KlearStack in the banking sector include:

- Improvement in the consumer experience for their loan processing. 

- Increase in dealer experience, because they don’t have to wait for hours or days to get the loan disbursal.

- Significant improvement in business agility. Processing documents and loans during peak season becomes hassle-free due to the implementation of an end-to-end automated document process.

KlearStack has been used in different sectors :

1. Banking: Numerous reputable banks and financial service providers have used KlearStack's AI-based OCR services to speed up real-time data extraction and automate several crucial KYC, accounts payable, and loan approval processes.

2. Trade: Millions of paper documents must be shared and distributed to fund trade. Automation of document processing for transactions, document reviews, compliance checks, application forms, etc., is provided by KlearStack's AI-based OCR solution.

3. Inventory Management: Using its IDP and OCR solutions, KlearStack automates the crucial process of managing inventory data. RPA services automate intersystem reconciliations without human error.

4. Invoice and PO Processing: No formats or templates are required when using KlearStack. It helps in effectively processing invoices, extracting data from them, and managing payments.

To learn how KlearStack AI can automate business processes, book a demo at : https://www.klearstack.com/request-demo/

To get insights and a blueprint for Document Automation download the whitepaper at: https://www.klearstack.com/digitizing-banks-through-smart-document-automation-2/.

Contact Info:
Name: Ashutosh Saitwal
Email: Send Email
Organization: KlearStack Inc.
Website: https://www.klearstack.com/

Release ID: 89080216

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