AI-Driven Financial Document Extraction

Automating financial data extraction from complex documents to improve accuracy and speed.

Year

2024

Team

Tech-Stack

OCR, GEN AI

Location

India

Published on: 8. Oktober 2024

The Impulse

Aditya Birla and HDFC Life, leading financial institutions, needed to streamline the extraction of critical financial data from complex documents like invoices, balance sheets, and financial statements. Manual processing was slow, error-prone, and costly, prompting the search for an automated solution.

The Challenge

Document Diversity: Financial documents came in varying formats and structures, making standard extraction techniques insufficient.
Accuracy Requirements: Extracted data needed to meet strict accuracy standards to avoid errors in financial reporting and decision-making.
Compliance: The solution had to ensure adherence to regulatory and privacy standards for handling sensitive financial data.

Solution Approach

We delivered an AI-powered solution specifically designed to navigate the complexities of financial document extraction:

Optical Character Recognition (OCR): We implemented OCR technology to efficiently extract structured and unstructured data from a diverse array of document types, ensuring quick and accurate data handling.
Transformer-Based Validation Model: Our team developed a sophisticated validation model using transformer architecture, which rigorously checks the extracted data for accuracy and consistency across all documents, maintaining high standards of reliability.
Generative AI (GEN AI): This component was integrated to enable adaptive data extraction from various document formats. By leveraging GEN AI, we enhanced the system's flexibility and significantly reduced the need for manual oversight, streamlining the overall extraction process.