Armed with smartphones, laptops, and other gadgets, millennials are plugged in 24/7. Planning a trip or buying something on Amazon, everything is done by a click. Many industries including the traditional financial services adapted well to this tech-savvy and convenience-seeking generation. You can now transact via mobile, submit KYC document online and even apply for a mortgage in a few clicks.
But is this millennial generation content with these developments? Living in an era where Pizza is delivered in half an hour, but credit card approval takes 10 days is not an ideal situation. The current generation is looking for instant gratification and it has been proven time and again that either the company bends their processes to satisfy the largest set of people present on earth or they perish.
In the last 5 years, companies have made their digital presence felt to their consumers. However, their internal process hasn’t been able to keep up the pace with the digital boom, which is now leaving its consumers disappointed. Consider the case of opening a bank account – despite submitting documents online, consumers must wait for 3-5 days to get an active bank account. The reason being the scanned documents need to be checked and verified by multiple people.
Capgemini’s Cognitive Document Processing (CDP) platform is aimed to make this process faster and more accurate. This is just one use-case, with the steep increase in the number of digital documents, this platform harnesses cognitive capabilities such as artificial intelligence and machine learning to ease the burden of processing documents and extracting data which can provide speed to the processes, thus improving customer experience and satisfaction.
Retrieval of useful information using keyphrase extraction, natural language processing (NLP) and topic modeling, a company can categorize, process and autofill data faster thus having a better turnaround time as compared to its competitors. Not only this, the tool can generate insights from the derived data, run for 24/7 and makes the organization lean and nimble. It is a great strategic fit for organizations looking to make build a strong brand among this Rush Generation.
From the point of the consumer, this will be one of the coolest things in the modern day era. This will mean no more delays while hopping jobs and waiting for manual verification of documents or being frustrated as the processing of a claim takes ages.
Being cost-effective, highly efficient and ensuring regulatory compliance with analytical capability on structured and unstructured data, the platform is a must for financial firms. In fact, any firm looking to optimize its document processing and serve its customer better should be trying it out.
Capgemini believes document processing and decision-making process by utilizing data of documents are two different steps moving towards convergence. This platform enables companies to move there faster and it will be interesting to see which industry players will be early adopters of this useful technology. If you wish to reach out to me feel free to do so at firstname.lastname@example.org.
Authored by: Vidur Thakral