The client, a global financial firm, sought our expertise for efficient handling and analysis of their vast and diverse document data. They struggled with manual data entry from bank statements, a time-consuming process with potential regulatory breach risks.
Our solution reduced their document processing time from 4 hours to 30 seconds, minimized regulatory risks, and streamlined their system to handle over 170 different bank statements.
Story of the Customer
Our customer, a global financial firm, handles vast volumes of financial documents. The firm faced challenges with time-consuming, manual processing of bank statements, which was affecting efficiency and accuracy.
Recognizing its operational inefficiencies, the firm sought an automated solution for faster, error-free document processing and data extraction. The goal was to enhance productivity, reduce manual interventions, and focus more on core business.
- Manual data entry and verification from bank statements were time-consuming, taking 8-9 hours for 30-40 pages.
- The manual process was prone to errors and inconsistencies, increasing the risk of regulatory breaches.
- The traditional method struggled with efficiently handling the volume and diversity of document types.
- FlatworldEdge used advanced AI based data analytics tools to automate document processing, reducing time from 4 hours to 30 seconds.
- With increased accuracy, the system minimizes regulatory breach risk and handles over 170 bank statement types.
- The solution significantly cut costs by reducing manual efforts and accelerating data extraction and insights generation.
- The AI tool drastically cut processing time for 40-page bank statements from 4 hours to 30 seconds.
- The solution significantly reduced costs by minimizing manual effort and preventing regulatory breaches.
- The system proved its adaptability by successfully processing over 170 different bank statement formats.