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Digitize documents with AI in Finance sector

by content 11.11.2020

The potential benefits of document digitization 

Finance institutions have realized that printing and storing files as hard copies lead to difficulties in data management later. The manual method of data storage makes accessing and searching customers information a demanding job. Businesses are forced to find the most advanced solutions to reduce the dependence on paper-based activities. 

Since manual input on documents such as customer information forms, loan applications, terms and conditions, etc. takes so much time, businesses need to digitize paper-based files by advanced technology solutions to extract information and use it most effectively. 

In Vietnam, many technology companies have introduced solutions to digitize documents based on Artificial Intelligence, helping businesses in the Finance - Banking - Insurance industry save time and money spent on paper-based document processing and manual editing data management system or CRM. One of the outstanding solutions that must be mentioned is FPT.AI Vision of FPT Corporation. 

The document digitization solution FPT.AI Vision is used in Finance - Banking - Insurance companies to reduce manual data entry time. Insurance agents or employees responsible for claims can work faster and more accurately. Moreover, the professional way of data entry impresses customers and bring positive experiences to them. 

Document digitization with AI is superior to the traditional OCR

Document digitization has been applied in businesses since 1970. Until the last decades, Optical Character Recognition (OCR) is revived with the boom of Artificial Intelligence. Besides converting printed files into digital ones, OCR technology of FPT.AI also extracts important information on paper-based documents accurately.FPT.AI Vision

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The old OCR software has many limitations, for example, it copies all characters without categorizing information, cannot be smarter or exactly confusing words. 

Besides, the solution to digitize documents with Artificial Intelligence of FPT.AI can work on a large scale with up to 98% accuracy, being superior to the traditional OCR software. 

The document digitization situation in businesses

At this time, most businesses are searching for solutions to automate document digitization. Technology companies are in a race to launch new OCR solutions to recognize and extract information on identity documents. However, not all of them have superior core technology as FPT.AI Vision. 

FPT.AI Vision is leading the market of Vietnamese document recognition. FPT.AI Vision can recognize and extract content on identity documents (ID Card, Driver's license, Passports, etc.), invoices (Utility bills, retail invoices, etc.). Moreover, OCR solution of FPT.AI can be adjusted for many types of documents (Marriage certificate, Birth certificate, etc.), facility agreements, insurance contracts, etc., meeting all the needs of businesses, especially in Finance- Banking - Insurance. 

Digitizing documents and operational process is the inevitable trend for the integration and development in Industry 4.0, forcing businesses to have a plan to implement the most advanced technology solutions, aiming to reach maximum efficiency and enhance productivity.

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