Front- mid- and back-office operations in traditional banks spend a significant amount of time on manual interpretation of documents with diverse structure and ingrained information. Managing this ever-growing abundance of documents manually is time-consuming. It is also prone to errors, which result in higher processing costs and delayed business operations.
By replacing the manual interpretation process with automation, banks can reduce processing costs and process documents in a quick span of time.
The Intelligent Document Automation (IDA) solution from Virtusa xLabs can help improve process efficiency by over 95% by accurately retrieving the items of interest. The solution allows clients to quickly ingest data, comply with business policies, and improve operational efficiency-all while reducing costs.
Benefits of Intelligent Document Automation
- Increase the operational efficiency by automating data ingestion, resulting in quicker turnaround for required document processing
- Reduce manual workload, allowing focus to shift to key business priorities
- Improve productivity and performance by streamlining business workflows
- Reduce interpretation errors, ensuring highly accurate results
- Reduce time and cost incurred
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