AI-Driven Financial Document Extraction
Automating financial data extraction from complex documents to improve accuracy and speed.
AI
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.
The Results
a. Cost, Time, and Efficiency:
45% reduction in processing time, enabling faster decision-making.
25% decrease in operational costs by automating data extraction processes.
35% improvement in data extraction accuracy, reducing manual intervention.
b. Design Features:
Seamless integration of OCR and transformer models to handle structured and unstructured data.
Adaptive Generative AI for flexible document handling.
Compliance with strict data privacy and regulatory standards, reducing legal risks.
Further Use Cases
Expanding AI-driven extraction to other financial operations, such as auditing and tax reporting.
Applying the same technology to legal document processing and other compliance-driven industries.
Updated on: 4. September 2024
Get to know more
AI
AI-Powered Learning Model for students
AI learning platform for students that customizes lessons, improving retention and completion rates.
AI
AI Streamlines Medical Document Processing
AI transforms medical document handling with faster, accurate extraction.
